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A holding company enquired whether the gain from selling a 35% stake in a French subsidiary was exempt from Corporate Tax. The DGT indicates that, based on the facts presented, the requirements regarding shareholding, holding period, and foreign taxation are met to apply the exemption.
Question posed: Whether the gain generated by the transfer of 35% of company TE, under the indicated conditions, would be exempt in accordance with the provisions of paragraph 3 of Article 21 of Law 27/2014, of November 27, on Corporate Income Tax.
Positive income from the transfer of an interest is exempt if the requirements of paragraph 1 of Article 21 of the LIS are met. This requires a minimum interest of 5% held uninterruptedly during the previous year and that the participated entity is subject to a foreign tax of a similar nature with a nominal rate of at least 10%. In this case, as the interest is 35% and complies with the holding period and taxation in France, the exemption appears to be met.
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