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V1937-20 15 June 2020 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · usufructo

Exchange of usufruct for full ownership is a transfer of bare ownership, not a barter

An individual seeks to exchange their usufruct of shares for full ownership of the same. The Directorate General of Taxes (DGT) rules that this operation does not constitute a barter, but rather the transfer of the bare ownership of the shares.

The question raised

Taxation of the operation.

The DGT's ruling

The commutation of usufruct for full ownership does not constitute a barter according to article 37.1.h) of Law 35/2006. The operation involves the transfer, whether for consideration or as a gift, of the bare ownership of the shares to the taxpayer. Therefore, the non-alteration of the composition of assets provided for in article 33.2 of the LIRPF is not applicable.

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