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 11 rulings · 2015–2025

Current position

The maintenance of value requires preserving the acquisition amount for ten years, without it being mandatory to continue the economic activity of the deceased. Reinvestment in other assets or in financial institutions is permitted, provided that the maintenance of value is reliably proven and the right to the exemption in Wealth Tax (Impuesto sobre el Patrimonio) is maintained. However, acts of disposal or corporate operations that cause a substantial reduction in value are prohibited.

The DGT's position remains constant in the interpretation of the maintenance of value, focusing compliance on the economic amount and not on the continuity of the activity. Throughout the rulings, cases involving the reinvestment of dividends and the management of undivided interests have been specified, reinforcing the idea that value is the central element.

Turning points

  1. V1836-15

    Allows the reinvestment of the amount in any non-monetary asset, provided that the maintenance of the value of the reduction is reliably proven.

  2. V0542-18

    Clarifies that it is not necessary to continue with the activity of the deceased, allowing the placement of the amount in financial institutions to maintain the value.

  3. V1236-22

    Establishes that in undivided inheritance, non-compliance with the requirement by a single heir causes the loss of the reduction for the entire group.

Analysis based on 9 of 11 rulings with a stated position. Updated 28 September 2026.

Rulings on this topic

11
V2718-17 24 Oct 2017

Dividend payment does not affect the value maintenance requirement under donation reduction under specific conditions

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
mantenimiento del valorreducción por donaciónexención en el impuesto sobre el patrimonioreinversión de dividendosactividades económicas LISD — Ley 29/1987 de Sucesiones y Donaciones art. 20.6LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 4.Ocho.Dos
Affects CompanyExpat · Non-residentIndividual
V2526-15 1 Sept 2015

Refund of contributions reducing acquisition value may lead to loss of ISD reduction

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
reducción en la base imponibleminoración sustancial del valorexención en el impuesto sobre el patrimoniotransmisión inter vivosmantenimiento del valor LISD — Ley 29/1987 de Sucesiones y Donaciones art. 20.6LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 4.8
Affects CompanyExpat · Non-residentIndividual
V0504-15 9 Feb 2015

Reduction for donation of shares applicable if wealth tax exemption requirements are met

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
reducción por donaciónparticipaciones en entidad mercantilexención en el impuesto sobre el patrimoniofunciones directivasmantenimiento del valor LISD — Ley 29/1987 de Sucesiones y Donaciones art. 20.6LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 4.8.2
Affects CompanyExpat · Non-residentIndividual

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