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Form 100. Personal Income Tax Return Declaration 2017

8.2.3.1. Shares and interests admitted to trading on official markets

When the change in the value of the assets derives from the transfer for valuable consideration of securities admitted to trading on one of the official secondary securities markets defined in Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, and representative of the participation in the equity of companies or entities, the gain or loss shall be calculated as the difference between their acquisition value and the transfer value, determined by their quotation on said markets on the date on which the latter occurs or by the agreed price when it is higher than the quotation.

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

In order to determine the acquisition value, the amount obtained from the transfer of subscription rights made up to 31 December 2016 shall be deducted. For the sale of subscription rights made on or after 1 January 2017, these will count as capital gains, separately from the sale of shares. 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.

However, if the amount obtained on the transfer of the subscription rights is higher than the acquisition value of the securities from which the rights derive, the difference will be treated as a capital gain for the transferor in the tax period in which the transfer takes place, considering the period of permanence of the rights to be the period corresponding to the securities from which they derive.

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 their seniority shall be considered to be that which corresponds to the shares from which they derive (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.