Doctrine by topic · DGT Observatory

Deduction for Investment: 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 51 rulings · 2015–2026

Current position

The deduction for investment in newly created or recently established companies is applied in the tax period in which the amounts for subscription are disbursed. For a capital increase to be valid, it requires a General Meeting agreement, a public deed, and registration in the Mercantile Registry. In the case of the acquisition of real estate, these must be real estate investments used for the economic activity. If the investment is made jointly with a spouse, the deduction is limited to each person's ownership percentage.

The DGT's position remains constant in the application of the requirements of article 68.1 of the LIRPF (Personal Income Tax Law), addressing different technical aspects such as legal form, the limit of equity, or the reinvestment of gains. No change in doctrine is observed, but rather an application of specific criteria for different scenarios (companies, reinvestment, real estate, or capital increases). The evolution is a technical and fragmented application of the current regulation.

Turning points

  1. V0257-22

    Clarifies that for the reinvestment exemption, income in the company's treasury without the acquisition of shares does not count as a reinvested amount.

Analysis based on 47 of 51 rulings with a stated position. Updated 19 September 2026.

Rulings on this topic

24
V0306-25 17 Mar 2025

Deduction for investment not allowed if family ownership exceeds 40%

SG de Impuestos sobre la Renta de las Personas Físicas
deducción por inversiónempresas de nueva creaciónempresas emergentescapital socialparentesco LIRPF — Ley 35/2006 del IRPF art. 68.1Ley 28/2022
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
V1095-23 4 May 2023

30% deduction applies for investments in new enterprises made in 2022

SG de Impuestos sobre la Renta de las Personas Físicas
deducción por inversiónempresas de nueva creaciónempresas emergentesbase máxima de deducciónperiodo impositivo LIRPF — Ley 35/2006 del IRPF art. 68.1Ley 28/2022
Affects CompanyExpat · Non-residentIndividual
V0638-23 17 Mar 2023

Investment deduction limited to share or participation subscriptions

SG de Impuestos sobre la Renta de las Personas Físicas
deducción por inversiónempresas de nueva creaciónsuscripción de accionesparticipaciones socialescuentas en participación LIRPF — Ley 35/2006 del IRPF art. 68.1LGT — Ley 58/2003 General Tributaria art. 14
Affects CompanyExpat · Non-residentIndividual
V0816-21 6 Apr 2021

DGT rules that whether a company has human and material resources is a matter of fact

SG de Impuestos sobre la Renta de las Personas Físicas
deducción por inversiónempresas de nueva creaciónmedios personales y materialesactividad económicapromoción inmobiliaria LIRPF — Ley 35/2006 del IRPF art. 68.1LGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual
V0106-21 28 Jan 2021

Capital gains from the sale of shares may be exempt if reinvested in start-ups

SG de Impuestos sobre la Renta de las Personas Físicas
exención de ganancias patrimonialesdeducción por inversiónempresas de nueva creaciónreinversión de fondostransmisión de participaciones LIRPF — Ley 35/2006 del IRPF art. 38.2LIRPF — Ley 35/2006 del IRPF art. 68.1
Affects CompanyExpat · Non-residentIndividual

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