Las deducciones autonómicas en el IRPF para incentivar la adquisición de acciones o participaciones en sociedades, los "business angels" y el mercado alternativo bursátil

The autonomous communities common system includes in its system of personal income tax (IRPF) regulatory powers to govern deductions in the contribution for carrying out “non-company investments”. Catalonia, Madrid and Andalusia have made use of this possibility – and Galicia has announced its intention to do so in the near future. The three autonomous communities mentioned above have approved a very similar measure to promote the activities of business angels in their respective regions, and Catalonia and Madrid have added another to support investments in companies that are floated on the Alternative Investment Market. The two incentives consist in reduction in the contribution – 20% of the amount invested – which is recognised for physical persons who buy shares or social interests in the capital of certain types of organisation, with the aim of encouraging a certain class of investments and companies in the regions of the respective autonomous community. The indirect and ultimate beneficiaries are therefore the companies. This enables us to question whether this has gone beyond what is permitted under the laws of tax cession of the State and the autonomous communities and if the important rules of Community Law such as those regulating freedom of establishment and circulation of capital (art. 49 y 63 of the TFUE) and the prohibition of State assistance (art. 107 and ss. TFUE) have been respected.