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29 4'/,*%27&)-*#2'A&7'0T+&-*#0'7'1'7&)-:RC/&*#!\ AprèslaLFR,pourlesrachatsréalisésàcompterdupremierjanvier2015,le régime des plus-values sur titre sera désormais seul applicable. Jusqu alors, en cas de réduction de capital non motivé par des pertes, les sommes attribuées à l actionnaire personne physique étaient imposées de manière mixte (régime des distributions et régime des plus-values). La différence entre le prix d acquisition ou de souscription et la valeur de rachat était traitée comme une distribution,taxéedoncàprèsde44%,aumaximum. Dans une décision du Conseil constitutionnel(suite à une QPC), ce dispositif a été jugé non conforme à la constitution(décision du 20 juin 2014). Lorsque le bénéficiaire est une personne physique, le gain sera imposé par application du régime des plus-values de cessions de valeurs mobilières (Article 150 0A du CGI). Le gain sera calculé par différence entre le montant du remboursement et le prix ou valeur d acquisition des titres.

30 4#G/'-*,2'/7A#%7B&0*%/#/N?> Bonideliquidation:44%aumaximum(+ou l effetchargessociales). Réductiondecapital:23,75%aumieux.

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