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Renta 2021 Practical Handbook

Capital gains and losses

Determination of the amount of capital gains or losses:general rules

Capital gains or losses arising from lucrative transfers of assets

Succession agreements

Article 3 of Law 11/2021, of 9 July, on measures to prevent and combat tax fraud (BOE of 10 July) amended, from 11 July 2021, Article 36 of the Law of IRPF to introduce that, in the case of lucrative acquisitions through death derived from contracts or succession agreements with the effects of this, the beneficiary of the same who transfers the acquired assets before five years have passed since the conclusion of the succession agreement or the death of the deceased, if earlier, will be subrogated to the position of the latter, with respect to the value and date of acquisition of the assets, when this value is lower than that resulting from the application of the rules of Inheritance and Gift Tax.

This amendment is complemented by a transitional regime which establishes that the amendment will only apply to transfers of assets made after 11 July 2021 which have been acquired for profit through death by virtue of contracts or inheritance agreements with present effects.

Therefore, the new subrogation rule contained in Article 36 of the Law of IRPF for transfers of property, by virtue of contracts or succession agreements with present effects, will not be applicable to transfers carried out before 11 July 2021.In such cases, the acquisition value to be taken into account shall be that resulting from the rules of Inheritance and Gift Tax when the transfer took place, and this acquisition value shall be taken as the actual amount at which the acquisition took place.

Tax-excluded earnings in cases of reinvestment

For the purposes of calculating the reinvestment period in the exemptions for reinvestment in primary residence and in new or recently created entities, the period between 14 March 2020, the date of entry into force of Royal Decree 463/2020, and 30 May 2020 will not be taken into account as it has been suspended, by virtue of the provisions of the ninth additional provision of Royal Decree-Law 11/2020, of 31 March, which adopts urgent complementary measures in the social and economic sphere to tackle COVID-19 (BOE of 1 April) and the modification of the time references provided for in the first additional provision of Royal Decree-Law 15/2020, of 21 April, on urgent complementary measures to support the economy and employment (BOE of 22 April).