Doctrine by topic · DGT Observatory

Normal Market 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 19 rulings · 2016–2026

Current position

In the transfer of capital or rights of use and enjoyment, there is a presumption of remuneration that requires the transaction to be valued at normal market value. This presumption is rebutted if the taxpayer proves the gratuitous nature of the transaction through evidence admitted under Law. In the case of fees, valuation at market value only applies if the service is provided free of charge or if the agreed remuneration is notoriously lower than the normal value.

The DGT's position remains constant in applying the presumption of remuneration and the requirement to value at normal market value when gratuitousness is not proven. The doctrine has maintained the burden of proof on the taxpayer to demonstrate the absence of income. Ruling V0565-25 specifies that market valuation is not automatic in the case of low fees, but rather requires the difference to be notorious.

Turning points

  1. V0565-25

    Specifies that valuation at market value is not automatically triggered by setting low fees, but rather the remuneration must be notoriously lower than the normal value.

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

Rulings on this topic

19
V0437-26 27 Feb 2026

Free usufruct on shareholdings presumed remunerated for income tax

SG de Impuestos sobre la Renta de las Personas Físicas
usufructo vitaliciorendimientos del capital mobiliarioparticipaciones socialesvalor normal en el mercadopresunción de retribución LIRPF — Ley 35/2006 del IRPF art. 6.5LIRPF — Ley 35/2006 del IRPF art. 25
Affects CompanyExpat · Non-residentIndividual
V0673-25 15 Apr 2025

A temporary usufruct over shares is deemed capital mobile income

SG de Impuestos sobre la Renta de las Personas Físicas
usufructo temporalrendimientos del capital mobiliarionuda propiedadvalor normal en el mercadooperación a título lucrativo LIRPF — Ley 35/2006 del IRPF art. 6.5LIRPF — Ley 35/2006 del IRPF art. 25.1.c
Affects CompanyExpat · Non-residentIndividual
V0447-25 21 Mar 2025

Free life usufruct on shareholdings deemed capital mobile income

SG de Impuestos sobre la Renta de las Personas Físicas
usufructo vitaliciorendimientos del capital mobiliarioparticipaciones socialespresunción de retribuciónvalor normal en el mercado LIRPF — Ley 35/2006 del IRPF art. 6.5LIRPF — Ley 35/2006 del IRPF art. 25.1.c
Affects CompanyExpat · Non-residentIndividual
V2104-23 18 Jul 2023

The creation of a usufruct over shares is considered income from movable capital

SG de Impuestos sobre la Renta de las Personas Físicas
rendimientos del capital mobiliariousufructotítulo lucrativopresunción de retribuciónvalor normal en el mercado LIRPF — Ley 35/2006 del IRPF art. 6.5LIRPF — Ley 35/2006 del IRPF art. 25.1.c
Affects CompanyExpat · Non-residentIndividual
V2538-21 20 Oct 2021

Free legal services are subject to VAT, unless provided under legal aid

SG de Impuestos sobre la Renta de las Personas Físicas
autoconsumo de serviciosasistencia jurídica gratuitavalor normal en el mercadoprestación de serviciosrendimientos de actividades económicas LIVA — Ley 37/1992 del IVA art. 4.1LIVA — Ley 37/1992 del IVA art. 4.3
Affects CompanyExpat · Non-residentIndividual
V3343-20 11 Nov 2020

Creation of a usufruct over shares is classified as income from movable capital

SG de Impuestos sobre la Renta de las Personas Físicas
usufructorendimientos del capital mobiliarioparticipaciones socialestítulo lucrativovalor normal en el mercado LIRPF — Ley 35/2006 del IRPF art. 6.5LIRPF — Ley 35/2006 del IRPF art. 25.1.c
Affects CompanyExpat · Non-residentIndividual

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