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Practical Heritage Manual 2021.

Exempt amount

Once the aforementioned requirements and conditions are met, the exemption covers the entire value of the shares, provided that the entire net worth of the entity is affected by the economic activity carried out.

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

Items intended exclusively for the personal use of the taxable person or any of the members of the kinship group referred to in number 3 above cannot be considered affected items, nor those that are transferred for a price lower than the market price to persons or entities related to in accordance with the provisions of article 18 of the Corporate Tax Law.

In such cases, the following formula can 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)