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V0516-25 28 March 2025 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · pérdida patrimonial

Exclusion from listing does not automatically cause a loss for shareholders

The consultant asks whether a loss in capital can be recorded for holding shares in a company excluded from listing. The DGT responds that exclusion does not automatically result in a loss, and dissolution and liquidation of the company are required.

The question raised

Whether a capital loss may be reflected in the Personal Income Tax (IRPF).

The DGT's ruling

The exclusion of a company from an official secondary market does not in itself constitute a capital loss for the shareholders. For a loss to exist pursuant to Article 37.1, e) of the Personal Income Tax Law (LIRPF), the dissolution and liquidation of the company must occur. The tax period shall be that in which the liquidation takes place, which is the moment the change in assets is considered to have occurred. The result shall be included in the savings tax base.

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