Back to index
V1988-15 25 June 2015 · SG de Impuestos sobre las Personas Jurídicas Criterion in force
IS · usufructo

The exemption for the transfer of a usufruct right over shares cannot be applied

A company inquired whether it could apply the exemption under Article 21 of the LIS when selling a usufruct right over a share exceeding 5%. The DGT has responded that said exemption is not applicable in this case.

The question raised

Question posed: Whether a legal entity usufructuary that holds, by virtue of usufruct, a shareholding exceeding 5% in the capital or equity of a company, may apply the exemption under Article 21 of Law 27/2014, of November 27, on Corporate Income Tax to the positive income obtained from the transfer of said usufruct right.

The DGT's ruling

The transfer of a usufruct right does not constitute the transfer of a shareholding in an entity. Although the usufructuary has the power of disposal over their right, the exemption under Article 21 of the LIS only applies when the shareholding itself is transferred. As it concerns the assignment of an economically evaluable right and not the shareholding, there is no entitlement to the exemption.

Apply this to a real case

What is published here, applied to a company or a specific case. The first meeting is free.

Book a meeting Write to the firm
Email
Contact