Doctrine by topic · DGT Observatory

Commercial Documents: 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 9 rulings · 2015–2022

Current position

For a commercial document to be subject to AJD (Stamp Duty), it must perform a turnover function, which implies that it is a document payable to order or is subject to endorsement. Documents with a "not to order" clause do not fulfill this function and are not taxed. If a document that is not transferable by endorsement is endorsed, it is transformed into a document payable to order and the tax becomes due.

The DGT's position has moved from analyzing the exemption of promissory notes for loans in 2015 to precisely defining the concept of the turnover function. Since 2019, the doctrine has focused on the document's transferability, establishing that the absence of an "to order" clause or the impossibility of endorsement excludes taxation.

Turning points

  1. V1258-19

    Introduces the concept of the turnover function, distinguishing between documents that incorporate autonomous credit and those that only prove the payment of a debt.

  2. V3346-19

    Establishes that a cheque with a "not to order" clause does not perform a turnover function as it is transferable only through ordinary assignment.

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

Rulings on this topic

9
V3166-21 22 Dec 2021

Endorsement of a nominative cheque is subject to Stamp Duty

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
actos jurídicos documentadosdocumentos mercantilesfunción de giroendososujeto pasivo TRITPAJD — RDLeg 1/1993 de ITP y AJD art. 33TRITPAJD — RDLeg 1/1993 de ITP y AJD art. 34
Affects CompanyExpat · Non-residentIndividual
V2213-21 1 Aug 2021

Endorsement of a nominative cheque is subject to Stamp Duty

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
actos jurídicos documentadosdocumentos mercantilesfunción de giroendososujeto pasivo TRITPAJD — RDLeg 1/1993 de ITP y AJD art. 33RITPAJD RD 828/1995
Affects CompanyExpat · Non-residentIndividual

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