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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
In the decision analysed below, regarding the term of the leases entered into prior to 9 May 1985, pursuant to the Spanish Urban Tenancy Act of 24 November 1998 (LAU - Ley de Arrendamientos Urbanos), and where the tenant is a body corporate that cannot accredit payment of the relevant business tax (IAE), the Supreme Court upheld the ruling of the Valladolid Provincial Court that found for the eviction due to the expiry of the term of the lease of the business premises
