Doctrine by topic · DGT Observatory

Credit Rights: 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

Stable position Medium confidence 18 rulings · 2014–2026

Current position

The assignment of credit rights to an economic activity depends on a specific assessment of their necessity to obtain income. For them to be considered assigned assets, they must meet criteria of adequacy and proportionality in relation to the rest of the assets. In the case of entities with an economic activity, credit rights from loans or transitory treasury can be assigned if they are necessary for the production or distribution of goods and services.

The DGT does not present a single doctrinal evolution, but rather addresses the nature of credit rights from multiple technical angles. It has moved from treating the transfer and subrogation of credits (2014) and their treatment in capital contributions (2018), to delving into the assignment of these assets to the economic activity (2023-2026). The position on assignment is maintained through a case-by-case assessment based on necessity.

Turning points

  1. V2969-18

    Establishes that the contribution of credit rights to share capital generates a capital gain or loss calculated according to the market value or the nominal value of the shares.

  2. V3101-23

    Defines that the assignment of credit rights to the activity is not automatic due to its nature, but requires an assessment of its necessity, adequacy, and proportionality.

Analysis based on 17 of 18 rulings with a stated position. Updated 25 September 2026.

Rulings on this topic

18
V5117-26 6 Jul 2026

Exemption from Wealth Tax depends on economic activity and asset allocation

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
exenciónactividad económicapatrimonio mobiliarioactivos afectosderechos de crédito LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 4.Ocho.DosLIRPF — Ley 35/2006 del IRPF art. 27.1
Affects CompanyExpat · Non-residentIndividual
V0993-26 5 May 2026

No obligation to report loans on financing platforms without representative securities

SG de Tributos
modelo 720financiación participativacesión de capitales propiosvalores representativosobligación de información LGT — Ley 58/2003 General Tributaria art. disposición adicional decimoctavaRGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 bis
Affects CompanyExpat · Non-residentIndividual
V0603-25 1 Apr 2025

Credit rights must be included in the inheritance tax base

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
derechos de créditobase imponiblevalor de mercadohecho imponiblecausahabientes LISD — Ley 29/1987 de Sucesiones y Donaciones art. 3.1.aLISD — Ley 29/1987 de Sucesiones y Donaciones art. 5.a
Affects CompanyExpat · Non-residentIndividual
V0873-22 22 Apr 2022

Fiscal deferment allowed for SICAV despite credit rights not being reinvested

SG de Tributación de las Operaciones Financieras
sicavcuota de liquidaciónderechos de créditorégimen de reinversióndiferimiento fiscal LIS — Ley 27/2014 del Impuesto sobre Sociedades art. disposición transitoria cuadragésima primera.2.c)Ley 35/2003
Affects CompanyExpat · Non-residentIndividual
V5469-16 28 Dec 2016

Fiscal treatment of debt forgiveness between a parent and 100% owned subsidiary

SG de Impuestos sobre las Personas Jurídicas
condonación de deudaaportación a fondos propiosderechos de créditovalor razonablecoste amortizado LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 10.3LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 11
Affects CompanyExpat · Non-residentIndividual
V1037-16 15 Mar 2016

Exemption on the transfer of shares applies if the investee is not a holding company

SG de Impuestos sobre las Personas Jurídicas
exención por transmisión de participacionesentidad patrimonialactividad económicaelementos afectosderechos de crédito LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 5.2LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 21.1.a
Affects CompanyExpat · Non-residentIndividual
V0040-15 12 Jan 2015

Loss of interest value in linked entities does not count in financial expenses limit

SG de Impuestos sobre las Personas Jurídicas
deterioro de valorderechos de créditogastos financierosentidades vinculadaslímite de deducibilidad TRLIS — RDLeg 4/2004 (derogado por la Ley 27/2014) art. 12.2TRLIS — RDLeg 4/2004 (derogado por la Ley 27/2014) art. 14.1.h
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