Doctrine by topic · DGT Observatory

Amortization of 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 49 rulings · 2014–2026

Current position

The acquisition and amortization of treasury shares does not affect the capitalization reserve, provided that the price paid does not exceed the sum of the nominal value and the share premium. The requirement to maintain said reserve is assessed based on the total amount of the increase in equity. Items representing partner contributions are not counted when determining said increase.

The DGT's position has shifted from focusing on the determination of the amortization base and the treatment of the capital loss resulting from the extinction of the holding, to specifying the impact of these operations on the capitalization reserve. Current doctrine establishes that the amortization of treasury shares does not affect the maintenance of the reserve if the value of the contributions is not exceeded.

Turning points

  1. V0391-26

    Specifies that the amortization of treasury shares does not affect the capitalization reserve if the price paid does not exceed the nominal value and the share premium.

Analysis based on 48 of 49 rulings with a stated position. Updated 23 September 2026.

Rulings on this topic

24
V0391-26 25 Feb 2026

Share buyback and amortisation do not affect capital reserve requirement

SG de Impuestos sobre las Personas Jurídicas
reserva de capitalizaciónfondos propiosacciones propiasreducción de capitalmantenimiento de fondos propios LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 25LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 25.1.a
Affects CompanyExpat · Non-residentIndividual
V1196-25 2 Jul 2025

Full write-off of shares due to capital reduction results in a patrimonial loss

SG de Impuestos sobre la Renta de las Personas Físicas
pérdida patrimonialreducción de capitalamortización de accionesbase imponible del ahorrovalor de adquisición LIRPF — Ley 35/2006 del IRPF art. 33.3.aLIRPF — Ley 35/2006 del IRPF art. 14.1.c
Affects CompanyExpat · Non-residentIndividual
V1194-25 2 Jul 2025

Loss recognised on share amortisation in year of capital reduction

SG de Impuestos sobre la Renta de las Personas Físicas
pérdida patrimonialamortización de accionesreducción de capitalganancia patrimonialsentencia firme LIRPF — Ley 35/2006 del IRPF art. 14.1.cLIRPF — Ley 35/2006 del IRPF art. 33.3.a
Affects CompanyExpat · Non-residentIndividual
V0378-25 20 Mar 2025

Separation regime applies if capital reduction affects all shares of a partner

SG de Impuestos sobre la Renta de las Personas Físicas
reducción de capitalamortización de accionesseparación de sociosganancia patrimonialrendimiento de capital mobiliario LIRPF — Ley 35/2006 del IRPF art. 25.1.aLIRPF — Ley 35/2006 del IRPF art. 33.1
Affects CompanyExpat · Non-residentIndividual
V0248-25 5 Mar 2025

Acquisition and write-off of shares may constitute partner separation

SG de Impuestos sobre la Renta de las Personas Físicas
reducción de capitalamortización de accionesseparación de sociosganancia patrimonialvalor de adquisición LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 33.3.a
Affects CompanyExpat · Non-residentIndividual
V0247-25 5 Mar 2025

Amortisation of all shares deemed partner separation for tax purposes

SG de Impuestos sobre la Renta de las Personas Físicas
amortización de accionesreducción de capitalseparación de sociosganancia patrimonialvalor de adquisición LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 33.3.a
Affects CompanyExpat · Non-residentIndividual
V1830-21 10 Jun 2021

Share cancellation in an accordion operation does not result in a capital loss

SG de Impuestos sobre la Renta de las Personas Físicas
reducción de capitalamortización de accionesvalor de adquisiciónoperación acordeónaumento de capital LSC Real Decreto Legislativo 1/2010LGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual

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