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A query was raised regarding the tax treatment of a capital reduction involving the write-off of shares received through inheritance. The DGT clarifies that the acquisition value of these shares shall be the value determined under Inheritance and Gift Tax regulations.
Question posed: Tax treatment of a capital reduction operation in the Personal Income Tax of the company's partners when the affected shares have been received through inheritance.
In capital reductions affecting shares acquired through inheritance, the acquisition value shall be that resulting from the application of the Inheritance and Gift Tax regulations, not exceeding the market value. The return of contributions that does not derive from undistributed profits reduces the acquisition value until its cancellation, with the excess being taxed as income from movable capital. If the return derives from undistributed profits, the total amount is taxed as income from movable capital.
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