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Form 100. Personal Income Tax Declaration 2018

Capital reduction

When the capital reduction, whatever its purpose, gives rise to the amortization of securities or participations, those acquired first will be considered amortized, and their acquisition value will be distributed proportionally among the remaining homogeneous securities that remain in the assets of the taxpayer.

When the capital reduction does not equally affect all the securities or shares owned by the taxpayer, it will be understood to refer to those acquired first.

When the purpose of the capital reduction is the return of contributions, the amount of this or the normal market value of the assets or rights received will reduce the acquisition value of the affected securities, in accordance with the rules of the previous paragraph, until their annulment. The excess that may result will be taxed as income from capital from the participation in the equity of any type of entity, in the manner provided for the distribution of the share premium, unless said capital reduction comes from undistributed profits. in which case all amounts received for this concept will be taxed in accordance with the provisions of section a) of article 25 1. a) of the Law. For these purposes, capital reductions, whatever their purpose, will be considered to first affect the part of the share capital that does not come from undistributed profits, until their cancellation.


When, prior to the transfer of securities or participations not admitted to trading in any of the official secondary Spanish securities markets, there has been a capital reduction implemented through a decrease in the nominal value that does not affect all securities or participations equally. in circulation of the taxpayer, the previous rules will be applied with the following specialties:

  1. The transmission value will be considered the one that would correspond based on the nominal value resulting from the application of the previous rules.

  2. In the event that the taxpayer has not transferred all of his securities or participations, the positive difference between the transfer value corresponding to the nominal value of the securities or participations actually transferred and the transfer value referred to in the previous paragraph, It will be reduced from the acquisition value of the remaining homogeneous securities or participations, until its cancellation. The excess could be taxed as capital gain.