The [IRPF](/en/glossary/income-tax) return for fiscal year 2025 opens on 2 April 2026 and closes on 30 June 2026. This is the annual accounting with the Spanish Tax Authority (Agencia Estatal de Administración Tributaria — AEAT) for all income earned in Spain during 2025. For most employees with straightforward situations, the AEAT provides a draft return (borrador). For everyone else — and for those who want to ensure they are not overpaying — this guide covers the key elements.
Campaign dates 2026 (for 2025 income)
| Date | Event |
|---|---|
| 2 April 2026 | Campaign opens — online filing via AEAT Sede Electrónica begins |
| Early May 2026 | In-person AEAT office filing begins (appointment required) |
| 25 June 2026 | Deadline for direct debit instruction on payment-due returns |
| 30 June 2026 | Final deadline for all returns |
| 5 November 2026 | Second instalment payment for split-payment elections (40%) |
Who must file
Filing is mandatory when any of the following thresholds are exceeded:
| Income type | Threshold |
|---|---|
| Salary/pension from one payer | > €22,000 gross |
| Salary from multiple payers | > €15,000 (where second payer > €1,500) |
| Self-employment net income | > €1,000 |
| Capital gains alone | > €1,600 |
| Savings income + gains combined | > €1,000 |
| Any income with withholding not fully covering liability | Any amount |
Non-residents with Spanish-source income file Form 210 (IRNR — Non-Resident Income Tax), not Form 100. Expatriates under the Beckham Law (Art. 93 LIRPF) file Form 151 — a separate return with different rates.
The 2025 general income tax scale
| Taxable general income | Combined rate (national average) |
|---|---|
| Up to €12,450 | 19% |
| €12,451 – €20,200 | 24% |
| €20,201 – €35,200 | 30% |
| €35,201 – €60,000 | 37% |
| €60,001 – €300,000 | 45%–47% (varies by community) |
| Above €300,000 | 43.5%–54% (varies by community) |
The exact combined rate depends on your autonomous community of residence on 31 December 2025.
The 2025 savings income scale
Applies to: dividends, bank interest, capital gains from asset disposals, rental income from certain structured instruments.
| Savings income | Rate |
|---|---|
| Up to €6,000 | 19% |
| €6,001 – €50,000 | 21% |
| €50,001 – €200,000 | 23% |
| €200,001 – €300,000 | 27% |
| Above €300,000 | 28% |
What the borrador (draft return) misses
The AEAT’s draft return is generated from data submitted to the AEAT by Spanish payers (employers, banks, insurance companies, Mercantile Registry). Its known gaps:
Capital losses from prior years: if you made a loss on a share sale in 2023 or 2024, that loss can offset 2025 gains. The borrador does not automatically apply these carry-forwards. Review the prior-year returns to identify usable losses.
Foreign brokerage income: brokers based outside Spain (UK, US, EU) are not required to report to the AEAT. Income from eToro, Interactive Brokers, Degiro (Belgium), Revolut Invest, and similar platforms is typically not in the borrador. You must manually calculate and declare gains and losses.
Cryptocurrency: the AEAT has expanded its crypto reporting from exchanges, but many transactions — particularly crypto-to-crypto swaps, DeFi activities, NFT sales, staking rewards — may not be in the borrador. Manual calculation using FIFO accounting is required.
Rental income: if you rent a property, the borrador may not include rental income if the tenant did not apply withholding (private tenants rarely do). Deductible expenses (mortgage interest on a rented property, repairs, insurance, depreciation at 3% of the construction value per year) must be manually added.
Self-employment expenses: the borrador includes self-employment revenue (from tax withholding data) but zero deductible expenses. Calculating net income correctly requires subtracting all allowable business expenses.
Regional deductions: the AEAT borrador sometimes misses regional deductions because these require local data not always integrated into the central AEAT system. Particularly common: first-time home purchase deductions in Madrid, family deductions in Castile-La Mancha, education deductions in several communities.
Key deductions for 2025
Pension contributions
- Individual pension plan: up to €1,500/year deducted from the general base
- Employer-paid occupational plan (contributions on behalf of employee): up to €8,500/year
- Combined maximum: €10,000/year (lower limit: €1,500 own contributions if employer contributes)
Maternity deduction
- €1,200/year per child under 3 (€100/month)
- Additional up to €1,000 if nursery (guardería) costs are documented and exceed the base amount
- Extended in 2025 to certain single-father custody situations
Energy efficiency deductions (state)
Applicable to 2025 if works were completed in 2025:
- 20% deduction for 7%+ reduction in heating and cooling energy demand (façade insulation, windows)
- 40% deduction for 30%+ reduction in primary non-renewable energy consumption
- 60% deduction for energy efficient whole-building renovation (communities of owners or multi-unit buildings)
- Bases and limits: €5,000, €7,500, €15,000 respectively
Disability and dependency deductions
- Own disability: additional personal minimum (€3,000 or €9,000/year depending on degree)
- Disabled dependent family member: additional family minimum
Cryptocurrency: how to report correctly in 2025
Crypto taxation in Spain under IRPF:
What is taxable:
- Sale of crypto for euros or other fiat
- Crypto-to-crypto swaps (treated as disposal of first coin + acquisition of second)
- Crypto used to pay for goods and services (disposal at market value)
- Staking rewards received (capital income, reported in the savings base)
- Airdrops received (income at fair market value on receipt date)
What is not taxable:
- Transferring crypto between your own wallets (same owner, no disposal)
- Buying crypto for euros (acquisition, not a taxable event)
Cost calculation method: FIFO (first in, first out). The oldest coins are deemed sold first. If you have multiple batches purchased at different prices, apply FIFO to determine the cost base of each disposal.
Net position: crypto gains and losses from different transactions are netted. Net losses can offset gains from other capital assets in the savings base.
Form 720 obligation: if you hold crypto on foreign platforms and the aggregate value of all foreign assets (not just crypto) exceeds €50,000, Form 720 annual reporting applies.
Joint vs individual filing for 2025
| Household situation | Better option |
|---|---|
| One spouse earns €0 or very little | Joint filing likely better (€3,400 reduction) |
| One spouse earns minimum wage (~€15,876), other earns more | Calculate both — borderline case |
| Both spouses earn above minimum wage | Separate filing almost always better |
| Separated/divorced (children alternate custody) | Each files individually; child minimum allocated by agreement |
Joint filing is an election: if you file jointly one year, you are not obliged to in future years. File both ways each year and compare.
Common errors that generate AEAT regularisations
- Confirming the borrador without review. Missing foreign income, crypto, prior-year losses.
- Not declaring rental income from occasional/Airbnb rental. The AEAT receives data from rental platforms since 2023 (DAC7 directive transposition).
- Wrong calculation of capital gain on property sale. The cost basis includes not just the purchase price but notary fees, land registry fees, and any improvement expenditure — all documented with receipts.
- Not applying available regional deductions. Each community publishes its own list — many are unknown to taxpayers who rely on the borrador.
- Failing to report foreign accounts and assets above €50,000 (Form 720). Though the constitutional penalty regime for Form 720 was revised in 2022, the reporting obligation remains.
- Incorrectly calculating crypto FIFO. Using average cost (FIFO is mandatory in Spain) leads to incorrect gains/losses.
How BMC can help
Our tax compliance and tax planning teams prepare IRPF returns for:
- Residents with complex investment, rental or business income
- Expatriates under the Beckham Law (Form 151)
- Former Beckham Law filers transitioning back to general IRPF
- Non-residents with Spanish rental income or capital gains (Form 210)
- Individuals with cryptocurrency positions requiring FIFO calculation
For straightforward returns, we also offer a tax filing service. Contact us for an assessment of your specific situation.
