Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 277

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 277
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1145/2011, of July 29, 2011 (Royal Decree 1065/2007);                                                                                                                                                      |

| b) | for individuals resident for tax purposes in Spain who are subject to the Individual Income Tax                                                                                                                                 
 (“IIT”), Law 35/2006 of 28 November, on the IIT and on the Partial Amendment of the Corporate Income Tax Law, the Non-Residents Income Tax Law and the Net Wealth Tax Law, as amended, and Royal                                
 Decree 439/2007, of 30 March, promulgating the IIT Regulations, along with Law 19/1991, of 6 June, on Net Wealth Tax, as amended, Law 38/2022, of 27 December, for the establishment of temporary taxes on energy and on credit 
 institutions and financial credit establishments (the “Solidarity Tax Law”), and Law 29/1987, of 18 December on the Inheritance and Gift Tax;                                                                                   |

| c) | for legal entities resident for tax purposes in Spain which are subject to the Corporate Income Tax                                        
 (“CIT”), Law 27/2014, of 27 November, on Corporate Income Tax and Royal Decree 634/2015, of 10 July, promulgating the CIT Regulations; and |

| d) | for individuals and entities who are not resident for tax purposes in Spain that are subject to the Non-Resident Income Tax (“NRIT”), Royal Legislative Decree 5/2004, of 5 March, promulgating the Consolidated Text of the NRIT Law, as amended, and Royal Decree 1776/2004, of 30 July promulgating 
 the NRIT Regulations, along with Law 19/1991, of 6 June, on Net Wealth Tax as amended, and Law 29/1987, of 18 December, on the Inheritance and Gift Tax.                                                                                                                                               |

136

| 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