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An entity asked whether the temporary regime of DT 40 of the LIS could apply to the sale of shares in 2024, given that the acquisition cost exceeded 20 million euros, despite ownership exceeding 5% before 2021. The DGT responded that the temporary regime is not applicable.
Question posed: To confirm whether the appearing entity is entitled to apply the transitional regime established in the Fortieth Transitional Provision of the Corporate Tax Law to the sale of holdings carried out in 2024 due to having an acquisition cost exceeding 20 million euros, notwithstanding that prior to 2021 it held a stake in its subsidiary company exceeding 5%.
The fortieth transitional provision of the LIS only applies to holdings acquired before 2021 that had an acquisition value exceeding 20 million euros without reaching the 5% threshold. If the taxpayer already met the 5% requirement prior to the amendment of Law 11/2020, the transitional regime is not applicable to them. Therefore, if the holding falls below 5% after the entry into force of the new regulation, they shall not be entitled to the exemption under Article 21 of the LIS even if the acquisition value exceeds 20 million euros.
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