Doctrine by topic · DGT Observatory

Manager — 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 12 rulings · 2016–2025

Current position

The joint venture agreement (contrato de cuentas en participación) does not create an entity with legal personality nor an independent common pool of assets. The participant's contributions become the property of the manager, constituting a transfer of own funds. The returns obtained by the participant are classified as income from movable capital (rendimientos del capital mobiliario) pursuant to Article 25.2 of Law 35/2006. The results of the contract are fiscally assimilated to financial income or expenses.

The DGT's position remains constant regarding the legal nature of the contract and the classification of returns as movable capital. Throughout the rulings, the integration of these results into the limitation on the deductibility of financial expenses and the nature of the contributions as credit rights within the manager's assets has been clarified.

Turning points

  1. V0098-23

    Establishes that the results of the contract are assimilated to financial income or expenses, being integrated into the deductibility limitation of Article 16 of the LIS (Corporate Income Tax Law).

Analysis based on 12 of 12 rulings with a stated position. Updated 27 September 2026.

Rulings on this topic

12
V1744-24 16 Jul 2024

Profits from joint venture agreements are taxed as income from movable capital

SG de Impuestos sobre la Renta de las Personas Físicas
cuentas en participaciónrendimientos del capital mobiliariocesión de capitales propiosactividad económicagestor LIRPF — Ley 35/2006 del IRPF art. 25.2LIRPF — Ley 35/2006 del IRPF art. 14
Affects CompanyExpat · Non-residentIndividual
V2965-17 16 Nov 2017

Returns from joint venture accounts are taxed as income from movable capital

SG de Impuestos sobre la Renta de las Personas Físicas
cuentas en participaciónrendimientos del capital mobiliariogestorpartícipecesión de capitales LIRPF — Ley 35/2006 del IRPF art. 25.2RIRPF — RD 439/2007, Reglamento del IRPF art. 90
Affects CompanyExpat · Non-residentIndividual

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