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Form 100. Personal Income Tax Return 2022

7.6.3.9. Exchange of goods or rights

General scheme

In the event of an exchange of assets or rights, including the exchange of securities, the capital gain or loss will be determined by the difference between the acquisition value of the asset or right transferred and the highest of the following two:

  • The market value of the asset or right delivered.

  • The market value of the good or right received in exchange.

Special regime

The exchange of securities representing the share capital will be considered to be the operation by which an entity acquires a stake in the share capital of another that allows it to obtain the majority of the voting rights in it, by attributing to the partners, in exchange for their securities, other securities representing the share capital of the first entity and, where appropriate, monetary compensation that does not exceed 10% of the nominal value or, in the absence of a nominal value, a value equivalent to the nominal value of said securities deducted from its accounting.

When the special regime for the exchange of securities regulated in the consolidated text of the Corporate Income Tax Law is applicable, the following rules will be taken into account:

Income arising from the exchange of securities will not be included in the tax base.

For tax purposes, the securities received by the partners are valued at the value of those delivered, determined in accordance with the Personal Income Tax regulations. This valuation will be increased or decreased by the amount of the additional monetary compensation delivered or received. The values received will retain the date of acquisition of those delivered.