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V1960-22 15 September 2022 · SG de Tributación de las Operaciones Financieras Criterion in force
IRPF · rendimiento del capital mobiliario

The difference between acquisition value and insolvency payments is negative mobile capital return

The consultant asks how to classify the loss arising from receiving payments below the initial investment in structured bonds due to an insolvency process. The DGT responds that this difference constitutes a negative mobile capital return.

The question raised

1. Tax classification in Personal Income Tax of the negative difference that may arise from the difference between the initial investment and the total payments received as a consequence of the insolvency proceedings.

The DGT's ruling

The financial product generates returns on movable capital pursuant to Article 25.2.b) of Law 35/2006. The return shall be determined by the difference between the total payments received through the insolvency proceedings and the acquisition value. A negative return may only be quantified once the liquidation phase of the claims has concluded and the total amount of the payments is known.

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