## [Tax Newsletter - January 2024](/en_GB/new/tax-newsletter-january-2024)
# Tax Newsletter - January 2024
Spain - 02 / 16 / 2024
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**Converting into equity a debt from a dormant company subject to a ground for winding up creates taxable income for that company**
The Catalan High Court has warned that in the conversion into equity of debts, taxable income may arise for the company if its circumstances determine that the value of the shares received by the contributor of the debt is lower than the nominal amount of the contributed debt.
**The transfer of separate property to community property is not taxable as a gift, although it gives rise to a capital gain for personal income tax purposes**
The Supreme Court has reiterated in a new judgment that the contribution of separate property to community property is not taxable for inheritance and gift tax purposes, because the community property is not a taxable person for the tax. However, TEAC continues to find that the giver must be liable for personal income tax in respect of these transactions.
**Penalties cannot be levied in the event of involuntary mistakes**
The Galician High Court has found that penalties have to be based on specific reasons, and when analyzing intentional wrongdoing, it must be taken into account that an involuntary mistake could have been made, especially if the law is difficult to interpret.
**TEAC reinterprets the theory of the bond in relation to the exemption for top-managers’ severance pay**
Following recent judgments by the Supreme Court and the CJEU, TEAC has concluded that, by itself, the existence of the relationship for services binding directors and board members to the company is not a sufficient basis for disregarding the top-management employment relationship and the potential exemption for severance payments.
**The rules on the new correction self-assessments have been implemented**
The traditional correction method may be used but only if and because it is considered that the applied provision is precluded by the law, the Constitution, EU law or an international treaty or convention.
For further details on this month’s judgments, decisions, resolutions and legislation, [**SEE THE WHOLE NEWSLETTER HERE**](https://www.garrigues.com/sites/default/files/noticias/files/tax_newsletter_january_2024.pdf).
[Tax](/en_GB/tags/tax), [Spain](/en_GB/tags/spain)
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