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V2123-25 11 November 2025 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · ganancia patrimonial

Loss not automatically recognised upon exclusion from quotation

The taxpayer asks whether a patrimonial loss can be declared in personal income tax for holding shares in a company excluded from quotation and in bankruptcy proceedings. The DGT responds that exclusion does not automatically trigger a loss, a dissolution and liquidation of the company being required.

The question raised

Whether a capital loss may be reflected in the Personal Income Tax (IRPF).

The DGT's ruling

The exclusion from trading on an official secondary market does not automatically entail a capital loss for the shareholders. To calculate the loss pursuant to Article 37.1, e) of the Personal Income Tax Law (LIRPF), the prior dissolution and liquidation of the company must occur. The tax period shall be that in which the liquidation takes place, and such circumstance must be substantiated by the means of proof admitted by law.

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