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A married couple wishes to transfer their pharmacy to their daughters in exchange for a life annuity below market value. The DGT determines that the transaction constitutes an onerous donation and explains its taxation regarding VAT, Transfer Tax, Gift Tax, and Personal Income Tax.
Question posed: Taxation of the transaction under Value Added Tax, Transfer Tax and Stamp Duty, Inheritance and Gift Tax, and Personal Income Tax.
The transaction is an onerous donation because the life annuity constitutes a burden imposed on the daughters and not a reward for services. In the Transfer Tax (ITP), the daughters are taxed on the portion of the burden and the parents on the establishment of the pension. In the Inheritance and Gift Tax (ISD), the daughters are taxed on the portion of the value of the pharmacy that exceeds the life annuity. In the Personal Income Tax (IRPF), the capital gain is determined by the difference between the present value of the annuity and the acquisition value of the assets.
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