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V1385-25 21 July 2025 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · usufructo

Usufructuaries can deduct administration and deposit costs from capital gains

The DGT confirms that a usufructuarian receiving dividends from shares may deduct custody costs, provided legal deductibility conditions are met.

The question raised

Whether such expenses are deductible from the yields of movable capital in the Personal Income Tax.

The DGT's ruling

Administration and custody expenses for negotiable securities are deductible for the usufructuary, as they are entitled to the yields and bear the obligation to pay the expenses necessary for their receipt. However, these expenses shall not be deductible if they correspond to discretionary and individualized management of investment portfolios. The bare owner cannot exercise the deductibility because the yields do not belong to them.

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