Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 280

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 280
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 in relation to the Net Wealth Tax and the Solidarity Tax.

| 1.3 | Inheritance and Gift Tax (Impuesto sobre Sucesiones y Donaciones) |

Individuals resident in Spain for tax purposes who acquire ownership or other rights over any debt securities by inheritance, gift or legacy will be subject to the Spanish Inheritance and Gift Tax in accordance with the applicable Spanish regional and State rules. The effective tax rates currently range between 7.65% and 81.6% depending on relevant factors (such as the amount of the gift or inheritance, the net wealth of the heir or beneficiary of the gift, and the kinship with the deceased or the donor). Some tax benefits could reduce the effective tax rate. In addition, the final tax rate may vary depending also on the legislation of the corresponding autonomous region. 2. Legal Entities with Tax Residency in Spain

| 2.1 | Corporate Income Tax (Impuesto sobre Sociedades) |

Both interest received periodically and income derived from the transfer, redemption or repayment of the debt securities are subject to CIT at the current general tax rate of 25% in accordance with the rules for this tax. In the opinion of Banco Santander, there is no obligation to withhold on income payable to Spanish CIT taxpayers (which for the sake of clarity, include Spanish tax resident investment funds and Spanish tax resident pension funds) under the debt securities, provided the disclosure requirements set out in Section 44.5 are met. Consequently, in general, Banco Santander will not withhold tax on income payments to Spanish CIT taxpayers. This without prejudice to the information reporting obligations of Banco Santander under the general provisions of Spanish tax legislation. However, to the extent that, among other requirements, the information about the debt securities required by Exhibit 99.1 is not submitted to Banco Santander in the manner indicated therein, such interest and income paid by Banco Santander shall be subject to withholding on account of CIT at the then-applicable rate (currently set at 19%). If the debt securities do not comply with the exemption requirements specified in the Reply to the Consultation of the Directorate General for Taxation ( Dirección General de Tributos) dated 27 July 2004, income derived from the debt securities may be subject to withholding tax at the generally applicable rate of 19% (which, in case the debt securities are held by a Spanish resident entity and deposited with a Spanish resident entity acting as depositary or custodian, will be generally levied by such depositary or