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V2437-20 16 July 2020 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · operación acordeón

Capital loss from total share cancellation in an accordion operation may be deductible

A shareholder inquired whether they could declare a capital loss following the cancellation of their shares in an accordion operation, or if they must wait until the received warrants expire. The Directorate General for Taxes (DGT) ruled that warrants do not constitute a return of capital contributions and that the loss resulting from the total cancellation of shares is deductible in the tax year the reduction occurs.

The question raised

Whether the taxpayer can reflect the loss corresponding to the redemption of the shares or if, having been assigned another security ("warrant"), it is not appropriate to impute the loss as long as they remain the holder of said warrants.

The DGT's ruling

Warrants issued to non-professional partners do not have the nature of a return of contributions; therefore, they do not affect the calculation of the loss from the redemption of shares. As the entirety of the shares are redeemed without the possibility of distributing the acquisition value among the remaining homogeneous securities, it is considered a capital loss. This loss must be imputed in the fiscal year of the capital reduction and is integrated into the savings tax base.

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