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V2009-14 25 July 2014 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · ganancia patrimonial

No capital gains or losses arise on share exchange in bank merger under special regime

The consultant asks whether a share exchange following a bank merger results in patrimonial losses. The DGT responds that, under the special merger regime, the transaction does not generate taxable income for the shareholder.

The question raised

It is consulted whether the referred exchange of shares results in losses for the taxpayer.

The DGT's ruling

If the special regime for mergers, acquisitions, and demergers is applied, the shareholder resident in Spain does not include in their tax base the capital gain or loss resulting from the attribution of values. The values received shall retain the value of those delivered and their acquisition date, and may be adjusted by the supplementary cash compensation. This deferral regime is mandatory for the shareholder and does not allow for its waiver.

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