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A query was raised regarding Personal Income Tax (IRPF) treatment when establishing a usufruct right over securities for profit. The Directorate General for Taxes (DGT) indicates that this act is classified as income from movable capital and that, if carried out free of charge, there is a presumption of onerousness.
Question posed: Taxation under Personal Income Tax.
The creation of rights of use or enjoyment over securities representing participation in equity is classified as income from movable capital. If the creation is gratuitous, the presumption of onerousness under Article 6.5 of the Personal Income Tax Law applies, being considered remunerated at its normal market value unless proven otherwise. The accreditation of gratuitousness must be carried out before the management and inspection bodies through means of proof admitted in Law.
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