The choice of transaction structure in commercial property transactions is increasingly rarely reduced to a simple comparison of tax burdens. In the context of 2026, this decision is multifaceted and requires consideration of growing legal, regulatory and financial risks.
\n
\nIn the commercial property market in Poland, the share deal has become the default structure. Tax advisers present the calculation: 0.5 per cent PCC versus 2 per cent PCC or 23 per cent VAT. Investors look at the figures, the legal department accepts the structure and proceeds with the transaction.
\n
\nMeanwhile, in 2026, this \u2018saving\u2019 is increasingly proving to be illusory.
\nHistorical risk is mounting. Special-purpose companies established before 2020 have already weathered four legislative changes to VAT on property, several amendments to the Building Act and \u2014 from mid-2026 \u2014 the prospect of entries in the short-term letting register and the reorganisation of cooperative land holdings. The five-year tax limitation period (Article 70(1) of the Tax Ordinance) begins at the end of the calendar year in which the tax payment deadline (corporation tax or VAT) expired, rather than from the \u2018exact\u2019 date of purchase of the shares.
\nDue diligence bridges the gap. A full corporate due diligence of a special purpose vehicle (SPV) now costs a comparable amount to property due diligence in an asset deal. The tax benefit is reduced by the costs of advisers, escrow and an extended W&I (Warranty & Indemnity) period.
\nBanks recognise this. In transaction financing, banks are showing increasing caution when granting loans secured against shares \u2014 covenants and liability covenants
\n
\n
\nAt the level of the SPV acquisition transaction, they are now sometimes less flexible than a traditional mortgage.
\n
\nConclusion: a share deal is not \u2018better\u2019 \u2014 it is simply different. An investor who automatically opts for it under the pressure of tax calculations is also buying years of the company\u2019s history \u2014 and in 2026, that history is harder to legalise than it was just three years ago. Therefore, the clear conclusion is that an asset deal is not always actually cheaper over the full investment horizon.
\n
\nIn practice, this means moving away from automatic decision-making in favour of a comprehensive, integrated transaction analysis. The share deal has not lost its relevance, but today it requires much more informed risk management throughout the entire investment cycle.
\n
\n<\/div><\/p>\n","protected":false},"excerpt":{"rendered":"
The choice of transaction structure in commercial property transactions is increasingly rarely reduced to a simple comparison of tax burdens. In the context of 2026, this decision is multifaceted and requires consideration of growing legal, regulatory and financial risks.
In the commercial property market in Poland, the share deal has become the default structure. […]<\/p>\n","protected":false},"author":27,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4078","post","type-post","status-publish","format-standard","hentry","category-bez-kategorii"],"acf":[],"yoast_head":"\n
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