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V2427-23 7 September 2023 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · valor de adquisición

Book value of shares cannot be used as acquisition value instead of inheritance tax value

A taxpayer inquired whether they could use the theoretical book value of inherited shares to calculate capital gains upon sale, rather than the value declared for Inheritance Tax purposes. The Directorate General of Taxes (DGT) ruled that the value declared or verified for said tax must be used.

The question raised

Question posed: Whether it is possible to consider as the acquisition value of the shares, for the purposes of calculating the capital gain or loss obtained upon their sale, the theoretical value of the shares in the 2010 financial year, as reflected in the balance sheet corresponding to the 2011 financial year, and not the value declared for Inheritance and Gift Tax purposes and reflected in the deed of acceptance and division of inheritance.

The DGT's ruling

In acquisitions for consideration, such as inheritances, the acquisition value is that resulting from the application of the Inheritance and Gift Tax rules, without exceeding the market value. To this value, the expenses and taxes inherent to the acquisition must be added, excluding interest. It is not possible to substitute this value with the theoretical book value reflected in a balance sheet.

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