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V1116-19 21 May 2019 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · ganancia patrimonial

Sale of unlisted shares must be valued at real price or net equity/capitalisation value

A married couple sought advice regarding the tax treatment of selling shares in a limited company. The DGT clarifies that capital gains or losses are calculated as the difference between the acquisition and transfer values, applying specific rules for securities not admitted to trading.

The question raised

Tax treatment of said sale in Personal Income Tax.

The DGT's ruling

For unlisted holdings, the transfer value shall be the actual amount paid, provided that it is proven to be the market value. If not proven, the transfer value may not be less than the higher of the net equity value of the last closed financial year or the result of capitalizing the average profits of the three previous financial years at a rate of 20%. The resulting gain or loss shall be included in the savings tax base.

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