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Form 100. Personal Income Tax Return Declaration 2017

8.2.3.2. Shares and interests not admitted to trading on official markets

In the case of the transfer for consideration of securities or shares not admitted to trading on official secondary securities markets as defined in Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 and representing participation in the equity of companies or entities, the gain or loss will be computed as the difference between the acquisition value and the transfer value.

Unless it is proven that the amount actually paid corresponds to what independent parties would have agreed upon under normal market conditions, the transfer value may not be less than the highest of the following two:

  • The theoretical result of the balance corresponding to the last fiscal year closed prior to the tax accrual date.

  • The result of capitalizing at the rate of 20 percent the average of the results of the three fiscal years closed prior to the date of accrual of the Tax. For this purpose, dividends distributed and allocations to reserves, excluding those for adjustment or updating of balance sheets, will be recorded as profits.

The transfer value thus calculated will be taken into account to determine the acquisition value of the securities or shares that corresponds to the purchaser.

When there are homogeneous values, those transferred by the taxpayer will be considered to be those that he acquired in the first place (art. 37.2 Law).

SUBSCRIPTION ERDS

The amount obtained from the transfer of subscription rights from these securities or shares will have the consideration of capital gain for the transferrer in the tax period in which it occurs when the aforementioned transfer, considering that the period of stay for the rights that corresponding to securities which originate.

When shareholding is not the totality of subscription rights, it shall be understood that the transferred correspond to securities acquired in the first place (art. 37.2 Law).

RELEASED SHARES

  1. Fully paid-up shares

    In the case of fully paid-up shares, the acquisition value of both the former and the subsequent shares will result from dividing the total cost between the number of shares, both the old ones and the corresponding paid-up shares; and the seniority thereof shall be considered to be that which corresponds to the shares from which they originate (art. 37.2 Law).

  2. Partially paid shares

    In the case of partially paid-up shares, their acquisition value will be the amount actually paid by the taxpayer and their seniority will be that corresponding to the date of delivery.

DISTRIBUTION OF THE EMISSION PREMIUM AND REDUCTION OF CAPITAL WITH REPAYMENT OF CONTRIBUTIONS

In the case of distribution of the issue premium on shares or holdings, or of a capital reduction aimed at refunding contributions (art. 33.3.a) Law), the amount obtained will reduce, until it is cancelled, the acquisition value of the shares or holdings affected and any excess will be taxed as income from capital. If the capital reduction comes from undistributed profits, all amounts received for this purpose will be taxed in accordance with the provisions of section 1 of article 25.1.a) of the Law.