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V2125-25 11 November 2025 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · ganancia o pérdida patrimonial

Loss on share decline cannot be recognised without company dissolution and liquidation

The consultant asks whether a patrimonial loss can be declared for shares in a company not listed and in bankruptcy proceedings. The DGT responds that the absence of listing or withdrawal from Iberclear does not generate a loss; dissolution and liquidation of the company are required.

The question raised

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

The DGT's ruling

Exclusion from quotation on an official secondary market does not automatically entail a capital loss for the shareholders. For a loss to occur pursuant to Article 37.1, e) of the Personal Income Tax Law (LIRPF), the prior dissolution and liquidation of the company must take place. The cancellation of the registration of securities in the book-entry register does not imply the transfer of the securities nor the loss of ownership. The tax period shall be that in which the liquidation occurs.

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