Confianz

Autor: Manuel Urrutia

  • Pricing and the locked box mechanism in M&A transactions

    In M&A transactions, the choice of the transaction pricing mechanism is key. Until recently, the locked box mechanism was mainly used in the United States. In recent years, however, this methodology has gained increasing acceptance in Europe, especially in competitive processes with several potential buyers. This is because this system significantly simplifies the drafting and negotiation of the sales contract.

    How does the locked box pricing system work

    The locked box involves the establishment of a closed price, not subject to adjustment at closing with few exceptions. This price is fixed in the purchase contract by reference to previous financial statements, closed at the locked box date. This date is not established after the closing of the transaction but before.

    Thus, at the time of signing, the risks of the business are transferred. The contract states that the company will continue in its normal course, but provides for certain restrictions that protect the buyer against a loss of value that may occur between the date of the locked box and the closing date.

    What kind of leakages to avoid

    This protection is articulated through the concept of leakage of value. Any transaction that involves the decapitalisation of the company is prohibited. For example, the payment of dividends, the cancellation or reduction of debts, the sale of fixed assets at below-market prices, etc. In practice, the buyer would be receiving less value than he has paid.

    Hence the name locked box: from the moment the two parties agree on a fixed price the box must remain locked.

    What leakages are allowed

    Permitted leakages, which are transactions known to both parties in advance and which have already been taken into account in the fixed price, are also often defined in the contract as reasonable exceptions. For example, wages and remuneration established in employment or service contracts, payment commitments assumed in the ordinary course, etc.

    It is also necessary to regulate the normal running of the business in the time between signing and closing of the transaction. During this period the seller continues to manage the day-to-day business. For this reason, it is common for the seller to charge the buyer a fee for this period. At Confianz we recommend agreeing an interest rate on the price.

    Advantages of the locked box mechanism

    • Avoid complex financial definitions, adjustment mechanisms, arbitration, etc.
    • It provides price certainty.
    • It saves time and costs by avoiding the need to close additional financial statements.
    • It is more appropriate in competitive processes where several candidates are competing for the purchase, as the comparison of offers will be more homogeneous.

    The locked box is generally considered to be a favourable pricing system for the seller, as it provides the certainty of a fixed price and avoids the occurrence of disputes in subsequent revisions.

    Limitations 

    However, the locked box method requires an in-depth analysis of the financial statements. If the locked box date is close to the annual financial close, the audited annual accounts will be used. Otherwise, the vendor will have to prepare ad hoc financial statements.

    In both cases, however, thorough due diligence is required to ensure reliability. Therefore, it is not advisable to use it in situations where the buyer is unable to carry out in-depth due diligence.

  • Lack of generational turnover drives M&A among companies

    Generational succession has always been a critical process for family businesses. Seventy percent of them do not make it to the second generation, and 90% do not make it to the third. This intrinsic difficulty for this type of company is now compounded by the ageing of the population. The large baby boom generation born between 1946 and 1964 is reaching retirement age, and with it many founders and heirs of family businesses are retiring. Even in the case of successful companies, many are finding it difficult to find someone willing to take over the reins.

    It is currently estimated that there are more than 1.1 million small and medium-sized family businesses in Spain with no generational succession. And between now and 2030 we will see many more family businesses failing to find an heir interested in continuing the business tradition. This entails a serious risk of closure, with the consequent loss of wealth and jobs. The Workers’ Statute establishes procedures for the termination of the company due to the retirement of the employer, which could result in collective or individual dismissals.

    Dealing with the lack of generational succession

    Faced with the challenge of the lack of generational succession and the strong personalisation of corporate culture, family businesses are opting for a variety of solutions:

    • A gradual transition, extending the active retirement of entrepreneurs and allowing them to continue to perform some functions for a more or less long period. According to Social Security data, more than 57,000 self-employed have used this modality to continue running their businesses.
    • The hiring of external directors to manage the company, keeping ownership in the hands of the family.
    • The sale of the company.

    The boom in corporate transactions in family businesses

    The enormous weight of family businesses in Spain is similar to that in Japan. And in this country, the lack of generational change has driven M&A operations to double-digit growth in the last 10 years. This is probably the scenario for which we must prepare ourselves in our country.

    On the one hand, mergers and acquisitions help to extend the life of companies beyond the involvement of the business family. On the other hand, they help other companies to grow in size and become more resilient.

    A paradigm shift in business families

    Family businesses are no longer as conservative as they were a few years ago, and have lost their fear of the entry of capital from a financial partner. As for the fear of losing control, this has also been overcome. We are seeing more and more operations in which the founding partner remains a minority shareholder.

    There is definitely a change in mentality. Selling the family business is no longer something almost shameful, but a symptom of success. We see this especially in the start-up culture, many of which are sold to a larger company or private equity fund when they reach a critical size.

    On the other hand, the economic crises of recent decades have made many family businesses realise that size is key to business survival. And growing exclusively organically is becoming increasingly difficult.

    All these circumstances lead us to expect a lot of merger and acquisition activity of family-owned companies in the coming years. We are going to see many companies that are leaders in their market niches come onto the market. At Confianz we are prepared to accompany them in these processes.

  • La falta de relevo generacional impulsa el M&A entre las empresas familiares

    La sucesión generacional siempre ha sido un proceso crítico para las empresas familiares. El 70% de ellas no pasa a la segunda generación, y el 90% no llega a la tercera. A esta dificultad intrínseca de este tipo de compañías ahora se suma el envejecimiento de la población. La numerosa generación del baby boom nacida entre 1946 y 1964 llega a la edad de jubilación, y con ella se retiran muchos fundadores y herederos empresas familiares. Incluso en el caso de las empresas fructíferas, muchos tienen dificultades para encontrar quien quiera tomar las riendas de ellas. 

    En la actualidad se estima que existen en España más de 1,1 millones de pequeñas y medianas empresas familiares sin relevo generacional. Y de aquí a 2030 vamos a ver cómo muchas más empresas familiares no encuentran un heredero interesado en continuar la tradición empresarial. Esto comporta un serio riesgo de cierre, con la consiguiente pérdida de riqueza y puestos de trabajo. El Estatuto de los Trabajadores establece procedimientos de extinción de la empresa por jubilación del empleador, lo que podría resultar en despidos colectivos o individuales.

    Cómo afrontar la falta de sucesión generacional

    Ante el reto de la falta de sucesión generacional y la fuerte personalización de la cultura empresarial, las empresas familiares están optando por diversas soluciones:

    • Una transición gradual, extendiendo la jubilación activa de los empresarios y permitiéndoles seguir desempeñando algunas funciones durante un período más o menos largo. Según datos de la Seguridad Social, más de 57.000 autónomos han recurrido a esta modalidad para seguir al mando de sus negocios.
    • La contratación de directores externos que gestionen la compañía, manteniendo la propiedad en manos de la familia.
    • La venta de la empresa. 

    El boom de las transacciones corporativas en las empresas familiares

    El enorme peso de la empresa familiar en España es similar al que tiene en Japón. Y en este país la falta de relevo generacional ha impulsado las operaciones de M&A hasta un crecimiento de doble dígito en los últimos 10 años. Probablemente este es el escenario para el que debemos prepararnos en nuestro país.

    Por un lado, las fusiones y adquisiciones ayudan a prolongar la vida de las empresas más allá de la implicación de la familia empresaria. Por el otro, estas operaciones ayudan a otras empresas a crecer en tamaño y ser más resilientes.

    Un cambio de paradigma en las familias empresarias

    Las empresas familiares ya no son tan conservadoras como hace algunos años, y han perdido el miedo a la entrada de capital de un socio financiero. En cuanto al recelo por la pérdida de control, éste también ha sido superado. Cada vez vemos más operaciones en las que el socio fundador se mantiene dentro del accionariado con una participación minoritaria.

    Existe en definitiva un cambio de mentalidad. La venta de la empresa familiar ha dejado de ser algo casi vergonzoso para convertirse en un síntoma de éxito. Lo vemos especialmente en la cultura de las startups, muchas de las cuales se venden a una empresa más grande o fondos de private equity cuando alcanzan un tamaño crítico. 

    Por otra parte, las crisis económicas de las últimas décadas han hecho a muchas empresas familiares darse cuenta de que el tamaño es clave para la supervivencia del negocio. Y crecer de manera exclusivamente orgánica es cada vez más complicado.

    Todas estas circunstancias nos llevan a augurar mucha actividad de fusiones y adquisiciones de empresas familiares en los próximos años. Vamos a ver cómo salen al mercado muchas compañías que son líderes en sus nichos de mercado. En Confianz estamos preparados para acompañarlas en estos procesos.

  • Nueva fiscalidad para la donación de empresas familiares

    Los donantes de empresas familiares deben tributar en el Impuesto sobre la Renta (IRPF) por una ganancia patrimonial sobre un importe proporcional al peso que los activos no afectos a la actividad empresarial tienen en el patrimonio de la empresa. Así lo establece la resolución del 29 de mayo de 2023 del Tribunal Económico Administrativo Central (TEAC). 

    De esta manera, el TEAC cambia su criterio para pasar a dar la razón a la Agencia Tributaria. Se trata todavía de un criterio relevante no reiterado que no constituye doctrina consolidada, porque este tema aún no ha sido llevado ante el Tribunal Supremo y por lo tanto no hay jurisprudencia establecida. Sin embargo, en Confianz valoramos que sin duda esta puede ser una nueva trava para la transmisión de empresas familiares en vida. 

    Los padres que donen la empresa familiar con bienes no afectos a actividad deben tributar por ganancia patrimonial en IRPF

    Según la reciente resolución del TEAC, en las donaciones de empresas familiares que incluyen bienes que no se encuentran afectos a la actividad, el donante debe tributar en el IRPF por una ganancia patrimonial sobre un importe proporcional al peso que estos activos tienen en el patrimonio de la empresa.

    Este criterio se basa en que la aplicación del artículo 33.3 c) de la Ley del IRPF que exige, en la remisión que hace al artículo 20.6 de la Ley del ISD, y éste, a su vez, al artículo 4 Ocho de la Ley del IP, que los activos del patrimonio de la entidad cuyas participaciones se donan se deben encontrar todos ellos afectos a la actividad económica.

    Así, la tributación de los bienes afectos sigue siendo diferida. El donante no tendrá que tributar por ellos si los ha mantenido de forma ininterrumpida durante, al menos, los cinco años anteriores a la fecha de la transmisión. Será el miembro de la familia empresaria que recibe la donación el obligado tributario si se produce la venta.

    Golpe fiscal a la donación de empresas familiares

    De hecho, en realidad ahora el TEAC está unificando las normas debido a una laguna legal existente en la ley del IRPF mediante la aplicación de una norma -la del Impuesto sobre el Patrimonio (IP)- que es la que configura los requisitos de la empresa familiar, aunque no es la que da lugar a la exención, que se remite al Impuesto sobre Sucesiones y Donaciones (ISD).

    Según el Tribunal Económico Administrativo Central, las mismas proporciones del Impuesto sobre Sucesiones y Donaciones (ISD) deben aplicarse al IRPF, según las regulaciones fiscales. El TEAC justifica esta decisión aludiendo a diversos artículos de las leyes del IRPF y del ISD, que indican que los activos deben estar vinculados a una actividad económica.

    La dificultad de cómo valorar los activos no afectos a la actividad empresarial

    Con este nuevo enfoque del TEAC han aparecido también casi simultáneamente testimonios de contribuyentes afectados que argumentan que en su caso el método de valoración de los activos no relacionados con la empresa para el IRPF no refleja la realidad. Por su parte, el TEAC ha defendido utilizar para ello las estadísticas del Registro Mercantil y considerar factores esenciales como el tamaño y la actividad de la empresa.

    Una dificultad añadida para la sucesión en las empresas familiares

    En Confianz sabemos que el momento de la sucesión es uno de los más críticos para las empresas familiares. A la espera de comprobar si el Tribunal Supremo acaba dictando jurisprudencia sobre este tema, no cabe duda de que esta resolución del TEAC introduce una nueva dificultad fiscal y complica la transmisión de empresas familiares a los descendientes en vida, en este caso a través de la donación. 

  • New taxation for family business donations

    Donors of family businesses must pay income tax (IRPF) on a capital gain on an amount proportional to the weight that the assets not assigned to the business activity have in the company’s assets. This is established in the ruling of 29 May 2023 of the Central Economic Administrative Court (TEAC).

    In this way, the TEAC changes its criterion to agree with the Tax Agency. This is still a relevant criterion that has not yet been reiterated and does not constitute consolidated doctrine, because this issue has not yet been brought before the Supreme Court and therefore there is no established case law. However, at Confianz we believe that this could undoubtedly be a new opportunity for the transfer of family businesses during their lifetime.

    Parents who donate the family business with assets that are not used for business purposes must pay personal income tax on capital gains

    According to the recent TEAC ruling, in the case of donations from family businesses that include assets that are not used in the activity, the donor must pay personal income tax on a capital gain on an amount proportional to the weight that these assets have in the company’s assets.

    This criterion is based on the application of Article 33.3 c) of the Personal Income Tax Law, which requires, in its reference to Article 20.6 of the ISD Law, and this, in turn, to Article 4 Ocho of the IP Law, that the assets of the entity whose shares are donated must all be used for economic activity.

    Thus, the taxation of the related assets continues to be deferred. The donor will not have to pay tax on them if he has held them uninterruptedly for at least five years prior to the date of transfer. The member of the business family who receives the donation will be the one liable to tax if the sale takes place.

    Tax hit on family business donations

    In fact, the TEAC is now actually unifying the rules due to a loophole in the Personal Income Tax law by applying a rule – that of Wealth Tax (IP) – which is the one that configures the requirements of the family business, although it is not the one that gives rise to the exemption, which is referred to the Inheritance and Gift Tax (ISD).

    According to the Central Economic Administrative Court, the same proportions of Inheritance and Gift Tax (ISD) should be applied to Personal Income Tax (IRPF), according to the tax regulations. The TEAC justifies this decision by referring to various articles of the IRPF and ISD laws, which indicate that the assets must be linked to an economic activity.

    The difficulty of valuing non-business assets

    With this new approach of the TEAC, there have also been almost simultaneous testimonies from affected taxpayers arguing that in their case the method of valuation of non-business assets for personal income tax does not reflect reality. For its part, the TEAC has defended the use of statistics from the Commercial Register and the consideration of essential factors such as the size and activity of the company.

    An added difficulty for succession in family businesses

    At Confianz we know that the moment of succession is one of the most critical for family businesses. While we are waiting to see if the Supreme Court will rule on this issue, there is no doubt that this TEAC ruling introduces a new tax difficulty and complicates the transfer of family businesses to descendants during their lifetime, in this case through donation.

  • La sostenibilidad ya es un factor ineludible en el M&A

    Ha dejado de ser algo marginal. La introducción de criterios de sostenibilidad en las operaciones de M&A se ha convertido en una cuestión estratégica para compañías de todos los sectores a nivel mundial. Las empresas han llegado mayoritariamente a la conclusión de que la adopción de compromisos corporativos de sostenibilidad ayuda a culminar el proceso de fusión o adquisición con éxito. Y, a la larga, contribuye tanto a la consecución de sus objetivos estratégicos como a la mejora del cumplimiento de los Objetivos de Desarrollo Sostenible (ODS) de las Naciones Unidas. 

    En un entorno tan desafiante a nivel regulatorio como el actual, las compañías que cuentan con una estrategia de Responsabilidad Corporativa y Sostenibilidad gozan de una ventaja competitiva y son menos vulnerables ante cabios en las normativas sociales, ambientales o de gobierno corporativo.

    Un reto para vendedores y compradores/inversores

    La integración de criterios de sostenibilidad a la hora de evaluar una operación aporta mayor certeza en la estimación del valor. Pero es imprescindible para ello que la parte vendedora ofrezca una evaluación exhaustiva y la transmita con precisión al comprador o inversor. No bastan las buenas palabras. Es necesario utilizar mecanismos como las búsquedas de dominio público o la utilización de instrumentos de inteligencia comercial, que ayuden a contrastar con certeza la información requerida.

    El potencial comprador también se enfrenta ahora a un nuevo desafío: encontrar un target que no solo sea atractivo desde una perspectiva estratégica y financiera, sino que también esté alineado con sus propios criterios ambientales, sociales y de gobernanza. 

    Las cuestiones de sostenibilidad se insertan a lo largo de todo el proceso de M&A

    Hoy cualquier operación de M&A conlleva un análisis en profundidad del activo que va más allá de los tradicionales asuntos legales, tributarios y financieros. La influencia de los criterios ESG (Environmental, Social and Governance) es transversal a lo largo de todo el proceso:

    • En la fase de due diligence. Ahora los análisis deben incluir también el cumplimiento de políticas de inclusión, diversidad y equidad. También es necesario identificar los posibles riesgos legales en materia social y de gobernanza. Incluida la forma en la que el target puede ofrecer a sus stakeholders un monitoreo continuo de estos asuntos. Asimismo, hay que analizar e identificar los puntos fuertes y los débiles de la agenda de sostenibilidad de la empresa. 
    • En la estructuración, negociación y cierre de la operación. En el proceso de valoración hay que incorporar las métricas y objetivos de Responsabilidad Corporativa y Sostenibilidad. También considerar el impacto de los factores ambientales, sociales y de gobierno en el mercado. Y prever la futura evolución de las condiciones regulatorias y los diferentes escenarios normativos que podrían tener lugar. Porque los acuerdos de compra o inversión deben adaptarse para mitigar los riesgos derivados del nivel de cumplimiento de los criterios ESG del target. Por ejemplo con la inclusión de seguros de manifestaciones y garantías, condiciones de cierre y obligaciones posteriores al cierre. También se incluyen cada vez más a menudo en los contratos aspectos que deben mantenerse antes y después de completar la operación de M&A. Por ejemplo la llamada cláusula Harvey Weinstein, en virtud de la cual el vendedor debe indemnizar a los compradores o inversionistas si alguno de los directivos del target es denunciado o se ve involucrado en actos de acoso y abuso sexual.

    Una dificultad añadida

    En definitiva, la inclusión generalizada de los criterios de sostenibilidad en las operaciones de M&A es un factor de complejidad añadido durante todo el proceso de negociación. El equipo de asesoría M&A de Confianz está preparado para acompañar a tu empresa a lo largo de todo este proceso.

  • Sustainability is already an unavoidable factor in M&A

    It is no longer marginal. The introduction of sustainability criteria in M&A transactions has become a strategic issue for companies in all sectors worldwide. Companies have overwhelmingly come to the conclusion that adopting corporate sustainability commitments helps to bring the merger or acquisition process to a successful conclusion. And, in the long run, it contributes both to achieving their strategic objectives and to improving compliance with the United Nations Sustainable Development Goals (SDGs).

    In today’s challenging regulatory environment, companies with a Corporate Responsibility and Sustainability strategy have a competitive advantage and are less vulnerable to changes in social, environmental or governance regulations.

    A challenge for sellers and buyers/inverstors

    The integration of sustainability criteria when evaluating a transaction provides greater certainty in estimating the value. However, it is essential that the seller provides a comprehensive assessment and conveys it accurately to the buyer or investor. Fine words are not enough. It is necessary to use mechanisms such as public domain searches or the use of business intelligence tools, which help to verify the required information with certainty.

    The potential buyer now also faces a new challenge: to find a target that is not only attractive from a strategic and financial perspective, but also aligned with its own environmental, social and governance criteria.

    Sustainability issues are embedded troughout the M&A process

    Today, any M&A transaction involves an in-depth analysis of the asset that goes beyond the traditional legal, tax and financial issues. The influence of ESG (Environmental, Social and Governance) criteria is transversal throughout the entire process:

    • In the due diligence phase. Analyses should now also include compliance with inclusion, diversity and equity policies. It is also necessary to identify potential legal risks on social and governance issues. Including how the target can provide its stakeholders with continuous monitoring of these issues. In addition, the strengths and weaknesses of the company’s sustainability agenda should be analysed and identified.
    • In the structuring, negotiation and closing of the transaction. Corporate Responsibility and Sustainability metrics and objectives should be incorporated into the valuation process. Also consider the impact of environmental, social and governance factors on the market. And foresee the future evolution of regulatory conditions and the different regulatory scenarios that could occur. Because purchase or investment agreements should be adapted to mitigate the risks arising from the level of compliance with the ESG criteria of the target. For example with the inclusion of representation and warranty assurances, closing conditions and post-closing obligations. Aspects that must be maintained before and after completion of the M&A transaction are also increasingly included in contracts. For example, the so-called Harvey Weinstein clause, whereby the seller must indemnify the buyers or investors if any of the target’s management is exposed or involved in sexual harassment and abuse.

    An added difficulty

    In short, the generalised inclusion of sustainability criteria in M&A transactions is an added complexity factor throughout the negotiation process. The Confianz M&A advisory team is ready to accompany your company throughout this process.

  • Donation of shares or inheritance pact: Which is better for a family business?

    The moment of generational handover is one of the most critical for family businesses. To make it a little easier, tax benefits have historically been introduced when a parent donates his or her shares to his or her descendants. In Spain there are two regimes for this: the donation of shares and the succession pact. Let’s look at them in detail and review the new developments that have taken place in this area in recent times.

    Donation of shares in the family business

    Throughout Spain, the donation of shares between different generations of a family business has in theory tax advantages for both the donor and the donee.

    • Reduction in inheritance and gift tax for the donee (usually the child of the company founder). The requirement is that he/she keeps the company in his/her possession for at least ten years. In this case it is the autonomous communities who regulate this benefit.
    • Non-subjection of the capital gain to personal income tax of the donor, which is deferred. The conditions are that he/she is 65 or over or disabled and that he/she retires. In this case, only the State Law is competent to regulate the matter.

    The risk of tax incentives for gifts of shares in family-owned companies

    If the donee complies with the maintenance requirement and then sells his shares, at the time of the transaction he will have to pay the income tax that the donor did not pay at the time. If, on the other hand, the donee fails to comply with the maintenance requirement and, for example, sells the shares before ten years have elapsed, then it is the donor who has to pay the untaxed income tax. This can be a tricky situation, as the donor will then be a retired person who may not be at his best financially.

    To this potential risk must be added the recent Resolution of the Central Economic-Administrative Tribunal of 29 May 2023 (RG 1501/2020), which has ruled that if the company that is donated is the owner of assets that are not used for an economic activity, the deferral in the donor’s personal income tax is only partial.

    In other words, the donor will generate a taxable capital gain, in an amount proportional to the weight that these assets have in the company’s net worth. The remainder is deferred and subject to compliance with the maintenance requirement of the donee.

    As a consequence of all these difficulties, many family businesses choose to plan the transfer on the death of the share owner.

    The advantages of the succession pact

    Certain autonomous communities with their own civil law have an alternative regime to donation: the inheritance pact.

    With the succession agreement, the owner agrees, during his lifetime, to transfer certain assets to his heirs. The key difference compared to a gift is that inheritance agreements are taxed as an inheritance and, therefore, the transferor does not pay income tax. It is not necessary for the parent to be of a certain age or to retire. He can even continue to manage the company. It is also irrelevant if the company has assets that are not used for its activity.

    This is not a tax deferral, but a definitive benefit. However, there is one condition: the heir must not transfer the assets before the expiry of five years or before the death of the previous owner. Otherwise, he is subrogated to their acquisition value and the inheritance agreement results in a mere tax deferral. It is the child, and not the parent, who is liable to pay the personal income tax.

    The major limitation of the succession pact is that it can only be made in Aragon, Catalonia, Navarre, the Basque Country, Galicia and the Balearic Islands. For residents of other territories, two years of residence in one of these communities and a declaration of will are required for this civil law to apply to them.

    At Confianz we can advise you on how to organise the generational handover of your family business in the most advantageous way. Get in touch with us.

  • Donación de participaciones o pacto sucesorio: ¿Qué es mejor para una empresa familiar?

    El momento del relevo generacional es uno de los más críticos para las empresas familiares. Para hacerlo un poco más fácil, históricamente se han introducido beneficios fiscales cuando un progenitor dona sus participaciones a sus descendientes. En España existen dos régimenes para ello: la donación de participaciones y el pacto sucesorio. Vamos a verlos en detalle y a repasar las novedades que se han producido en este ámbito en los últimos tiempos.

    Donación de participaciones de la empresa familiar

    En toda España, la donación de participaciones entre diferentes generaciones de una empresa familiar tiene en teoría ventajas fiscales tanto para el donante como para el donatario.

    • Reducción en el Impuesto sobre Sucesiones y Donaciones del donatario (normalmente el hijo del fundador de la empresa). El requisito es que mantenga la empresa en su poder durante al menos diez años. En este caso son las comunidades autónomas quienes regulan este beneficio.
    • No sujeción de la ganancia patrimonial en el IRPF del donante, que queda diferida. Las condiciones son que tenga 65 o más años o invalidez y que se jubile. En este caso, la Ley estatal es la única competente para regular la materia.

    El riesgo de los incentivos fiscales a la donación de participaciones de empresas familiares

    Si el donatario cumple el requisito de mantenimiento y luego vende sus participaciones, en el momento de la transacción deberá hacerse cargo del IRPF que en su día dejó de tributar el donante. Por el contrario, si incumple el requisito de mantenimiento y por ejemplo vende las participaciones antes de que hayan transcurrido diez años, entonces es el donante quien tiene que hacerse cargo del IRPF que dejó de tributar en su momento. Esta puede ser una situación delicada, puesto que en ese momento será una persona jubilada que puede no encontrarse en su mejor momento a nivel financiero.

    A este riesgo potencial hay que añadir la reciente Resolución del Tribunal Económico-Administrativo Central de 29 de mayo de 2023 (RG 1501/2020), que ha resuelto que si la empresa que se dona es titular de activos no afectos a una actividad económica, el diferimiento en el IRPF del donante se produce solo de forma parcial.

    Es decir, al donante se le va a generar una ganancia patrimonial sometida a tributación, en un importe proporcional al peso que estos activos tienen en el patrimonio de la empresa. El resto, queda diferido y condicionado al cumplimiento del requisito de mantenimiento del donatario.

    Como consecuencia de todas estas dificultades, muchas empresas familiares optan por planificar la transmisión a la muerte del propietario de las participaciones.

    Las ventajas del pacto sucesorio

    Ciertas comunidades autónomas con Derecho civil propio cuentan con un régimen alternativo a la donación: el pacto sucesorio.

    Con el pacto sucesorio el propietario acuerda, en vida, la transmisión de ciertos bienes en favor de los que serían sus herederos. La diferencia clave respecto de la donación es que los pactos sucesorios tributan como una herencia y, por tanto, el que transmite no paga IRPF. No es necesario que el padre tenga ninguna edad determinada ni que se jubile. Puede incluso seguir dirigiendo la empresa. También es indiferente si la empresa tiene activos no afectos a su actividad.

    En este caso no se trata de un diferimiento fiscal, sino de un beneficio definitivo. Pero existe una condición: que el heredero no transmita los bienes antes de que transcurran cinco años o del fallecimiento del anterior titular. En caso contrario, se subroga en su valor de adquisición y el pacto sucesorio provoca un mero diferimiento fiscal. Es el hijo, y no el padre, el que debe hacerse cargo de pagar el IRPF. 

    La gran limitación del pacto sucesorio es que solo puede hacerse en Aragón, Cataluña, Navarra, País Vasco, Galicia y las Islas Baleares. Para los residentes de otros territorios, precisan dos años de residencia en una de estas comunidades y una manifestación de voluntad para que este Derecho civil propio les sea de aplicación.

    En Confianz podemos asesorarte para organizar el relevo generacional de tu empresa familiar de la forma más ventajosa. Ponte en contacto con nosotros. 

  • A new Royal Decree-Law regulates the structural modifications of commercial companies

    The Council of Ministers recently approved a series of measures in Royal Decree-Law 5-2023 of 28 June, including a new regulation on the structural modifications of commercial companies. This regulation transposes the so-called Mobility Directive (Directive (EU) 2019/2121 of the European Parliament and of the Council of 27 November 2019), which amends Directive (EU) 2017/1132 as regards cross-border transformations, mergers and divisions. This establishes a legal framework harmonised with the European Union to improve transparency in this type of transaction.

    The new regulation modifies many aspects of the structural modification regime:

    • Repeals Law 3/2009 in its entirety
    • Adapting cross-border structural changes to the Mobility Directive
    • It creates a new regime applicable to both internal and cross-border structural changes.

    Documents required to address any structural modifications

    The aim of this Royal Decree-Law is to regulate both internal and cross-border (intra- and extra-European) structural modifications of commercial companies. These structural modifications cover transformation, merger, spin-off and global transfer of assets and liabilities. Each of these cases has a specific procedure. However, they now also require additional supplementary documentation:

    1. Structural modification project. It must be drawn up, following the instructions in Article 4 of the new regulation, by the director of the company making the structural modification.
    2. Report of the administrative body. This must be drawn up by the administrator(s) and sent to the shareholders and employees. It details the legal and economic aspects of the structural modification and the consequences for the employees, for the future activity of the company and its creditors.
    3. Independent expert’s report. At the request of the directors, an independent expert shall examine the draft structural modification and draw up a report for the shareholders. He shall assess the exchange ratio and the compensation offered. This report shall not be necessary if it is agreed by all the shareholders with voting rights or if it is provided for in the specific rules governing each structural alteration. It shall therefore be optional in the case of internal transformations and internal global transfers of assets and liabilities.

    Protection of shareholders and creditors in structural changes

    The protection of shareholders and creditors is provided for in all structural modification operations:

    • Protection of members. The former right of separation is replaced by a right of disposal. This may be exercised by shareholders who have voted against the project or are holders of shares or holdings without voting rights. It will apply in three cases:
      • Internal transformations.
      • Mergers by absorption of a 90% owned company when the directors’ and experts’ reports on the merger plan are not drawn up.
      • Cross-border transactions where they will be subject to a foreign law. .

    In addition, if the shareholder considers that the cash compensation offered by the company has not been adequately fixed, he has the right to claim compensation within two months.

    • Protection of creditors. The former right of opposition is replaced by the possibility of claiming the modification or extension of the measures with the intervention of the Commercial Registrar and independent expert and, where appropriate, the Commercial Court.

    When it comes into force

    The new rule came into force on 29 July 2023 and applies to projects that the companies involved have not approved prior to this date. The question arises as to whether the rule refers to projects formulated and approved by the boards. We will keep an eye on the application of the rule in the coming weeks.