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The Supreme Court, in its Sentence dated 23 September 2009, has referred a question for a preliminary sentence to the European Court of Justice (ECJ) in relation to the application of Article 108 of the Spanish Securities Market Act (LMV), a provision that determines the rate for the Transfer Tax (TPO) on transfers of stakes in companies whose assets are more than 50 comprised of real estate
The European Commission has concluded that Spanish inheritance and gift tax rules constitute an obstacle to the free movement of persons and capital in breach of the Treaty on the Functioning of the European Union, and therefore has decided to refer Spain to the EU Court of Justice for discriminatory tax rules that require nonresidents to pay higher taxes
