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A pharmacist over the age of 65 wishes to transfer their business entirely to their son. The DGT analyses the Income Tax treatment for stock and fixed assets, as well as the potential exemption from VAT.
Question posed: Tax treatment of said operation in the donor's Personal Income Tax and possible non-subjectivity to Value Added Tax.
In Personal Income Tax, inventories are taxed as income from economic activity, whereas fixed assets generate capital gains or losses. If the requirements of the Inheritance and Gift Tax Law for the reduction due to the transfer of a business are met, the non-existence of a capital gain or loss for the donor shall be presumed. Regarding VAT, the transfer shall not be subject to tax if the set of elements constitutes an autonomous economic unit capable of carrying out an activity by its own means.
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