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The DGT determines that debt restructuring involving bond exchange for loans followed by capitalisation of those loans into shares constitutes a single conversion operation, and that non-resident profits could be exempt if conditions in Law 13/1985 are met.
Cuestión planteada Analizando la operación en conjunto, como un proceso global de reestructuración de deuda necesariamente ejecutado en dos pasos, si el valor fiscal de los préstamos recibidos en el canje debe necesariamente coincidir con el valor de las acciones recibidas en la capitalización, de manera que no se generará renta alguna para los Bonistas con motivo de la capitalización.
La entrega de préstamos a cambio de bonos y la posterior capitalización mediante entrega de acciones constituyen una única operación de conversión de bonos en acciones. Estas rentas podrían calificarse como rendimientos del capital mobiliario por cesión de capitales propios. Si se cumplen los requisitos de la disposición adicional segunda de la Ley 13/1985, las rentas obtenidas por bonistas no residentes sin establecimiento permanente estarían exentas en España.
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