Doctrine by topic · DGT Observatory

Nominal Value: 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 8 rulings · 2014–2021

Current position

In non-monetary contributions to unlisted companies, the transfer value is the higher of the nominal value of the shares (including share premiums) and the market value of the contributed asset. For unlisted entities, the valuation is carried out based on the theoretical value of the latest audited balance sheet with a favorable report. If no favorable audit exists, the higher of the nominal value, the theoretical value of the latest balance sheet, or the result of capitalizing the average profits of the previous three financial years at 20% shall apply.

The DGT's position remains stable in determining capital gains or losses by comparing acquisition and transfer values. A consolidation is observed in the use of nominal value as a minimum comparison base in contribution operations and the valuation of unlisted entities. No changes in criterion are noted, but rather a constant application of valuation rules to prevent the erosion of the tax base.

Turning points

10 October 2016 V4345-16

Establishes that the transfer value in non-monetary contributions is the higher of three amounts: the nominal value plus share premiums, the market value, or the quoted value.
22 December 2021 V3167-21

Introduces a specific valuation method for unlisted entities based on the theoretical value of the audited balance sheet or, failing that, a calculation based on the nominal value or the capitalization of profits.

Analysis based on 8 of 8 rulings with a stated position. Updated 2 October 2026.

Rulings on this topic

8

V3167-21 22 Dec 2021

Valuation of non-traded entity holdings under Article 16 LIP if no insolvency proceedings are underway

SG de Impuestos Patrimoniales, Tasas y Precios Públicos

patrimonio netovalor teóricobalance aprobadoconcurso de acreedoresvalor nominal LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 9LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 16

Affects CompanyExpat · Non-residentIndividual

V3008-21 3 Dec 2021

Income from movable capital generated by the cancellation of securities and receipt of rights

SG de Tributación de las Operaciones Financieras

rendimientos del capital mobiliariocancelación de valoresvalor de adquisiciónderechos de cobrovalor nominal LIRPF — Ley 35/2006 del IRPF art. 25.2LGT — Ley 58/2003 General Tributaria art. 89.1

Affects CompanyExpat · Non-residentIndividual

V2642-21 2 Nov 2021

Contribution of urban property to a private company triggers capital gains or losses

SG de Impuestos sobre la Renta de las Personas Físicas

aportación no dinerariaganancia patrimonialvalor de mercadovalor nominalbase imponible del ahorro LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 34

Affects CompanyExpat · Non-residentIndividual

V4345-16 10 Oct 2016

Acquisition value of shares received via non-monetary contribution determined under Article 37.1.d) IRPF

SG de Impuestos sobre la Renta de las Personas Físicas

aportación no dinerariaganancia patrimonialvalor de adquisiciónvalor de mercadosociedad comanditaria simple LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 37.1.d

Affects CompanyExpat · Non-residentIndividual

V1613-16 14 Apr 2016

No income tax arises from capital increases funded by reserves if the ownership percentage remains unchanged

SG de Impuestos sobre la Renta de las Personas Físicas

ampliación de capitalparticipaciones liberadasvalor nominalcargo a reservasvalor de adquisición LIRPF — Ley 35/2006 del IRPF art. 37.1.bLIRPF — Ley 35/2006 del IRPF art. 37.2

Affects CompanyExpat · Non-residentIndividual

V2040-15 1 Jul 2015

Capital reduction losses are calculated as the difference between market value and tax value

SG de Impuestos sobre las Personas Jurídicas

reducción de capitalvalor de mercadovalor fiscalbase imponibleexención por doble imposición LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 10LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 17.4

Affects CompanyExpat · Non-residentIndividual

V0418-15 2 Feb 2015

Capital gains or losses from share sales are determined by the difference between acquisition and transfer values

SG de Impuestos sobre la Renta de las Personas Físicas

ganancia patrimonialvalor de adquisiciónvalor de transmisiónaccionesbase imponible del ahorro LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 34

Affects CompanyExpat · Non-residentIndividual

V0584-14 6 Mar 2014

Tax implications of the difference between the effective subscription value and the nominal value of Government Bonds upon transfer or redemption

SG de Tributación de las Operaciones Financieras

rendimientos del capital mobiliarioobligaciones del estadovalor efectivo de la adjudicaciónvalor nominalamortización LIRPF — Ley 35/2006 del IRPF art. 25.2.b

Affects CompanyExpat · Non-residentIndividual

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