Chambers & Partners High Net Worth Ranking 2025 | Expansión

La Sentencia del Tribunal de Justicia de 26 de junio del 2025 declara que las dos primeras decisiones de la Comisión Europea sobre la incompatibilidad con las normas sobre ayudas estatales del régimen de amortización fiscal del fondo de comercio financiero generaron confianza legítima sobre el alcance y límites de la obligación de recuperación, incluyendo dentro de su alcance las adquisiciones directas e indirectas de participaciones en empresas extranjeras. Por tanto, no cabe la recuperación retroactiva de las ayudas relacionadas con adquisiciones indirectas cubiertas por las dos primeras decisiones, por lo que debe procederse a su devolución junto con los intereses de demora.

For the Grand Chamber of the CJEU, a tax exemption based on objective and non-discriminatory criteria and integrated into the logic of the legal system which it accompanies is inherent in the ‘normal’ tax regime and does not, in principle, confer a selective advantage. In such cases, the conditions for granting the exemption are neutral from the point of view of competition, as the fact that some undertakings satisfy those conditions, while others do not, is not relevant in the light of the rules on State aid.

Here follows a critical analysis of the changes made by the Public Service of Justice (Efficiency Measures) Act to the regulation of three of the exemptions provided for in Article 7 of the Personal Income Tax Act that seek to favour the implementation and promotion of non-court appropriate dispute resolution procedures.

This paper intends to highlight the consequences that attaching to company shares an ancillary obligation consisting of compliance with a shareholders' agreement has (and does not have), consequences that derive from the integration of the agreement into the corporate organisation.

The latest Executive Orders issued by the U.S. President require an analysis of the Pillar II effects on Spanish ETVEs and parent entities that are part of U.S. MNE groups.

Possible differences that may arise in the interpretation or application of GloBE rules by different jurisdictions require the adoption of dispute resolution mechanisms specifically designed for Pillar Two.

By way of Royal Decree-law 10/2024 of 23 December for the establishment of a temporary energy levy during 2025, the Spanish government has ‘reintroduced’ a levy whose extension had just been rejected by Parliament, an unprecedented and dubiously constitutional move.

For the Audiencia Nacional, the CJEU’s stance in the Danish cases is automatically applicable to the exemption of interest paid to EU residents, even if the national legislative provision does not expressly refer to beneficial ownership clauses. 

In the Judgment of 4 October 2024, X BV (C-585/22), the Court of Justice clarifies the position adopted in the Lexel case (C-484/19) and concludes that compliance with the arm's length principle does not protect intra-group transactions that do not reflect economic reality from being categorised as a wholly artificial arrangement.