Consultation V1607-22, of 4 July 2022
Following the sale of a property, the question arises as to whether the value to be considered for the purposes of calculating the capital gain is the transfer value or the tax value (valor de referencia) established for the purposes of other taxes such as transfer tax (ITP).
The Directorate General of Taxes (DGT) concludes that in accordance with income tax regulations, in order to determine the acquisition value, the actual amount for which the acquisition would have been made must be taken into account. Likewise, in order to determine the transfer value, the starting point is the actual amount for which the sale would have been made, taking as such the amount actually paid, provided that it is not lower than the normal market value, in which case the latter will prevail.
Therefore, it is the acquisition value that must be taken into account in accordance with income tax regulations when calculating the capital gains and not the tax value (valor de referencia) used for other taxes.