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Practical manual for Income Tax 2024. Volume 1

General scheme

Specific valuation standard

In non-monetary contributions to companies, the capital gain or loss will be determined by the difference between the acquisition value of the assets or rights contributed and the highest of the following amounts:

  • The nominal value of the shares or equity interests received for the contribution or, where applicable, the corresponding part thereof. The amount of the issue premiums will be added to this value.

  • The market value of the securities received , on the day the contribution is formalized or the immediately preceding day.

  • The market value of the asset or right contributed .

The transfer value that prevails must be the one considered as the acquisition value of the securities received as a result of the non-monetary contribution.

Accuracy : In cases where the capital gain or loss arising from non-monetary contributions to a related company is regularised at the individual level, the specific valuation rules of articles 37.1.d) of the Personal Income Tax Law and 17.4 of the LIS must prevail over the special valuation rules of articles 41 of the Personal Income Tax Law (the valuation of transactions between related persons or entities will be carried out at their normal market value) and of the LIS . See for these purposes the doctrine established by the Supreme Court in the third legal ground in its Judgment of May 30, 2024, issued in appeal for cassation no. 7097/2022 ( ROJ : STS 3050/2024). This criterion has also been adopted by the TEAC in its Resolution of May 27, 2024, Claim number 00/08931/2021, filed on appeal, which constitutes a change in criterion with respect to that maintained in its Resolution of November 23, 2016 (Claim number 00/03029/2013).

Contribution of assets or rights acquired before December 31, 1994

In this case, if a capital gain is obtained, the part of the capital gain generated before January 20, 2006 (the only one to which the reduction or abatement coefficients are applicable) must be distinguished from that generated after said date, to which the reduction or abatement coefficients are not applicable.

The determination of the capital gain generated prior to January 20, 2006 will be carried out in accordance with the distribution rules discussed in this same Chapter.

Example

Mrs. MAP On June 12, 2024, he contributed to the public limited company "DASA", whose shares are admitted to trading on the Stock Exchange, a plot of land whose cadastral value in the aforementioned year was 72,000 euros, receiving from said company 11,000 shares with a par value of 6 euros, the price on that date being 210%.

The land had been acquired on 3 October 1999 for an amount equivalent to 93,000 euros, including the expenses and taxes inherent to the acquisition paid by Ms. MAP, the market value of which on the date of the contribution was 138,000 euros.

Determine the amount of capital gain or loss obtained.

Solution :

Transfer value:

  1. Nominal amount of the securities received (11,000 x 6) = 66,000

  2. Quotation value of securities received (11,000 x 6 x 210 ÷ 100) = 138,600

  3. Market value of the land: 138,000

Transmission value prevailing (1): 138,600

Acquisition value: 93,000

Capital gain (138,600 - 93,000) = 45,600

Note to example :

(1) The transfer value thus calculated will be taken into account to determine the acquisition value of the securities received as a result of the non-monetary contribution. (Back)