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V2117-15 10 July 2015 · SG de Impuestos sobre las Personas Jurídicas Criterion in force
IS · canje de valores

Exchange regime applicable if LIS requirements and valid economic reasons met

The DGT confirms that a share acquisition to establish a holding company may qualify for the special exchange regime, provided the conditions in Articles 76.5 and 80.1 of the LIS are met and the transaction is not primarily aimed at tax fraud or evasion.

The question raised

Question posed: Whether the described transaction may qualify for the special tax regime under Chapter VII of Title VII of Corporate Income Tax Law 27/2014, of November 27.

The DGT's ruling

To apply the special regime for the exchange of securities, the entity must acquire holdings that allow it to obtain the majority of voting rights and comply with the residency requirements for partners and the acquiring entity under Article 80.1 of the LIS. Furthermore, the transaction must respond to valid economic reasons, such as the restructuring or rationalization of activities, and must not have the primary objective of obtaining a tax advantage pursuant to Article 89.2 of the LIS. In this case, the reasons of investment efficiency, uniformity of participation, and preparation for hereditary succession are considered economically valid.

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