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A query was made regarding the tax treatment of the sale of all shares in a limited company and a client portfolio. The DGT ruled that the sale of shares generates a capital gain or loss and that the client portfolio, as an asset used for business purposes, also generates a capital gain or loss.
Question posed: Tax treatment in the Personal Income Tax of the sale of all shares held in a limited liability company.
The sale of shares generates a capital gain or loss based on the difference between their acquisition and transfer values. For values not admitted to trading, the transfer value may not be lower than the higher of the net equity of the last closed fiscal year or the result of capitalizing the average of the three previous fiscal years at 20%, unless a normal market value is proven. Regarding the client portfolio, as it is an asset related to the economic activity, its transfer generates a capital gain or loss that is not included in the net income of the activity.
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