Doctrine by topic · DGT Observatory

Treasury 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

Stable position High confidence 9 rulings · 2016–2022

Current position

The delivery of treasury shares to shareholders is considered income from movable capital in kind, valued at their market value. The acquisition value of said shares for future transfers shall be the market value at the time of delivery. Likewise, the acquisition of treasury shares by the company generates a capital gain or loss for the shareholder in accordance with IRPF (Personal Income Tax) regulations.

The DGT's position remains constant in the application of IRPF and inheritance tax regulations to treasury shares. It is confirmed that treasury shares are not counted when determining ownership percentages for Wealth Tax or in merger regimes. No doctrinal changes are observed, but rather a repeated application of the law to different scenarios, such as the delivery of shares or the shareholder's change in net worth.

Turning points

  1. V1650-21

    Specifies that the delivery of treasury shares is not a delivery of bonus shares and constitutes income from movable capital valued at its market value.

Analysis based on 9 of 9 rulings with a stated position. Updated 30 September 2026.

Rulings on this topic

9
V0859-17 6 Apr 2017

Sale of shares to the issuing company is taxed as a capital gain or loss

SG de Impuestos sobre la Renta de las Personas Físicas
ganancias o pérdidas patrimonialesnuda propiedadusufructoautocarteravalor de mercado LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 33.3.a
Affects CompanyExpat · Non-residentIndividual

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