Skip to content
Back to index
V0285-19 13 February 2019 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · cláusula multidivisa

Refund due to multi-currency clause nullity is not income, but interest and legal costs are taxable

A taxpayer receives a refund of overpaid amounts plus interest and legal costs following the nullification of a multi-currency clause. The Tax Agency has determined that the principal amount does not constitute income, whereas statutory interest and legal costs are classified as capital gains.

The question raised

Taxation under Personal Income Tax (IRPF).

The DGT's ruling

The restitution of overpaid amounts due to the nullity of a clause does not constitute income. However, the deduction for investment in the primary residence must be regularized if it was applied to said amounts. Statutory interest is compensatory in nature and is taxed as capital gains included in the savings tax base. The award of legal costs also constitutes a capital gain due to its restorative nature regarding defense expenses.

Book your free first meeting