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V1393-20 13 May 2020 · SG de Impuestos sobre las Personas Jurídicas Criterion in force
IS · canje de valores

Value exchange regime may apply if LIS requirements and valid economic motives are met

A natural person enquires whether a value exchange and share contribution restructuring can benefit from the special regime of the Corporate Income Tax. The DGT responds that this is possible provided a majority of voting rights is obtained, the requirements of Article 80 are met, and the operation has valid economic motives rather than purely fiscal objectives.

The question raised

Question raised: Whether the described operations could qualify for the 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 acquiring entity must obtain the majority of the voting rights in the participated companies. Likewise, the requirements of Article 80 of the LIS must be met, such as the residence of the shareholders and the residence of the acquiring entity. Finally, the operation must not have the primary objective of tax fraud or evasion, and must respond to valid economic reasons rather than a mere tax advantage.

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