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V0584-14 6 March 2014 · SG de Tributación de las Operaciones Financieras Criterion in force
IRPF · rendimientos del capital mobiliario

Tax implications of the difference between the effective subscription value and the nominal value of Government Bonds upon transfer or redemption

The taxpayer inquires about the tax treatment of the difference between the effective allotment value and the nominal value of subscribed Government Bonds. The DGT rules that this difference has tax implications at the time of transfer or redemption.

The question raised

Tax treatment corresponding to the difference between the "effective value of the allotment" and the "nominal value".

The DGT's ruling

Income derived from the transfer or redemption of Government Bonds constitutes income from movable capital. The income is determined by the difference between the transfer or redemption value and the acquisition or subscription value, the latter being the effective value of the allotment. Accompanying acquisition and disposal expenses that are duly justified must be taken into account.

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