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The tax treatment of an operation where several co-owners exchange shares in different properties is queried. The DGT determines that, as there is no total dissolution of the community, the transaction constitutes a swap subject to IIVTNU and may result in capital gains in IRPF if the assigned share exceeds the original ownership proportion.
Question posed: Taxation of the transaction under the Tax on the Increase in Value of Urban Land and the Personal Income Tax.
The exchange of ownership shares between co-owners is an onerous transfer subject to the Tax on the Increase in Value of Urban Land (IIVTNU), with each co-owner being liable for the increase in value of the transferred portion. For Personal Income Tax (IRPF) purposes, the dissolution of the community of property does not constitute a change in assets if the allocation conforms to the ownership share. However, if assets are allocated at a value exceeding the corresponding share, a capital gain or loss will arise for the other co-owners.
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