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V1646-18 12 June 2018 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · ganancia patrimonial

Transfer value of unlisted shares cannot be lower than the higher of net equity or market capitalisation, unless market value is proven

A query was raised regarding the Personal Income Tax (IRPF) treatment of selling shares in an unlisted public limited company with negative equity. The Directorate-General for Taxes (DGT) explains how to determine the transfer value to calculate capital gains or losses.

The question raised

Tax treatment of said sale in the Personal Income Tax.

The DGT's ruling

The transfer value of securities not admitted to trading shall be the actual amount paid, provided that it is proven to be the market value. If it is not proven, the value may not be lower than the higher of the net equity of the last closed financial year or the result of capitalizing the average profits of the three previous financial years at 20%. The difference between the acquisition value and the transfer value shall determine the capital gain or loss.

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