FAQ (HTML version)
Frequently asked questions about the Financial Transactions Tax in HTML version (12/19/23)
Accrual
The first acquisitions made in trading centers subject to tax will be those whose liquidation and, therefore, registration of the securities, is carried out from the date of entry into force of the Tax Law, regardless of the date on which that have been executed, in accordance with article 10 of Law 58/2003, of December 17, General Tax. In general, the first taxable acquisitions will correspond to those executed in the two business days prior to the entry into force of the Tax Law.
The tax accrues when the registry entry is made, which, in the case of acquisitions made in official secondary securities markets or other trading centers, will be deemed to have occurred on the date of settlement of the transaction, in accordance with the provisions in article 94 of the consolidated text of the Securities Market Law, approved by Royal Legislative Decree 4/2015, of October 23, to which it also refers, in relation to other trading centers other than the official secondary markets, the article 37.3 of Royal Decree-Law 21/2017, of November 29, on urgent measures for the adaptation of Spanish law to European Union regulations on the securities market.
However, when the taxable person has opted for the theoretical settlement date for the purposes of the tax settlement in the terms provided for in article 9 of the Royal Decree, the accrual will be understood to have occurred on the theoretical settlement date.
In accordance with article 9 of the Royal Decree, for the purposes of tax settlement, the settlement date of the operations will be considered to be the effective settlement date. However, taxpayers may choose to consider the theoretical settlement date as the settlement date, without prejudice to any rectifications that may apply in the event that, as a result of non-compliance in the settlement of the securities, the transactions are not settled.
The option for the theoretical settlement date may be made only in the first self-assessment that the taxpayer must present in each calendar year and will take effect at least during that year, and in subsequent years as long as it is not waived.
The waiver of the option for the theoretical settlement date may be made only in the first self-assessment that the taxpayer must present in each calendar year.
In the case of operations carried out in trading centers, the theoretical settlement date will be the second business day after the date of execution of the operation.
In the case of bilateral operations (OTC), the theoretical settlement date will be the date agreed upon by the parties. However, when the effective settlement of the transaction occurs prior to the agreed date, the theoretical settlement date will be considered to be the effective settlement date.
According to the aforementioned article, this special procedure contemplates several phases for the communication, acceptance and execution of the transfer orders that apply to it, so that initially the temporary entry of the values object of the orders in special accounts of the financial intermediaries (transitional phase or phases) to subsequently record the values in the final accounts (final phase).
In the case in which acquisitions subject to the tax are made under this procedure, this will be accrued in the final phase, when the registry entry of the values in favor of the acquirer is made in the final account.