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V2428-19 13 September 2019 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · rendimientos del capital mobiliario

Dividends are attributed to the share owner; transfer to a spouse is subject to Inheritance and Gift Tax

A married couple under a separation of assets regime inquired whether a shareholders' agreement, allowing the husband to receive 40% of profits while the wife remains the majority shareholder, carries tax implications. The DGT ruled that dividends belong to the legal owner of the shares and that their free transfer to the husband constitutes a gift subject to tax.

The question raised

Taxation of the proposed operations.

The DGT's ruling

Dividends are classified as income from movable capital and are attributed to the legal owner of the shares according to the matrimonial property regime. The gratuitous transfer of these dividends to the spouse constitutes a donation subject to Inheritance and Gift Tax, with the donee being the taxpayer. Regarding a call option at a symbolic price, the taxable event occurs upon exercise, and the tax base shall be the real value of the shares. The mere granting of the call option does not constitute income for Personal Income Tax purposes.

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