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V1350-15 29 April 2015 · SG de Impuestos sobre las Personas Jurídicas Criterion in force
IS · compensación de créditos

No rental arises from capital increase by credit offset; non-cash contributions may qualify for special regime

The consultant asks whether a capital increase through credit offset generates income and whether asset segregation can qualify for the special regime. The DGT responds that no income arises from such a capital increase and that asset contributions may qualify for the special non-cash regime if participation requirements are met.

The question raised

Question raised 1) If the consultant were required to reflect in its accounting records an income arising from the increase in equity through the set-off of credits, it must be understood that in the tax field it will not include any income in its tax base, and, if applicable and if it is irrelevant, that the increase in equity from a commercial law perspective is carried out by issuing capital with a share premium.

The DGT's ruling

Capital increases through the set-off of credits do not constitute income in the tax base, regardless of whether an accounting gain exists. The contribution of isolated assets may qualify for the special regime for non-monetary contributions if the contributing entity maintains a stake of at least 5% in the recipient entity. The special regime for the exchange of securities is applicable if a majority of voting rights are obtained and the requirements of residence and Directive 2009/133/EC are met. These operations must have valid economic reasons and must not have the primary objective of tax fraud or evasion.

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