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The taxpayer asks whether a loss from an option on the euro/dollar exchange rate can be offset against interest and dividends. The DGT responds that it cannot, because the loss is a capital loss and interest and dividends are returns on movable capital.
Question posed 1.- Offset of the loss arising from the option on the euro/US dollar exchange rate in the income tax return for the 2013 tax period. Can it be offset against current account interest and dividends obtained in 2013?
The results of a currency option contract, as they do not involve a transfer of own capital, are classified as capital gains or losses. Pursuant to Article 49 of the LIRPF, capital losses may only be offset against capital gains or against negative balances of this same type of income from the following four years. Therefore, it is not possible to offset said loss against returns on movable capital, such as interest or dividends.
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