Doctrine by topic · DGT Observatory
How the DGT's position on this topic has evolved, and the rulings it rests on.
Current position
Profits arising from periods in which the entity was taxed under the holding company or tax transparency regime are not taxed in the partners' Personal Income Tax (IRPF) nor are they subject to withholding. The company may distribute these reserves without the need for reserves from previous financial years to exist. The origin of said profits must be proven through evidentiary means. Dissolution expenses do not affect the partner's capital gain in the liquidation.
The DGT's position remains constant in applying tax neutrality to profits generated under the holding company regime. Recent rulings confirm that the distribution of these profits does not constitute income for IRPF purposes and clarify that the company may distribute them regardless of the existence of other reserves. No changes in criterion are observed, but rather a consolidation of the exemption in the distribution of accumulated profits.
Turning points
Clarifies that the company may distribute holding company reserves regardless of whether reserves from previous financial years exist.
Analysis based on 16 of 17 rulings with a stated position. Updated 25 September 2026.