Doctrine by topic · DGT Observatory

Non-Marketable Securities: 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 17 rulings · 2015–2026

Current position

The transfer value of securities not admitted to trading is the actual amount paid, provided it is proven to be the market value between independent parties. If such value is not proven, the higher of the net equity of the last closed financial year or the result of capitalizing the average of the results of the three previous financial years at 20% shall apply. The resulting difference is included in the savings tax base.

The DGT's position remains constant at the core of the valuation. The criterion establishes that the market value must be proven to avoid the application of the valuation formula based on net equity or capitalization of profits. No substantial changes in the valuation rule have been observed from 2015 until the most recent ruling.

Turning points

  1. V1646-18

    Specifies that the transfer value shall be the actual amount paid provided it is proven to be the market value, establishing the alternative valuation if such proof does not exist.

Analysis based on 17 of 17 rulings with a stated position. Updated 26 September 2026.

Rulings on this topic

17
V0583-25 1 Apr 2025

Acquisition value to be the transmission value set by AEAT

SG de Impuestos sobre la Renta de las Personas Físicas
valor de adquisiciónvalor de transmisiónliquidación de sociedadesganancia patrimonialvalores no admitidos a negociación LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 35.1
Affects CompanyExpat · Non-residentIndividual

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