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V1769-17 7 July 2017 · SG de Impuestos Patrimoniales, Tasas y Precios Públicos Criterion in force
OTRO · actos jurídicos documentados

Taxable base for the assignment of part of a credit in syndicated financing is the outstanding amount of the assignor

A query was raised regarding the taxable base for ITPAJD (Stamp Duty) in the assignment of a creditor's position in a syndicated financing contract involving a joint mortgage. The DGT ruled that the taxable base is the amount of the credit outstanding from the assignor, plus interest and other charges, rather than the total mortgage amount.

The question raised

Taxation, via the variable installment of the documented legal acts modality of the Transfer Tax and Documented Legal Acts Tax, of the assignment of the contractual position of a mortgage creditor in a syndicated financing contract which is guaranteed by a floating maximum real estate mortgage constituted in common in favor of the group of syndicate creditors.

The DGT's ruling

In the assignment of a creditor's position in syndicated financing and their proportional share of a mortgage held in common, the taxable base for the gradual installment of the documented legal acts tax is the amount guaranteed by the assignor's credit. This amount comprises the outstanding credit amount to be amortized as of the date of assignment, plus interest, indemnities, penalties for breach, or other analogous concepts. The total credit guaranteed by the mortgage is not taken as the base, as only the portion corresponding to the assignor is assigned.

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