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A taxpayer asks how to classify the negative difference between the initial bond investment and the amount received after the issuer's insolvency liquidation agreement. The DGT responds that this difference constitutes a negative return on capital mobility.
Question posed: Tax classification in Personal Income Tax of the negative difference existing between the initial investment in the bonds and the payment received in execution of the Liquidation Agreement agreed upon in the insolvency procedure of the issuing entity.
The difference between the total payments received through the insolvency procedure and the subscription price of the bonds generates income from movable capital pursuant to Article 25.2.b) of Law 35/2006. The negative yield must be attributed to the tax year in which the payment is received, provided that this entails the completion of the total liquidation of the credit. These yields are integrated into the savings tax base for compensation purposes.
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