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V1276-25 10 July 2025 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · pérdida patrimonial

Loss from selling Telefónica shares can be recognised if homogenous shares are not acquired

The consultant asks whether a capital loss can be recognised when selling Telefónica shares to buy Repsol shares. The DGT responds that the loss is allowable provided the homogeneity exception is not met.

The question raised

Whether it would be possible to account for the potential capital loss obtained from the sale of Telefónica shares.

The DGT's ruling

The transfer of shares constitutes a capital gain or loss based on the difference between the acquisition value and the transfer value. Losses derived from the transfer of securities admitted to trading shall not be accounted for if homogeneous securities were acquired in the two months preceding or following the transfer. Since the shares of Telefónica and Repsol are not homogeneous securities, the loss obtained from the sale of Telefónica must be accounted for in the fiscal year of the transfer.

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