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V0974-25 9 June 2025 · SG de Tributación de las Operaciones Financieras Criterion in force
IRPF · rendimientos del capital mobiliario

The difference between subscription amount and state bonds' nominal value is taxed at maturity

The consultant asks when the difference between the purchase price and the nominal value of state bonds held until maturity should be taxed. The DGT responds that this difference is a return on capital and is attributed to the period in which amortisation occurs.

The question raised

Assuming that the taxpayer holds the government bonds until their maturity, the temporal attribution corresponding to the difference between the actual amount at which they were allotted and the nominal value at which they will be redeemed.

The DGT's ruling

Income from the redemption of government bonds is considered income from movable capital. Its amount is the difference between the redemption value and the subscription value (actual allotment amount), less justified ancillary expenses. This income is attributed to the tax period in which it becomes due, i.e., at the time of redemption or transfer.

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