Doctrine by topic · DGT Observatory

Maintenance of Value: 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 · 2015–2025

Current position

To maintain the reduction following the disposal of shares, the immediate reinvestment and materialization of the amount in other assets is necessary. The requirement demands preserving the acquisition value upon which the reduction was applied, but does not mandate the continuity of the company's activity. Reinvestment may be carried out in real estate, shares, investment funds, deposits, or any other financial product.

The DGT's position remains constant in requiring the maintenance of the acquisition value through the immediate reinvestment of the amounts obtained. Throughout the rulings, it has been specified that transfers between heirs or to companies of which the heir is the owner do not break the requirement if the value is maintained. The continuity of the business activity is not required, but rather the integrity of the equity value.

Turning points

  1. V1673-17

    Establishes that transfers within the subjective scope of the heirs allow the transferor to not have to proceed with the reinvestment of the amount.

Analysis based on 8 of 9 rulings with a stated position. Updated 28 September 2026.

Rulings on this topic

9
V1579-25 8 Sept 2025

Reduction of inheritance tax can be maintained by reinvesting proceeds

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
reducción en la base imponibleadquisición mortis causamantenimiento de valorreinversión de activosenajenación de participaciones LISD — Ley 29/1987 de Sucesiones y Donaciones art. 20.2.cLGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual
V2763-17 27 Oct 2017

Inherited shares with family business relief can be sold if proceeds are reinvested

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
reducción por empresa familiarmantenimiento de valorenajenación de participacionesreinversiónactas dispositivos LISD — Ley 29/1987 de Sucesiones y Donaciones art. 20.2.cLGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual
V1344-17 1 Jun 2017

Family business tax reduction lost if share value is not maintained

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
reducción por empresa familiaradquisición mortis causaamortización de participacionesmantenimiento de valorreinversión LISD — Ley 29/1987 de Sucesiones y Donaciones art. 20.2.cLIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 4
Affects CompanyExpat · Non-residentIndividual
V0698-17 21 Mar 2017

Fiscal benefit retained for share transfers among heirs or reinvestment

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
mantenimiento de valorreducción por transmisión de participacionestransmisión mortis causareinversiónanticipo de legítima LISD — Ley 29/1987 de Sucesiones y Donaciones art. 20.2.cLGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual

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