Doctrine by topic · DGT Observatory

Accordion Operation: 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

Refined position High confidence 9 rulings · 2014–2026

Current position

In an accordion operation, the capital reduction through the amortization of shares does not impact the accounting result or the Corporate Tax (IS) taxable base if the shareholding does not change. The loss from the amortization of all shares is considered a capital loss and must be included in the savings tax base. Gains from the sale of subscription rights are also taxed in the savings base, whereas compensation for economic loss is included in the general tax base.

The DGT's position has moved from treating the operation as an event with no impact on the taxable base (V3403-15) to specifying the nature of its components. It has been clarified that the total amortization of shares constitutes a capital loss that is included in the savings base (V2260-21), and the treatment of warrants and subscription rights has been defined (V1641-26).

Turning points

  1. V2260-21

    Establishes that the amortization of all of a shareholder's shares is considered a capital loss included in the savings tax base.

  2. V1641-26

    Distinguishes the tax treatment of the components: the loss from amortization and the gain from subscription rights go to the savings base, while the compensation for economic loss goes to the general base.

Analysis based on 9 of 9 rulings with a stated position. Updated 29 September 2026.

Rulings on this topic

9
V1641-26 18 Jun 2026

Share subscription indemnity taxed as capital gain under general base

SG de Impuestos sobre la Renta de las Personas Físicas
operación acordeónreducción de capitalderechos de suscripciónganancia patrimonialbase imponible del ahorro LIRPF — Ley 35/2006 del IRPF art. 33LIRPF — Ley 35/2006 del IRPF art. 45
Affects CompanyExpat · Non-residentIndividual
V1830-21 10 Jun 2021

Share cancellation in an accordion operation does not result in a capital loss

SG de Impuestos sobre la Renta de las Personas Físicas
reducción de capitalamortización de accionesvalor de adquisiciónoperación acordeónaumento de capital LSC Real Decreto Legislativo 1/2010LGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual
V2067-14 30 Jul 2014

Savings banks excluded from a tax group must implement the reversal of value adjustments

SG de Impuestos sobre las Personas Jurídicas
consolidación fiscalcorrección de valoroperación acordeónbases imponibles negativassistema institucional de protección TRLIS — RDLeg 4/2004 (derogado por la Ley 27/2014) art. 12.3TRLIS — RDLeg 4/2004 (derogado por la Ley 27/2014) art. 67
Affects CompanyExpat · Non-residentIndividual

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