Maître Maxime CARPENTIER

Avocat au barreau des Hauts-de-Seine - Nanterre

Compétences : Fiscalité internationale, Fiscalité de l'activité professionnelle, Fiscalité du patrimoine, Fiscalité des particuliers, Fiscalité immobilière

Barreau : Hauts-de-Seine

Adresse : 2-8 rue Ancelle 92522 NEUILLY SUR SEINE CEDEX

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Publié le 30/06/2026

Titres de participation : selon le TA de Montreuil, une recapitalisation pré-cession ne déqualifie pas

Article juridique - Droit fiscal et droit douanier

Par Me Maxime CARPENTIER

Titres de participation : selon le TA de Montreuil, une recapitalisation pré-cession ne déqualifie pas

Pour le TA, la perspective d'une cession imminente ne suffit pas à requalifier en titres de placement des titres souscrits lors d'une recapitalisation renforçant le contrôle de la société mère.

Pour rappel, constituent des titres de participation les droits dans le capital d'autres personnes morales qui, en créant un lien durable, sont destinés à contribuer à l'activité de la détentrice (PCG, art. 221-3). Les titres représentant plus de 10 % du capital sont présumés tels. La moins-value de cession relève alors du long terme et n'est pas déductible (CGI, art. 39 quaterdecies, 2 bis ; art. 219, I-a ter).

Au cas particulier, la SA Marie Brizard Wine & Spirits (MBWS), tête d'un groupe intégré, détenait deux filiales polonaises, MBWS Polska (100 %) et Lancut (34,30 %). Souhaitant se désengager du marché polonais, elle a conclu le 9 juillet 2020 un accord de cession avec United Beverages, sous condition suspensive d'une recapitalisation. Réalisée le 4 août 2020, celle-ci a porté sa participation dans Lancut à 55,37 %. MBWS a inscrit les titres souscrits en titres de placement et revendiqué la déduction de la moins-value (restitution d'IS de 2 752 482 € et majoration de déficits de 9 516 256 €).

Le tribunal rejette la requête, car selon lui :

La recapitalisation a permis à MBWS de maintenir son contrôle sur MBWS Polska et de renforcer son influence sur Lancut, tout en apurant leurs dettes, sans objectif patrimonial ou spéculatif.
La seule circonstance que la souscription intervienne postérieurement à un accord de cession ne suffit pas à écarter la qualification de titres de participation.
Le moyen subsidiaire tiré d'un reclassement global est également écarté, faute de changement effectif d'intention.

Cette décision use (ce qui peut être soumis à débat) du raisonnement mis en exergue dans les décisions CE, 11 juin 2024, n° 470721, Société Agapes et de CE, 30 mars 2026, n° 499613, Sté Groupe Adeo, selon lesquelles, en synthèse, le critère déterminant réside dans l'effet objectif de l'opération sur le lien société mère/filiales, et non dans l'intention subjective de revente. Selon ce prisme, dès lors que la souscription maintient ou accroît le contrôle, la qualification s'impose, peu important la brièveté envisagée de la détention.

Affaire à suivre...

Source : TA Montreuil, 10e ch., 21 mai 2026, n° 2314021, SA Marie Brizard Wine & Spirits

Lien vers le jugement ici.