General rules

As indicated, in this case, capital gains are considered to be the positive differences between the market value of the shares or interests of any type of entity owned by the taxpayer, and their acquisition value .

To calculate the aforementioned capital gain the market value of the shares or interests on the accrual date of last tax period that must be declared for IRPF will be taken into account determined in accordance with the following rules:

a) Securities admitted to trading on any of the regulated 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 representing equity participation in companies or entities shall be valued at their market price.

Directive 2004/39/ EC has been repealed with effect from 3 January 2017 by Directive 2014/65/ EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments. This, in its article 94, provides that references to Directive 2004/39/ EC will be understood as references to Directive 2014/65/ EU .

b) Securities not admitted to trading in any of the regulated securities markets defined in Directive 2014/65/ EU , of the European Parliament and of the Council, of May 15, 2014, relating to the markets in financial instruments, and representative of the participation in own funds of companies or entities, will be valued, unless proof of a different market value, by the greater than the following two :

• The net worth corresponding to the values resulting from the balance sheet for the last fiscal year closed prior to the date of accrual of IRPF .

• The result of capitalizing at a rate of 20 percent the average of the results of the three fiscal years closed prior to the date of accrual of IRPF .

  For this purpose, dividends distributed and allocations to reserves, excluding those for adjustment or updating of balance sheets, will be recorded as profits.

  Note: Please note that although article 95 bis of the Personal Income Tax Law refers to Directive 2004/39/ EC , this has been repealed with effect from January 3, 2017 by the Directive 2014/65/ EU , of the European Parliament and of the Council, of May 15, 2014, on financial instrument markets. This, in its article 94, provides that references to Directive 2004/39/EC will be understood as references to Directive 2014/65/EU.

c) The shares or interests representing the capital or assets of collective investment institutions will be valued by:

• The net asset value applicable on the accrual date of the last tax period to be declared for this tax or, failing that, the last published net asset value.

• When there is no liquidation value, the value of the net assets corresponding to the shares or interests resulting from the balance sheet for the last fiscal year closed prior to the aforementioned accrual date will be taken, unless there is proof of a different market value.

Temporary attribution and tax return and deposit