Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 45

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 45
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 the NRIT Regulations, along with Law 19/1991, of 6 June, on Net Wealth Tax as amended, the Solidarity Tax Law and Law 29/1987, of 18 December, on the Inheritance and Gift Tax.                                                                                                                        |

A. TAXATION IN SPAIN OF DEBT SECURITIES 1. Individuals with Tax Residency in Spain

| 1.1 | Individual Income Tax (Impuesto sobre la Renta de las Personas Físicas) |

Both interest payments periodically received and income derived from the transfer, redemption or repayment of the debt securities constitute a return on investment obtained from the transfer of a person’s own capital to third parties in accordance with the provisions of Section 25 of the IIT Law, and therefore must be included in the investor’s IIT savings taxable base pursuant to the provisions of the aforementioned law and as from 2023 be generally taxed at a flat rate of 19% on the first EUR 6,000; 21% from EUR 6,000.01 up to EUR 50,000; 23% from EUR 50,000.01 up to EUR 200,000; 27% from EUR 200,000.01 up to EUR 300,000; or 30% for any amount in excess of EUR 300,000. Income from the transfer of the debt securities must be computed as the difference between the amounts obtained in the transfer, redemption or reimbursement of the debt securities and their acquisition or subscription value. Costs and expenses effectively borne on the acquisition and/or disposal of the debt securities must be taken into account, insofar as adequately evidenced, in calculating the income. When calculating the net income, expenses related to the management and deposit of the debt securities will be deductible, excluding those pertaining to discretionary or individual portfolio management. According to Section 44.5 of Royal Decree 1065/2007 (which applies to preferred securities and debt instruments issued under Law 10/2014 and which have been originally registered with entities that manage clearing systems located outside Spain, provided that these entities are recognized by Spanish law or by the law of another Organization for Economic Cooperation and Development country such as DTC, Euroclear and/or Clearstream Luxembourg), Banco Santander will pay interest without withholding to individual holders who are resident for tax purposes in Spain provided that the information regarding the debt securities required by Exhibit 99.1 to the registration statement of which this prospectus supplement forms a part is submitted by the