Doctrine by topic · DGT Observatory

Separation of Partners: 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 19 rulings · 2014–2025

Current position

The application of article 37.1.e) of the LIRPF (Personal Income Tax Law) (separation of partners) requires that the transaction affects all of a partner's holdings, causing them to cease to hold said status. In this case, the income is considered a capital gain or loss, calculated as the difference between the value of the social liquidation quota or the market value of the assets received and the acquisition value. If the transaction does not affect all holdings, the capital reduction regime with return of contributions under article 33.3.a) LIRPF applies.

The DGT's position has remained constant over time. The criterion clearly distinguishes between the separation of partners (art. 37.1.e) and capital reduction (art. 33.3.a) based on whether the partner maintains holdings after the transaction. Recent rulings reiterate the valuation methodology based on the difference between the market value or liquidation quota and the acquisition value.

Turning points

  1. V0147-18

    Establishes the distinction between the separation of partners regime under article 37.1.e) LIRPF, when it affects all shares, and the capital reduction regime under article 33.3.a) LIRPF, when it does not affect all shares.

Analysis based on 18 of 19 rulings with a stated position. Updated 25 September 2026.

Rulings on this topic

19
V0378-25 20 Mar 2025

Separation regime applies if capital reduction affects all shares of a partner

SG de Impuestos sobre la Renta de las Personas Físicas
reducción de capitalamortización de accionesseparación de sociosganancia patrimonialrendimiento de capital mobiliario LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 33.3.a
Affects CompanyExpat · Non-residentIndividual
V0248-25 5 Mar 2025

Acquisition and write-off of shares may constitute partner separation

SG de Impuestos sobre la Renta de las Personas Físicas
reducción de capitalamortización de accionesseparación de sociosganancia patrimonialvalor de adquisición LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 33.3.a
Affects CompanyExpat · Non-residentIndividual
V0247-25 5 Mar 2025

Amortisation of all shares deemed partner separation for tax purposes

SG de Impuestos sobre la Renta de las Personas Físicas
reducción de capitalamortización de accionesseparación de sociosganancia patrimonialvalor de adquisición LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 33.3.a
Affects CompanyExpat · Non-residentIndividual
V2987-20 5 Oct 2020

Redemption of all shares held by a shareholder is taxed as a capital gain or loss

SG de Impuestos sobre la Renta de las Personas Físicas
amortización de participacionesseparación de sociosganancia o pérdida patrimonialreducción de capitalvalor de mercado LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 33.3.a)
Affects CompanyExpat · Non-residentIndividual
V0703-18 15 Mar 2018

Sale of shares to the company for redemption is taxed as a capital gain or loss

SG de Impuestos sobre la Renta de las Personas Físicas
amortización de participacionesreducción de capitalseparación de sociosganancia patrimonialvalor de mercado LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 33.3.a)
Affects CompanyExpat · Non-residentIndividual

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