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V2997-20 5 October 2020 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · ganancia patrimonial

Transfer value of unlisted shares is the actual price or the legal minimum value

An individual has requested clarification on which value to use when calculating capital gains or losses from the sale of a 20% stake in a limited company. The DGT has ruled that the actual amount shall be used provided it is proven to be the market value; otherwise, the minimum value established by law shall apply.

The question raised

What is the transfer value to be taken into account for the purposes of calculating the capital gain or loss in the Personal Income Tax.

The DGT's ruling

The transfer value shall be the actual amount effectively paid, provided it is proven to correspond to what independent parties would have agreed upon under normal market conditions. If such value is not substantiated, the transfer value may not be less than the higher of two values: the net equity of the last closed fiscal year or the result of capitalizing at 20% the average of the results of the three previous fiscal years. The resulting gain or loss shall be included in the savings tax base.

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