Doctrine by topic · DGT Observatory

Bonus Shares: DGT doctrinal evolution

How the DGT's position on this topic has evolved, and the rulings it rests on.

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How the DGT's position has evolved

Settled doctrine High confidence 14 rulings · 2015–2024

Current position

The delivery of fully bonus shares does not constitute the receipt of income for a shareholder resident in Spain. The acquisition value of the new shares is determined by dividing the total cost of the investment by the total number of securities (both old and bonus shares). The holding period of the bonus shares is the same as that of the pre-existing shares from which they originate.

The DGT's position remains stable regarding the tax treatment of the delivery of shares. The methodology for calculating the acquisition value and determining the holding period of the securities through the FIFO method has been specified. Likewise, the nature of scrip dividend programs and their classification as dividends has been clarified.

Turning points

  1. V1357-20

    Classifies income from scrip dividend programs as dividends, allowing the application of the exemption under Article 21 of the Law on Corporate Income Tax (LIS).

  2. V1777-20

    Establishes that the holding period of bonus shares is determined by the holding period of the last pre-existing share necessary to obtain them, applying the FIFO method.

Analysis based on 13 of 14 rulings with a stated position. Updated 26 September 2026.

Rulings on this topic

14
V2468-20 20 Jul 2020

Script dividends are classified as dividends regardless of the option chosen

SG de Impuestos sobre las Personas Jurídicas
scrip dividendderechos de asignación gratuitaacciones liberadasprima de emisiónretención LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 7LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 10.3
Affects CompanyExpat · Non-residentIndividual
V0080-20 16 Jan 2020

Foreign dividends taxed as capital income and subject to double taxation relief

SG de Impuestos sobre la Renta de las Personas Físicas
rendimientos del capital mobiliariobase imponible del ahorrodoble imposición internacionalacciones liberadasganancia patrimonial LIRPF — Ley 35/2006 del IRPF art. 25.1.aLIRPF — Ley 35/2006 del IRPF art. 33.1
Affects CompanyExpat · Non-residentIndividual
V2312-18 7 Aug 2018

Tax treatment of the sale of old shares and fully bonus shares

SG de Impuestos sobre la Renta de las Personas Físicas
acciones liberadasganancia patrimonialvalor de adquisiciónrendimiento de capital mobiliariodisposición transitoria LIRPF — Ley 35/2006 del IRPF art. 25.1LIRPF — Ley 35/2006 del IRPF art. 37.1.a
Affects CompanyExpat · Non-residentIndividual
V3717-15 25 Nov 2015

Shareholders may apply double taxation relief on dividends received via scrip dividend

SG de Impuestos sobre las Personas Jurídicas
scrip dividendexención por doble imposiciónacciones liberadasderechos de suscripción preferenteentidad de crédito LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 10.3LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 21.1
Affects CompanyExpat · Non-residentIndividual

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