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.

← DGT Observatory

How the DGT's position has evolved

Settled doctrine High confidence 21 rulings · 2014–2022

Current position

In capital increases through the set-off of credits, the debtor entity does not recognize income if the increase is carried out for the same amount as the existing debt and this debt has not been acquired from third parties. In operations involving a reduction to zero and a simultaneous increase, the value and acquisition date of the amortized shares are incorporated into the new shares. The acquisition of shares in accelerated private placements is exempt from ITF (Transfer Tax) for both final investors and the placing entity due to its instrumental nature.

The DGT's position remains stable regarding the tax neutrality of the capitalization of credits, provided that no acquisition of debt from third parties occurs. The doctrine has expanded its scope towards operations involving simultaneous reduction and increase, as well as the ITF exemption in accelerated private placements. No changes in criteria are observed, but rather a diversification of the scenarios analyzed.

Turning points

  1. V1830-21

    Specifies that in operations involving a reduction to zero and a simultaneous increase, the value and acquisition date of the amortized shares are incorporated into the cost of the new shares.

  2. V0569-22

    Establishes the ITF exemption in accelerated private placements for final investors and for the placing entity due to its instrumental nature.

Analysis based on 21 of 21 rulings with a stated position. Updated 25 September 2026.

Rulings on this topic

21
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
V0264-17 1 Feb 2017

No income recognised in debtor company for capital increase via debt offset

SG de Impuestos sobre las Personas Jurídicas
compensación de créditosaumento de capitalprima de asunciónvalor mercantilentidad deudora LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 10.3LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 17.2
Affects CompanyExpat · Non-residentIndividual
V4011-16 21 Sept 2016

Deduction for share capital difference conditional on accounting recordation

SG de Impuestos sobre las Personas Jurídicas
deducción por deteriorofondos propiosaumento de capitalimputación temporalentidades del grupo TRLIS — RDLeg 4/2004 (derogado por la Ley 27/2014) art. 10.3TRLIS — RDLeg 4/2004 (derogado por la Ley 27/2014) art. 12.3
Affects CompanyExpat · Non-residentIndividual
V3872-15 3 Dec 2015

Assessment of credit capitalisation and share swap requirements under special regime

SG de Impuestos sobre las Personas Jurídicas
capitalización de créditoscanje de valoresvalor razonableaumento de capitalmotivos económicos válidos LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 10.3LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 17.2
Affects CompanyExpat · Non-residentIndividual
V3550-15 17 Nov 2015

No rental inclusion when capital increase offsets debt

SG de Impuestos sobre las Personas Jurídicas
aumento de capitalcompensación de créditosvalor mercantilbase imponibleentidad deudora LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 10.3LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 17.2
Affects CompanyExpat · Non-residentIndividual
V1887-15 15 Jun 2015

Partner contributions without capital increase are exempt from ITP and AJD

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
operaciones societariasaportación de sociosaumento de capitalexenciónhecho imponible TRITPAJD — RDLeg 1/1993 de ITP y AJD art. 19.1.2TRITPAJD — RDLeg 1/1993 de ITP y AJD art. 45.I.B.11
Affects CompanyExpat · Non-residentIndividual

Apply this to your case

Corporate tax advisoryTalk to the team applying this doctrine daily.
Talk to the tax teamWe check whether this criterion affects you and what it means in your situation.
Email
Contact