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V3499-15 13 November 2015 · SG de Impuestos sobre las Personas Jurídicas Criterion in force
IS · derechos de suscripción preferente

Income from the transfer of pre-emptive subscription rights may be exempt if Article 21 LIS requirements are met

The taxpayer asks whether the amount received from the sale of pre-emptive subscription rights may be exempt from tax. The DGT responds that, although it is not a dividend or a transfer of shares, the income has equivalent economic effects and the exemption under Article 21 of the LIS may apply if its requirements are met.

The question raised

Question posed: Whether the amount received for the preemptive subscription rights by company A, complying with the requirements provided in Article 21 of Law 27/2014, would be exempt from taxation.

The DGT's ruling

The transfer of preemptive subscription rights produces economic effects equivalent to the transfer of the interest in the investee entity, as it represents the valuation of the economic rights in the equity of the entity. Therefore, insofar as the requirements of Article 21 of the LIS regarding the holdings owned are met, the income generated by the transfer of said rights may apply the exemption regulated in said provision.

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