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V0260-14 31 January 2014 · SG de Impuestos Patrimoniales, Tasas y Precios Públicos Criterion in force
ITPAJD · transmisión de valores

The transfer of social shares is exempt from ITPAJD and VAT if the avoidance scenarios are not met

A query is made as to whether the sale of shares in an entity whose assets are predominantly real estate is exempt from ITPAJD. The DGT responds that, as the avoidance scenarios provided for in the LMV do not occur, the operation maintains the general exemption.

The question raised

Question posed: Whether said operation is exempt or not from the Transfer Tax and Documented Legal Acts Tax.

The DGT's ruling

The transfer of securities is exempt from ITPAJD and VAT pursuant to Article 108 of the LMV. However, the exemption does not apply if the intention is to avoid the real estate transfer tax through the transfer of securities in the secondary market. For avoidance to be presumed, the scenarios set forth in subsections a), b), or c) of paragraph 2 of said article must occur. In this specific case, as said requirements are not met, the transfer remains exempt.

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