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V1063-16 16 March 2016 · SG de Impuestos sobre las Personas Jurídicas Criterion in force
IS · canje de valores

Exchange regime applicable if LIS requirements and valid economic reasons met

The consultant asks whether a reorganisation can benefit from the special share exchange regime. The DGT confirms it can, if the entity acquires a majority of voting rights, the conditions of Article 80 of the LIS are met, and the operation has valid economic grounds rather than a purely fiscal objective.

The question raised

Question posed: Whether the described transaction may benefit from the special tax regime provided for in Chapter VII of Title VII of Law 27/2014, of November 27, on Corporate Income Tax.

The DGT's ruling

To apply the special regime for the exchange of securities, the entity must acquire holdings that allow it to obtain the majority of voting rights and comply with the requirements of Article 80 of the LIS. The transaction may not benefit from this regime if its primary objective is fraud, evasion, or the obtaining of a tax advantage without valid economic reasons. Reasons of restructuring, rationalization of activities, or group management may be considered valid economic reasons pursuant to Article 89.2 of the LIS.

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