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V3062-17 23 November 2017 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · derecho de crédito

Assignment of a credit for less than its face value triggers a capital gain or loss for Income Tax purposes

A taxpayer assigned a right of credit against a company in insolvency proceedings to a third party for an amount lower than the debt owed. The Directorate General of Taxes (DGT) ruled that this transaction constitutes a change in assets subject to capital gains and losses regulations.

The question raised

Taxation of the transfer under Personal Income Tax (IRPF).

The DGT's ruling

The transfer of ownership of a credit right for a price lower than the amount owed constitutes a variation in the composition of the assets. The capital gain or loss is determined by the difference between the transfer value (the actual amount satisfied, provided it is not lower than the market value) and the acquisition value (the amount owed).

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