![]() The regulation of the taxable event in the Tax Act is clear and only taxable acquisitions of shares defined in the terms of article 92 of the revised text of the Spanish Capital Companies Act and the onerous acquisitions of marketable securities established by certificates of deposit representing these shares. In accordance with the above, in the case considered, in which admission to trading takes place during the calendar year 2021, it is not fulfilled for that first year of application of the tax, the temporary element set out in Article 2,1 (b) of the LIFT, since on 16 December of the year prior to acquisition, the company would lack market capitalisation.Ĭonsequently, acquisitions of shares of companies admitted to trading on a market regulated for the first time in the period from 16 January 2021 to 31 December 2021 will not be subject to the tax during the 2021 financial year.īonds or convertible or exchangeable bondsįinancial instruments derived from the shares regulated in article 2,1. This regulation states that the requirement set out in Article 1 (2) (b) of the Tax Act shall be understood to be those Spanish companies whose market capitalization value is greater than 1,000 million euros on 16 December 2020. The single transitional provision of the Tax Act establishes that during the period from the date of entry into force of the Tax Act and on 31 December, the requirement set out in Article 1 (2) (b) of the Act shall be understood as referring to Spanish companies whose market capitalization value one month before the date of entry into force of this Act is greater than 1,000 million euros. It is considered that it must be verified whether or not the conditions provided for by law at the time of accrual of the tax are met.įinally, it should be noted that during the period from the date of entry into force of the Tax Act on 16 January 2021-and 31 December 2021, the market capitalization requirement of over 1,000 million euros will relate to the capitalization value as of 16 December 2020. ![]() In particular, the transfer of the registered office outside Spain of a specific company over the course of the year will determine that the acquisition of shares in that company will cease to be subject to the tax from that moment on.įurthermore, the transfer of the registered office to Spain of a specific company over the course of the year will determine that the acquisition of shares of this company is subject to taxation from that moment, provided that its market capitalization value on 1 December prior to the change of nationality exceeds €1,000 million and that its shares are admitted to trading under the terms set out in point (a) of Article 2,1 of the Tax Act. The acquisition or loss of the other conditions, which consists of shares representing the share capital of Spanish and Spanish companies of being admitted to trading under the terms of Article 2,1 (a) of the Tax Act will cause the acquisitions of such shares are included or excluded from the taxable event of the tax, respectively, from the date on which such circumstances occur. Therefore, the decrease in market capitalisation below the threshold of 1,000 million euros, after the reference date, there will be no impact on the application of the tax, except when the capitalization value of less than 1,000 million euros is less than 1 December one year, assuming that it will result in the effect of excluding taxation for the subsequent calendar year. The market capitalization requirement established on a certain date-1 December of the year prior to acquisition-is established with effect for the following calendar year, regardless of its variations during that year.
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