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V4194-16 3 October 2016 · SG de Impuestos sobre las Personas Jurídicas Criterion in force
IS · canje de valores

Requirements for the application of the special regime for the exchange of securities

A taxpayer inquires whether creating a holding company through the exchange of shares in their companies can qualify for the special regime under the Corporate Income Tax Act. The DGT rules that this is possible provided that the requirements of Article 80 are met and the primary purpose of the transaction is not tax fraud or tax advantage.

The question raised

Question raised Whether the described operation may qualify for the special tax regime provided for in Chapter VII of Title VII of Law 27/2014, of November 27.

The DGT's ruling

To apply the special regime for the exchange of securities, the entity must acquire holdings that allow it to obtain the majority of voting rights and comply with the requirements of Article 80 of the LIS. Furthermore, the operation must not have the primary objective of tax fraud or evasion, and must respond to valid economic reasons such as the restructuring or rationalization of activities. The management reasons, centralization of investments, and financial optimization presented may be considered valid pursuant to Article 89.2 of the LIS.

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