Mar. Ene 24th, 2023

Securities market law spain pdf

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Securities Market Law spain

We will return to the impact of the aforementioned provision with regard to the subjection of transactions involving the sale of securities making the transfer of real estate transparent, but we will return later, but let the above-mentioned tax exemption be noted here, which replaced a case of subjection that was contained in the regulations in force up to that time.

The following precepts of the Royal Legislative Decree 1/1993, of September 24, 1993, which approved the Revised Text of the Tax on Property Transfers and Documented Legal Acts, are related to the aforementioned tax exemption.

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“The following are exempt: the transfer of securities, whether or not admitted to trading on an official secondary market, in accordance with the provisions of Article 108 of Law 24/1988, of July 28, 1988, on the Securities Market”.

A peek at the previous legislation was demonstration that the transfer of securities in their condition of movable property (3) was subject to the Royal Duties and Transfer of Goods Tax; this is what is clear from the Royal Decree-Law of February 28, 1927 (4), and was maintained in the Decree of March 21, 1958 (5) by which the Consolidated Text of the Tax was approved.

Royal Decree-Law 14 2018

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Law on onerous property transfers

One of the reforms introduced in our tax legal system by the Law on the Prevention and Fight against Tax Fraud affects Article 314 of the Consolidated Text of the Securities Market Law, approved by Royal Legislative Decree 4/2015, of October 23.

The valuation of these properties, for the purpose of calculating their value in relation to the total value of the asset, has always proved to be a controversial issue, and is now also affected by Law 11/2021. Specifically, the new wording of Article 314 of the Consolidated Text of the Securities Market Law refers, in order to carry out this valuation, to the values that must operate as the taxable base in the Law on Transfer Tax and Stamp Duty, approved by Royal Legislative Decree 1/1993, of September 24, 1993.

Consequently, by reference to the valuation rules determined in the Consolidated Text of the Transfer Tax, the new wording of Article 314 of the Consolidated Text of the Securities Market Law alters the criteria used to determine which companies are excluded from the exemption, by substituting an indeterminate legal concept – real value – which could be subject to review in a verification procedure, for an objective concept – reference value – whose determination is predetermined by the General Directorate of Cadastre.

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