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A taxpayer who inherited subordinated obligations inquires about the tax treatment of the compensation received following an agreement with the entity. The DGT explains that she may apply the general rules of the Personal Income Tax (IRPF) or the special treatment provided in the forty-fourth additional provision of Law 35/2006.
Question posed: Tax treatment of these operations in the Personal Income Tax.
Under the general rules, the repurchase generates income from movable capital and the transfer of shares a capital gain or loss. Under the special treatment, the repurchase and the subscription of shares have no tax effects, with the compensation being computed as income from movable capital resulting from the difference between the compensation received and the initial investment. In the latter case, the investment for inherited securities shall be the value in the Inheritance Tax plus the tax paid.
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