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V2950-20 30 September 2020 · SG de Impuestos sobre el Consumo Criterion in force
IVA · canje de valores

Transfer of securities by individuals is not subject to VAT; ITP/AJD exemption depends on property use

A company has requested a ruling regarding the VAT and ITP/AJD taxation of a securities exchange intended to form a business group. The DGT clarifies that if the transferors are non-professional individuals, the transaction is not subject to VAT and, as a general rule, is exempt from ITP/AJD, unless there is an intent to evade taxes on real estate.

The question raised

1. Taxation of the proposed operation under Value Added Tax.

The DGT's ruling

Liability for VAT depends on the status of the transferor as a businessperson or professional; if they are natural persons not acting as such, the transfer is not subject to the tax. Regarding ITP/AJD, the transfer of securities is exempt under the TRLMV, unless it is intended to evade the tax on the real estate they represent. If the entities' real estate assets are used for business activities, the evasion scenarios under article 314.2 of the TRLMV would not be met.

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