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V1045-17 4 May 2017 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · valor de transmisión

Transfer value of unlisted shares: valuation and market accreditation rules

The applicant seeks guidance on determining the transfer value of shares in an unlisted entity. The DGT rules that the actual amount shall be used provided it is proven to be the market value; otherwise, the higher of the net equity or capitalisation value must be applied.

The question raised

Transfer value.

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 value is not proven, the transfer value may not be less than the higher of two values: the net equity of the last closed fiscal year or the result of capitalizing at 20% the average of the results of the three previous fiscal years. The transfer value thus determined shall serve to calculate the acquirer's acquisition value.

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