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Form 100. Personal Income Tax Declaration 2018 Shares and participations not admitted to trading on official markets

Of the transfer for consideration of securities or participations not admitted to trading on official secondary securities markets defined in Directive 2004/39/EC of the European Parliament and of the Council, of April 21, 2004, and representative of participation in funds of companies or entities, the gain or loss will be computed by the difference between the acquisition value and the transfer value.

Unless there is proof 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 greater of the following two:

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

  • The result of capitalizing at the rate of 20 per 100 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 corresponding to the acquirer.

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


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).


  1. Fully released shares

    In the case of fully released shares, the acquisition value of both these and the corresponding ones will result from distributing the total cost among the number of titles, both the old ones and the corresponding released ones; and their seniority will be considered to be that which corresponds to the shares from which they come (art. 37.2 Law).

  2. Partially released shares

    In the case of partially released shares, their acquisition value will be the amount actually paid by the taxpayer and their age will be the corresponding one according to the date of delivery.


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 concept will be taxed in accordance with the provisions of section 1 of article 25.1.a) of the Law.