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A taxpayer has requested clarification regarding the tax treatment of a capital reduction involving the return of contributions in an unlisted company. The Directorate General for Taxes (DGT) explains that the amount received may be classified as income from movable capital, calculated as the difference between the company's equity and the acquisition value.
Question posed: Tax treatment of said operation in the Personal Income Tax of the partners.
In capital reductions with the return of contributions that do not derive from undistributed profits, the amount received is considered income from movable capital up to the limit of the positive difference between the equity of the shares and their acquisition value. If there is an excess over said limit, it shall reduce the acquisition value of the shares. If the amount corresponds to undistributed profits, it shall be taxed in full as income from movable capital.
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