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A taxpayer inquired whether interest on a loan used to acquire shares and bonds through a margin account is deductible. The Directorate General for Taxes (DGT) ruled that such interest cannot be deducted from investment income or capital gains.
Question posed: Whether the interest on the loan granted by the financial intermediary to the inquirer for the acquisition of the shares and bonds, in an amount similar to the dividends collected annually, is deductible in their Personal Income Tax from the income derived from said securities.
Interest paid on a loan to acquire bonds or shares is not deductible from the gross income from movable capital, as it does not constitute administration and deposit expenses or accessory expenses of acquisition or transfer. Likewise, said interest cannot be included to determine the acquisition or transfer value for the purpose of calculating the capital gain or loss from the disposal of shares.
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