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V3148-17 5 December 2017 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · ganancias y pérdidas patrimoniales

Assignment of a credit right at a price below the amount owed results in a capital gain or loss for Income Tax purposes

An individual assigned a credit right against a company in insolvency proceedings to a third party for an amount lower than the debt owed. The Directorate General for Taxes (DGT) has determined that this transaction constitutes a capital gain or loss.

The question raised

Taxation of the transfer in 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 change in the composition of the assets. The change in assets is calculated as the difference between the transfer value (the actual amount paid, provided it is not lower than the market value) and the acquisition value (the amount owed).

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