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The inquirer asks about the taxation of a capital reduction in a limited company. The DGT explains that the treatment depends on whether the amount received stems from contributions or from undistributed profits.
Question raised: Taxation of the transaction for Personal Income Tax (IRPF) purposes.
The refund of contributions that does not derive from undistributed profits reduces the acquisition value of the shares; if the amount exceeds said value, the excess is taxed as income from movable capital without withholding or exemption. Conversely, the portion corresponding to undistributed profits shall be taxed in full as income from movable capital, shall be subject to withholding or payment on account, and shall be entitled to the annual 1,500 euro exemption.
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