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V2899-14 30 October 2014 · SG de Impuestos Patrimoniales, Tasas y Precios Públicos Criterion in force
ITPAJD · transmisión de valores

Transfer of securities is exempt from ITPAJD, unless intended to evade real estate transfer tax

A company has requested a ruling on whether the acquisition of shares to achieve 100% control of an entity is exempt from ITPAJD. The DGT has ruled that the transaction is exempt, as the criteria for the presumption of tax avoidance via real estate assets are not met.

The question raised

Whether the exemption provided for in Article 45.I.B.9 of the Recast Text of the ITP and AJD applies to the proposed operation.

The DGT's ruling

The transfer of securities is exempt from ITPAJD pursuant to Article 108 of the LMV. However, the exemption does not apply if the intent is to evade the tax that would apply to the transfer of real estate, treating the operation as a transfer of real estate. In the specific case, the acquisition does not trigger the presumption of evasion because neither the acquired entity nor the resulting entity has an asset composed of more than 50% of real estate in Spain not used for business activities.

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