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Form 100. Personal Income Tax Return Declaration 2017

8.3.4. Offsetting negative items in the savings tax base

Negative items from previous years pending compensation as of January 1, 2017 would be:

  • The negative balances of income from movable capital from 2013 to 2016 to be included in the Taxable Savings Base.

  • The net negative balances of capital gains and losses from the financial years 2013 to 2016 which, according to the regulations in force in those financial years, were included in the taxable income for savings.

    These balances include the net negative balances of capital gains and losses in 2013 and 2014 arising from the transfer of assets acquired with one year or less of holding.

For these negative balances for the years 2013 to 2016, transitory rules have been introduced which determines the following way of offsetting:

  • The negative balances of income from movable capital from 2013 to 2016 with the positive balance of identical income obtained in 2017, up to the amount of the positive balance.

  • The net negative balances of capital gains and losses arising from the transfer of capital assets, regardless of their period of permanence, from 2013 to 2016, with the net positive balance of capital gains and losses obtained in the year itself, up to the amount of the positive balance.

Special procedure for offsetting the portion of negative balances arising from negative income derived from subordinated debt and preference shares corresponding to the financial years 2013 to 2014

This compensation concerns:

  • Negative capital gains arising from subordinated debt securities

  • Negative returns on capital derived from preferred shares issued under the conditions established in the Second Additional Provision of Law 13/1985, of May 25, on investment coefficients, own resources and information obligations of financial intermediaries.

  • Negative capital gains or losses arising from the transfer of securities received through repurchase and subscription transactions or exchange of the aforementioned securities.

In such cases, the following procedure shall apply:

  • The negative returns derived from preference shares or subordinated debt or from other securities received in substitution of these, corresponding to the tax periods 2013 and 2014, may be offset against the positive balance of the profits derived from the transfer of patrimonial elements that becomes apparent in 2017.

    On the other hand, the patrimonial losses derived from the transfer of securities received in substitution of preference shares or subordinated debt, corresponding to the tax periods 2013 and 2014, may be compensated with the positive balance of the income from capital corresponding to 2017 and up to its amount.