The Directorate General for Legal Certainty and Public Faith establishes that the management body and the general meeting may agree to distribute interim dividends prior to the approval of annual accounts (Art. 277 LSC). In this instance, the transfer of real estate as payment in kind against interim dividends is validated, provided that an accounting statement is prepared before the distribution and subsequently included in the notes to the accounts (Art. 277 LSC). The resolution overturns the registry's refusal, confirming that these transfers are genuine dividends subject to the restitution regime provided for in the LSC (Art. 278 LSC).
For capital companies, the legality of making payments in kind (such as the transfer of real estate) to cover interim dividends is confirmed, without the need to wait for the formal approval of annual accounts (Art. 277 LSC). Companies must ensure that an accounting statement is prepared prior to the distribution to comply with validity requirements (Art. 277 LSC). Land Registrars may not refuse the registration of these transfers based solely on the lack of approval of the financial year's accounts.
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