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A query was raised regarding whether the purchase of shares in a company whose assets consist of properties used for business activities is exempt from ITPAJD. The DGT indicates that, in principle, the transfer of securities not admitted to trading on an official secondary market is exempt, unless the transaction is intended to circumvent real estate tax.
Question posed: Whether the acquisition of shares would be exempt from the Transfer Tax and Stamp Duty.
The transfer of securities not admitted to trading on an official secondary market is exempt from ITP-AJD, provided that the avoidance scenarios under Article 108 of the LMV are not met. In this case, as the real estate assets are used for business activity, the exception to the exemption does not appear to apply. Nevertheless, the intent to evade the tax is a question of fact that the Administration must prove, although there are cases where the burden of proof is reversed.
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