Doctrine by topic · DGT Observatory

Capital Increase: 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 59 rulings · 2014–2026

Current position

The capital increase for the deduction for investment in newly created companies must be carried out within the five years following incorporation (or seven years for emerging companies). The taxpayer may apply the deduction in different tax periods as long as the requirements of Article 68 of the LIRPF (Personal Income Tax Law) are maintained. In non-monetary contributions, the transfer value is the higher of the nominal value plus share premiums and the market value of the asset.

The DGT's position remains stable regarding the nature of the operations, but it has specified the deadlines and conditions for the investment deduction. A specialization is observed in the treatment of non-monetary contributions and the valuation of free shares. There are no changes in criterion, but rather an application of the regulations to more specific cases.

Turning points

  1. V2064-16

    Distinguishes the tax treatment of the part of the real estate delivered as a contribution (corporate operations) from the part that assumes the debt (onerous transfer).

  2. V2642-21

    Establishes that in non-listed companies, the transfer value in non-monetary contributions shall be the higher of the nominal value plus premiums and the market value.

  3. V0505-23

    Determines that the delivery of free shares is not income and defines the cost allocation method for future transfers.

Analysis based on 55 of 59 rulings with a stated position. Updated 19 September 2026.

Rulings on this topic

24
V0004-25 2 Jan 2025

No minimum holding period required for family enterprise reduction

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
reducción fiscaldonación de participacionesempresa familiardevengoampliación de capital LISD — Ley 29/1987 de Sucesiones y Donaciones art. 20.6LISD — Ley 29/1987 de Sucesiones y Donaciones art. 24.2
Affects CompanyExpat · Non-residentIndividual
V2264-24 23 Oct 2024

Reduction coefficients may apply to the sale of shares acquired before 1994

SG de Impuestos sobre la Renta de las Personas Físicas
ganancia patrimonialampliación de capitalacciones totalmente liberadascoeficientes reductoresvalor de adquisición LIRPF — Ley 35/2006 del IRPF art. 33LIRPF — Ley 35/2006 del IRPF art. 35
Affects CompanyExpat · Non-residentIndividual
V1297-24 4 Jun 2024

Deduction for investment available for newly established companies

SG de Impuestos sobre la Renta de las Personas Físicas
deducción por inversiónempresas de nueva creaciónampliación de capitalfondos propiosincremento de patrimonio LIRPF — Ley 35/2006 del IRPF art. 68.1LIRPF — Ley 35/2006 del IRPF art. 70
Affects CompanyExpat · Non-residentIndividual
V1371-23 22 May 2023

Investment deduction applies from 1 January 2023

SG de Impuestos sobre la Renta de las Personas Físicas
deducción por inversiónempresas de nueva creaciónampliación de capitalempresa emergentesociedad de reciente creación LIRPF — Ley 35/2006 del IRPF art. 68.1Ley 28/2022
Affects CompanyExpat · Non-residentIndividual
V2281-20 6 Jul 2020

Tax deduction for investment in startups via cash contributions or debt offsetting

SG de Impuestos sobre la Renta de las Personas Físicas
deducción por inversiónempresas de nueva creaciónampliación de capitalcompensación de créditosaportación dineraria LIRPF — Ley 35/2006 del IRPF art. 68.1LGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual

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