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V0299-17 3 February 2017 · SG de Tributación de las Operaciones Financieras Criterion in force
IRPF · rendimientos del capital mobiliario

Delivery of shares via a financial contract is considered an acquisition with unreturned capital as the price

An investor enquired about the tax treatment of receiving shares instead of cash following a structured deposit contract. The DGT has determined that the receipt of shares constitutes an acquisition, where the price is defined as the portion of the invested capital that was not reimbursed.

The question raised

The treatment to be applied to the delivery of shares for the purposes of the taxpayer's Personal Income Tax.

The DGT's ruling

If, upon the expiration of the contract, shares are received instead of the return of part of the capital, an acquisition of shares is considered to have taken place. The acquisition price for future transfers shall be the portion of the invested capital that has not been returned to the investor.

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