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A query was raised regarding whether the partial or total retirement of a donor affects the exemption from Personal Income Tax (IRPF) on capital gains arising from the donation of company shares. The Directorate General for Taxes (DGT) ruled that the receipt of a retirement pension is irrelevant to tax regulations and does not prevent the benefit, provided all legal requirements are met.
Question posed: It is inquired whether partial retirement, while continuing management and administrative duties in the second company, would prevent the application of the exemption established for the donation of social shares in Article 33.3.c) of the Personal Income Tax Law. Furthermore, inquiry is made regarding the application of the aforementioned exemption to the future donation of shares in the second company, should the individual retire from all activities at that time.
The exemption from Personal Income Tax (IRPF) for the donation of shares depends on compliance with the requirements of the Inheritance and Gift Tax. If the donor meets the legal conditions, the receipt of a retirement pension is not an obstacle to the applicability of the tax benefit. Retirement is a matter external to tax regulations according to the jurisprudence of the Supreme Court.
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