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V1219-16 28 March 2016 · SG de Tributación de las Operaciones Financieras Criterion in force
IRPF · ganancia o pérdida patrimonial

Capital gains or losses on foreign currency investments must be calculated by converting both values into euros

The taxpayer asks how to quantify the income and the tax period for a refund from a US dollar investment. The DGT rules that the difference between the acquisition value and the disposal value must be calculated, with both amounts converted into euros using their respective exchange rates.

The question raised

The manner in which the income derived from the redemption must be quantified and the tax period to which it must be attributed in the taxpayer's Personal Income Tax.

The DGT's ruling

The capital gain or loss in redemptions of collective investment institutions in a currency other than the euro is determined by the difference between the acquisition value in euros (exchange rate on the date of acquisition) and the transfer value in euros (exchange rate on the date of transfer). This quantification must be attributed to the tax period in which the transfer or redemption occurs. If the foreign currency was previously held, the result from the exchange rate difference is attributed to the period of the final transfer.

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