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Modifying Novation: 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 29 rulings · 2014–2024

Current position

The exemption from the gradual AJD (Stamp Duty) quota under Law 2/1994 applies only if the modifying novation affects the interest rate, the term, or both. Modifications with valuable economic content that are not mandatory under Law 5/2019 are subject to the tax. For taxation to occur, the novation must constitute a new taxable event with quantifiable economic content, such as grace periods or extensions.

The DGT's position remains stable regarding the application of the Law 2/1994 exemption, but it has specified the scope of taxation. It has been clarified that any modification with valuable economic content that is not due to a legal mandate (such as those under Law 5/2019) generates a tax liability. The evolution focuses on delimiting which changes are mere clarifications and which constitute a new taxable event.

Turning points

  1. V0511-20

    Distinguishes between modifications by legal mandate (Law 5/2019) and those resulting from the agreement of the parties, noting that the latter could lose the exemption if they have valuable content.

  2. V1306-22

    Establishes that liability for the variable AJD quota occurs when the novation has valuable economic content, such as grace periods or extensions, without the need to modify the mortgage liability.

Analysis based on 29 of 29 rulings with a stated position. Updated 24 September 2026.

Rulings on this topic

24
V3127-18 5 Dec 2018

Extending a mortgage term via a grace period may be exempt from AJD tax

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
periodo de carencianovación modificativaalteración del plazoexención fiscalpréstamo hipotecario Ley 2/1994LGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual
V0016-18 9 Jan 2018

Mortgage subrogation is not subject to AJD tax, but changes to valuation are

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
subrogación hipotecarianovación modificativacuota gradualhecho imponiblevalor de tasación TRITPAJD — RDLeg 1/1993 de ITP y AJD art. 4TRITPAJD — RDLeg 1/1993 de ITP y AJD art. 7
Affects CompanyExpat · Non-residentIndividual
V0459-17 21 Feb 2017

Mortgage loan novation modifying interest rate and term is exempt from AJD tax

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
novación modificativaactos jurídicos documentadosexención fiscalcontenido valuablepréstamo hipotecario TRITPAJD — RDLeg 1/1993 de ITP y AJD art. 31.2TRITPAJD — RDLeg 1/1993 de ITP y AJD art. 45.I.C.24
Affects CompanyExpat · Non-residentIndividual
V1751-16 20 Apr 2016

Interests of a modified participative loan not considered remuneration of own funds

SG de Impuestos sobre las Personas Jurídicas
préstamo participativonovación modificativaretribución de fondos propiosdeducibilidad de gastosimpuesto sobre sociedades LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 15.aLIS — Ley 27/2014 del Impuesto sobre Sociedades art. 18
Affects CompanyExpat · Non-residentIndividual

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