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A company with losses in its real estate activity asks whether it can offset these negative tax bases with profits from starting a jewellery business. The DGT responds that this is possible as long as the circumstances limiting Article 26 of the LIS do not apply.
Question posed: Whether it is possible, in Corporate Income Tax, to offset negative tax bases from previous fiscal years, originating mainly from real estate activity, against the hypothetical profits of the future commercial activity of jewelry and costume jewelry.
Negative tax bases may be offset against positive income from subsequent periods, subject to a limit of 70 percent of the tax base and a cap of 1 million euros. No offset may be carried out if the circumstances for the acquisition of the entity established in Article 26.4 of the LIS occur. In this case, by expanding the corporate purpose without such limitations appearing to apply, the offset is possible under the terms of Article 26.
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