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Co-owners of commercial premises have enquired whether the exchange intended to dissolve their joint ownership is subject to VAT or Transfer Tax (ITP). The Directorate General for Taxes (DGT) explains that taxation will depend on whether the joint ownership acts as a business entity or if the members act individually, and whether the exemption for subsequent deliveries of buildings is waived.
Question raised: Liability of the aforementioned operation for Value Added Tax or for Transfer Tax and Documented Legal Acts. In the first case, whether or not the reverse charge mechanism applies.
The allocation of real estate to co-owners constitutes a supply of goods subject to VAT if the community of property acts as an entrepreneur or professional. If the real estate consists of buildings and it is a second or subsequent supply, the transaction is exempt from VAT and subject to Transfer Tax (ITP). However, if the acquirers are entrepreneurs and waive the exemption in order to deduct the tax, the transaction shall be subject to VAT.
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