8.2.4 Deadline for reinvestment

1. The reinvestment must be carried out within the period between the year prior to the date of the transfer of the transferred asset and the three years thereafter, or, exceptionally, in accordance with a special reinvestment plan approved by the tax authorities at the proposal of the taxpayer. When two or more transfers have been made in the tax period of securities representing participation in the capital or equity of all types of entities, said period will be computed from the end of the tax period. The reinvestment will be deemed to have taken place on the date on which the assets in which it is materialised are made available.

2. In the case of assets that are the subject of financial leasing contracts referred to in section 1 of the Seventh Additional Provision of Law 26/1988, of July 29, on discipline and intervention of credit institutions, the reinvestment will be considered to have been made on the date on which the asset that is the subject of the contract is made available, for an amount equal to its cash value. The effects of the reinvestment will be conditional, in a resolutory manner, on the exercise of the purchase option.

3. The deduction will be applied to the entire amount corresponding to the tax period in which the reinvestment is made. When the reinvestment has been carried out before the transfer, the deduction will be applied to the full amount corresponding to the tax period in which said transfer is carried out.