Doctrine by topic · DGT Observatory

Venture Capital Companies: 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 · 2016–2023

Current position

Venture capital companies (SCR) do not count towards their activity classification regarding the securities included in their mandatory investment coefficient, which are considered assigned to the business activity. For the remaining holdings in other venture capital entities not to count as securities, they must grant at least 5% of voting rights and be held to manage the participation with material and human resources. The self-management modality or the use of a management company does not alter the application of the VAT exemption.

The DGT's position remains constant regarding the exclusion of the mandatory investment coefficient from the calculation of securities. Throughout the rulings, it has been reaffirmed that external management does not exempt the need to have own material and human resources. Recently, it has been specified that self-management is compatible with the VAT exemption.

Turning points

  1. V2384-22

    Establishes the presumption that SCRs are entrepreneurs or professionals for VAT purposes due to their form as a public limited company, differentiating them from venture capital funds.

  2. V1536-23

    Determines that the self-management modality does not prevent benefiting from the VAT exemption, allowing a self-managed SCR to fit into the concept of mutual funds.

Analysis based on 10 of 11 rulings with a stated position. Updated 28 September 2026.

Rulings on this topic

18
V1153-24 23 May 2024

Conditions for exemption from Wealth Tax on holdings in a holding company

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
exenciónsociedad holdingsociedad de capital-riesgoactividad económicapatrimonio mobiliario LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 4.Ocho.DosLey 22/2014
Affects CompanyExpat · Non-residentIndividual
V0322-20 11 Feb 2020

To maintain 95% ISD reduction, donor must meet IP exemption criteria

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
exenciónnuda propiedadsociedad de capital-riesgocoeficiente de inversiónactividad económica LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 4.Ocho.DosLISD — Ley 29/1987 de Sucesiones y Donaciones art. 20.6.c
Affects CompanyExpat · Non-residentIndividual
V0351-19 19 Feb 2019

Wealth Tax exemption for holdings in VCs based on investment coefficient

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
exenciónsociedad de capital riesgocoeficiente de inversiónactividad económicaafectación de activos LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 4.Ocho.DosLey 22/2014
Affects CompanyExpat · Non-residentIndividual
V5324-16 15 Dec 2016

Irish ICAVs ineligible for Venture Capital Company exemption regarding Wealth Tax

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
exenciónpatrimonio mobiliarioactividad económicaentidad de inversiónsociedad de capital-riesgo LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 4.Ocho.DosLGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual
V1636-16 14 Apr 2016

Non-cash contributions and absorption mergers may qualify for tax neutrality regime

SG de Impuestos sobre las Personas Jurídicas
aportación no dinerariafusión por absorciónrégimen especialneutralidad fiscalconsolidación fiscal LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 17LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 21
Affects CompanyExpat · Non-residentIndividual
V0119-16 18 Jan 2016

Partners in a venture capital firm may be entitled to Wealth Tax exemptions

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
exenciónsociedad de capital riesgopatrimonio mobiliariocoeficiente de inversiónactividad empresarial LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 4.Ocho.DosLey 22/2014
Affects CompanyExpat · Non-residentIndividual

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