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V0587-19 20 March 2019 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · reducción de capital

Returns from capital reductions must be attributed to the year they occurred, not to the year of registration

A query was raised regarding whether returns from a capital reduction involving the return of contributions should be taxed in the year the operation took place or when it was registered in the Mercantile Registry. The DGT ruled that they must be attributed to the financial year in which they become due, i.e., when they were carried out.

The question raised

Question raised: Whether the income derived from capital reduction operations must be attributed to the 2017 fiscal year or to the subsequent fiscal years in which the capital reduction deed is registered in the Mercantile Registry.

The DGT's ruling

Income from movable capital is attributed to the tax period in which it becomes due to the recipient. The registration of the capital reduction in the Mercantile Registry does not have a constitutive character. Therefore, the income must be attributed to the fiscal year in which the operations were carried out and not to the fiscal years following its registration.

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