Doctrine by topic · DGT Observatory

Majority Stakes: 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 27 rulings · 2014–2024

Current position

For a financial partial spin-off to qualify for the special regime, the segregated assets must consist of majority stakes in other entities. The demerged entity must retain in its assets at least one line of business or majority stakes in other entities. The line of business requires an organization of differentiated material and human resources prior to the operation. Shareholders must receive stakes in the beneficiary entity in the same proportion as they held in the transferring entity.

The DGT's position remains constant in requiring that both the segregated assets and the remaining assets consist of majority stakes or lines of business. The concept of a line of business has been specified, requiring an organization of material and human resources prior to the operation. No changes have been observed in the nature of the substantive requirements since 2014.

Turning points

  1. V3052-19

    Specifies that the line of business requires an organization of differentiated material and human resources prior to the operation.

Analysis based on 24 of 27 rulings with a stated position. Updated 24 September 2026.

Rulings on this topic

24
V1100-21 27 Apr 2021

Partial financial spin-offs may qualify for special regime if LIS requirements are met

SG de Impuestos sobre las Personas Jurídicas
escisión parcial financierarégimen especialrama de actividadmotivos económicos válidosunidad económica autónoma LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 76.2.1º cLIS — Ley 27/2014 del Impuesto sobre Sociedades art. 76.4
Affects CompanyExpat · Non-residentIndividual
V2916-20 28 Sept 2020

A financial split may qualify for IS special regime if majority shares are retained

SG de Impuestos sobre las Personas Jurídicas
escisión financierarégimen especialparticipaciones mayoritariasmotivos económicos válidosneutralidad fiscal LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 76.2.1ºcLIS — Ley 27/2014 del Impuesto sobre Sociedades art. 77.1.a
Affects CompanyExpat · Non-residentIndividual
V0202-20 30 Jan 2020

Financial spin-offs may qualify for special regime if majority holdings are maintained

SG de Impuestos sobre las Personas Jurídicas
escisión financierarégimen especialmotivos económicos válidosrama de actividadparticipaciones mayoritarias LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 76.2.1ºcLIS — Ley 27/2014 del Impuesto sobre Sociedades art. 76.4
Affects CompanyExpat · Non-residentIndividual
V5472-16 28 Dec 2016

Share swaps and mergers may qualify for special tax regime if conditions met

SG de Impuestos sobre las Personas Jurídicas
canje de valoresfusión por absorciónescisión parcial financierarégimen especial de reestructuracionesmotivos económicos válidos LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 76.1.a)LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 76.2.1ºc)
Affects CompanyExpat · Non-residentIndividual

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