Exempt amount

Once the aforementioned requirements and conditions have been met, the exemption extends to the total value of the shares , provided that the entire net worth of the entity is allocated to the economic activity carried out.

However, if the entity's assets contain assets and rights that are not related to the development of any economic activity, the exemption will only apply to the value of the shares in the part that corresponds to the proportion existing between the assets related to the exercise of an economic activity, less the amount of the debts derived from the activity, and the total value of the entity's net worth.

Elements intended exclusively for the personal use of the taxpayer or any of the members of the family group referred to in point 3 above, or those transferred for a price below the market price to related persons or entities in accordance with the provisions of article 18 of the Corporate Tax Law, cannot be considered affected elements.

In such cases, the following formula may be used to determine the value of the exempt shares:

Value of the shares x (net value of the affected assets ÷ net equity value of the activity)