Doctrine by topic · DGT Observatory

Capitalization of Earnings: 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 10 rulings · 2017–2026

Current position

The transfer value of securities not admitted to trading is the actual amount paid, provided it is proven to correspond to the market value between independent parties. In the absence of such proof, the transfer value shall be the higher of the net equity of the last closed financial year or the result of capitalizing the average of the results of the three previous financial years at 20%.

The DGT's position has remained constant since 2017. The criterion establishes the primacy of the proven market value and, subsidiarily, the application of the rule of capitalization of earnings or net equity. No changes are observed in the calculation methodology or in the accreditation requirements.

Analysis based on 6 of 10 rulings with a stated position. Updated 28 September 2026.

Rulings on this topic

10
V1045-17 4 May 2017

Transfer value of unlisted shares: valuation and market accreditation rules

SG de Impuestos sobre la Renta de las Personas Físicas
valor de transmisiónvalor de adquisiciónganancia patrimonialparticipaciones socialesvalor de mercado LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 34
Affects CompanyExpat · Non-residentIndividual

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