Tax
Regime
8
73
STRUCTURE ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
Capital reduction (cancellation of unpaid capital)
II
Saving (4) 21%-25%-
27% 21% Any return of unpaid capital is treated as
investment income.
Capital reduction (return of contributions)
II
Saving (4) 21%-25%-
27%
NO
Returned contributions reduce the cost of
acquisition until it is cancelled. If the returned
contributions exceed the acquisition price,
the difference is taxed as investment income.
Capital reduction (with undistributed profits)
II
Saving (4) 21%-25%-
27% 21% Any yields received aretaxed as investment
income.
SHARES IN SICAVS
Dividends
II
Saving (4) 21%-25%-
27% 21% No gozan de exención de 1.500 euros
Transfer or sale of shares in SICAVs.
CG
Saving (6)
Marginal
rate/21%-
25%-27% 21%
Capital gains generated before January
20, 2006 can benefit from tax reduction
coefficients.
INVESTMENT FUNDS
Dividends from a fund
II
Saving (4)
21%-25%-
27% 21% Do not benefit from the tax exemption of
€1,500.
Transfer or sale of fund units
CG
Saving (6)
Marginal
rate/21%-
25%-27% 21%
The applicable regime enables transfers to
be made between funds without being taxed,
i.e. exemption from “toll tax”. Capital gains
generated before January 20, 2006 can benefit
from tax reduction coefficients.
Guaranteed investment funds (2):
- With respect to guarantee
II
Saving (4)
21%-25%-
27% 21%
- With respect to redemption or sale of fund units
CG
Saving (6)
Marginal
rate/21%-
25%-27% 21%
The applicable regime enables transfers to
be made between funds without being taxed,
i.e. exemption from “toll tax”. Capital gains
generated before January 20, 2006 can benefit
from tax reduction coefficients.
EXCHANGE TRADED FUNDS (ETFs)
Dividends from ETFs
II
Saving (4)
21%-25%-
27% 21%
Transmisión o venta de ETF's
CG
Saving (6)
Marginal
rate/21%-
25%-27% NO Yield from the transfer between funds is not
tax exempt.
DERIVATIVE FINANCIAL PRODUCTS AND CERTIFICATES
(3)
Futures
CG
Saving (6)
Marginal
rate/21%-
25%-27%
NO
Options
CG
Saving (6)
Marginal
rate/21%-
25%-27%
NO
Swaps
CG
Saving (6)
Marginal
rate/21%-
25%-27%
NO
Warrants
CG
Saving (6)
Marginal
rate/21%-
25%-27%
NO
Certificates
II
Saving (4)
21%-25%-
27% 21%
Tax
treatment
Taxable
base
Tax rate
(4)
Withholding
NOTES
1...,63,64,65,66,67,68,69,70,71,72 74,75,76,77,78,79,80,81,82,...83