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V3046-17 22 November 2017 · SG de Impuestos Patrimoniales, Tasas y Precios Públicos Criterion in force
ITPAJD · transmisión de valores

Transfer of securities exempt from VAT and ITPAJD unless intended to evade property tax

The applicant asks whether investment in entities created to deconsolidate toxic real estate assets is exempt from VAT and ITPAJD. The DGT states that the transfer of securities is, as a general rule, exempt, but this will not apply if an intent to evade the tax that would otherwise apply to the transfer of the real estate assets is demonstrated.

The question raised

Taxation of the aforementioned operations, for the purposes of applying the VAT and ITPAJD exemption in its three modalities, derived from the Consultant's intended co-investment with the Banking Group under the terms set forth, in accordance with Article 314 of the T.R. of the LMV.

The DGT's ruling

The transfer of securities is exempt from VAT and ITPAJD pursuant to Article 314 of the TRLMV. However, if the intention is to evade real estate tax, the transaction shall be taxed as a transfer of real estate. There are three scenarios where an intent to evade is presumed, but in the case consulted, as the real estate is used for the activity, such presumptions would not apply.

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