Doctrine by topic · DGT Observatory

Subscription of Shares: 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 9 rulings · 2014–2023

Current position

The deduction under Article 68.1 of the LIRPF (Personal Income Tax Law) requires the subscription of shares or holdings during incorporation or in a capital increase carried out within the first three years of activity. The entity must be a Public Limited Company (Sociedad Anónima), a Limited Liability Company (Sociedad de Responsabilidad Limitada), or their labor variants. The deduction is not applicable through the acquisition of existing holdings or through the granting of loans that are not converted into capital.

The DGT's position remains constant regarding the requirement for the direct subscription of capital during incorporation or capital increases. It has been specified that the investment must be made through shares or holdings and not through the purchase of pre-existing holdings or loans. The doctrine confirms that the conversion of credits into capital within the legal period is a valid way to obtain the deduction.

Turning points

  1. V2078-16

    Clarifies that the regulations do not contemplate the derivative acquisition of holdings, therefore the purchase of already existing holdings is not an eligible investment.

  2. V0794-22

    Establishes that if the credits the taxpayer holds against the company are contributed in a capital increase within the legal period, the investment will be valid.

Analysis based on 8 of 9 rulings with a stated position. Updated 29 September 2026.

Rulings on this topic

9
V0638-23 17 Mar 2023

Investment deduction limited to share or participation subscriptions

SG de Impuestos sobre la Renta de las Personas Físicas
deducción por inversiónempresas de nueva creaciónsuscripción de accionesparticipaciones socialesanalogía tributaria LIRPF — Ley 35/2006 del IRPF art. 68.1LGT — Ley 58/2003 General Tributaria art. 14
Affects CompanyExpat · Non-residentIndividual

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