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Practical Handbook for Companies 2021

Income derived from waivers and forbearance operations resulting from insolvency proceedings

The article 11.13 of the LIS establishes that the income corresponding to the accounting record of reductions and waivers resulting from the application of Royal Legislative Decree 1/2020, of 5 May, approving the revised text of the Insolvency Act, will be imputed to the debtor's tax base as appropriate to record subsequently financial expenses derived from the same debt and up to the limit of the aforementioned income.

In accordance with the provisions of the aforementioned provision, in the event that the amount of the income is greater than the total amount of financial expenses pending registration, derived from the same debt, the imputation of the latter in the tax base will be made in proportion to the financial expenses registered in each tax period, with respect to the total financial expenses pending registration derived from the same debt.

Filling in form 200

In application of the provisions of this precept, the following adjustments will have to be made in the boxes [01514] and [00272] "Adjustments for income derived from operations with write-offs or waivers (art. 11.13 LIS)" on page 12 of form 200:

  • The income recorded, provided that there is no financial expense, will generate the corresponding negative tax adjustment, the amount of which should be entered in the box [00272] of decreases.

  • Subsequently, as a result of the temporary imputation rule, and as the financial expenses derived from the debt are recorded, these amounts must be included up to the limit of the aforementioned income in the box [01514] of increases.