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V0739-20 6 April 2020 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · ganancia patrimonial

The transfer value of unlisted shares shall be the actual amount, provided it is proven to be market value

A query was raised regarding the value to be used when calculating capital gains or losses from the sale of unlisted shares. The DGT ruled that the actual amount paid shall be used if it is proven to be market value; otherwise, the valuation rules set out in Article 37.1.b of the Personal Income Tax Act (LIRPF) shall apply.

The question raised

Transfer value of unlisted shares to be taken into account for the purpose of calculating capital gains or losses in Personal Income Tax.

The DGT's ruling

The transfer value shall be the actual amount effectively paid, provided it is proven to correspond to what independent parties would have agreed upon under normal market conditions. If such market value is not proven, the transfer value may not be less than the higher of the net equity of the last closed fiscal year or the result of capitalizing the average of the three previous fiscal years at 20%. Proof of market value may be provided through the means of evidence admitted by law.

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