Loss of value caused by fair value criteria

For tax periods beginning on or after 1 January 2017, an exception is introduced in article 15 l) of the LIS to the general rule established by article 17.1 of said Law, according to which changes in value arising from the application of the fair value criterion will have no tax effects as long as they do not have to be charged to the profit and loss account.

For these purposes, article 15 l) of the LIS establishes that decreases in value arising from the application of the fair value criterion corresponding to securities representing participations in the capital or equity of entities that meet the requirements of article 15 k) of said Law, which are recorded in the profit and loss account, will not be deductible, unless, previously, an increase in value corresponding to homogeneous securities of the same amount has been integrated into the tax base, where appropriate.

Filling in form 200

In application of the provisions of article 15.l) of the LIS, the taxpayer must include in box [01808] "Decrease in value caused by the fair value criterion (art. 15 l) LIS)" on page 12 of form 200, the amount of decreases in value caused by the application of the fair value criterion corresponding to securities representing participations in the capital or equity of entities that meet the aforementioned requirements.