Doctrine by topic · DGT Observatory

Theoretical 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 10 rulings · 2014–2022

Current position

Holdings in entities not traded on organized markets are valued in accordance with Article 16 of Law 19/1991. The theoretical value of the last approved balance sheet is applied if it has been audited with a favorable report. In the absence of a favorable audit, the highest of the following shall be used: the nominal value, the theoretical value of the last balance sheet, or the capitalization of 20% of the profits from the previous three financial years.

The DGT's position has remained constant over time regarding the valuation method for non-traded holdings. The rulings reiterate the application of Law 19/1991 and the use of the theoretical value from the audited balance sheet or the rule of the highest of three values. No changes in the calculation methodology have been observed throughout the sequence.

Turning points

  1. V3614-16

    Introduces the need to combine the criterion of Law 19/1991 with the fair value defined in the Insolvency Law, which may be determined by an independent expert report.

Analysis based on 9 of 10 rulings with a stated position. Updated 29 September 2026.

Rulings on this topic

10
V3473-20 1 Dec 2020

Valuation of shares in donations: Wealth Tax rules and Income Tax treatment

SG de Impuestos sobre la Renta de las Personas Físicas
valor realvalor de mercadotransmisión lucrativaganancia patrimonialvalor teórico LISD — Ley 29/1987 de Sucesiones y Donaciones art. 10.bLISD — Ley 29/1987 de Sucesiones y Donaciones art. 18.4
Affects CompanyExpat · Non-residentIndividual
V0341-20 13 Feb 2020

Obligation to submit foreign assets declaration remains even without prior valuation

SG de Tributos
declaración informativabienes en el extranjerovalor teóricoentidad no residentevaloración de participaciones RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter.1RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter.4
Affects CompanyExpat · Non-residentIndividual
V1493-17 12 Jun 2017

Participation in foreign entities must be valued according to Wealth Tax rules

SG de Tributos
declaración informativabienes en el extranjerovaloración de accionesentidad jurídicavalor teórico RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter.1.bLIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 16
Affects CompanyExpat · Non-residentIndividual
V3166-15 20 Oct 2015

Suspension of share trading does not automatically trigger a capital loss

SG de Impuestos sobre la Renta de las Personas Físicas
impuesto sobre el patrimoniopérdida patrimonialvalor teóricodisolución y liquidacióncuota de liquidación LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 16.UnoLIRPF — Ley 35/2006 del IRPF art. 33.1
Affects CompanyExpat · Non-residentIndividual
V1142-14 24 Apr 2014

Non-residents liable for Wealth Tax on shares in Spanish real estate companies

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
obligación realparticipaciones socialesbienes inmueblesvalor teóricobalance aprobado LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 5.1.bLIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 11
Affects CompanyExpat · Non-residentIndividual

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