Traditionally selling subscription rights on the part of a natural person did not mean, immediately, the generation of a taxable income for the transferor. The amount obtained in its sale was not taxed in the year it was obtained, but was considered to be less acquisition value of the shares from which it came. This tax treatment involved, in return, obtaining a greater benefit at the time of the sale of the shares. In the worst case, the taxation of the sale of the subscription rights was deferred, which is already positive for the shareholder and, at best, if the shares are not sold there is no taxation.

Well, from the day 1 2.015 January sales subscription rights of the unlisted shares She stopped having traded above consideration, and the total amount collected, passed to tax in the year of sale as increase in equity.

How to sell shares from 2017?

From the 1 day of January of 2.017 the sale of subscription rights of the quoted shares stock market also taxed the way cited above, as an increase in equity in the year of sale.

So, we see what happens from January 2.017 with the shareholder remuneration system used by many companies listed on the stock exchange, the so-called "script dividend". Under this system the company offers its shareholders opt for payment of the dividend by one of the following three ways:

  1. Selling subscription rights on the market.
  2. The subscription of new shares by the amount of the dividend or
  3. The collection of the amount thereof in cash, subject to withholding of income tax.

The assumption), the sale of subscription rights in the market, until the 31 of December of the present year 2.016 implies the tax treatment mentioned above, consider the amount received as the lower acquisition cost of the shares, without immediate taxation. As of January 1 day of 2.017, when this favorable tax treatment disappears, it will be necessary to see if the listed companies continue to offer their shareholders the traditional system of the 'script dividend' or devise some imaginative form of retribution.

By the way, tomorrow, November 15 start trading on the stock exchange subscription rights Telefonica preferred.


About the Author:

Xavier Vales DiG barcelona Lawyers tax

Xavier Vales

DiG Lawyers

Linkedin