The tax treatment of the amounts allocated to a partner in connection with the repurchase by a company of its own securities varies according to the procedure used: a scheme combining tax on distributed income and capital gains tax (common law scheme under Articles 109 , 1-2 °, 150-0 D, 8 ter and 161, paragraph 2 of the CGI) for redemptions made for a capital reduction not motivated by losses; (A derogatory regime under Article 112, 6 ° of the CGI which is a priori more advantageous) in the event of a redemption for the purpose of an allocation to employees or of a share repurchased by a listed company within the framework of a Redemption of shares.

The Constitutional Council considers this difference to be contrary to the principle of equality before the law and repeals the provisions of Article 112, 6 ° of the CGI. However, in order to give the legislator time for reflection, this repeal is postponed to 1 January 2015. For the previous period, it is necessary to distinguish between the sums received before 2014 which are taxed according to the capital gains regime and the sums received in 2014 which will be taxed according to the new rules laid down by law or, failing that, under the capital gains regime.