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V2234-25 24 November 2025 · SG de Tributación de las Operaciones Financieras Criterion in force
IRPF · valores homogéneos

Investment fund holdings replicating the same index are not homogeneous

The consultant asks whether investments in different investment funds replicating the same index are homogeneous. The DGT responds that they are not, and therefore the exemption from computing capital losses under article 33.5 LIRPF does not apply.

The question raised

The taxpayer asks whether units issued by different investment funds that replicate the same benchmark index can be considered homogeneous securities for the purposes of the provisions of letters f) and g) of Article 33.5 of the Personal Income Tax Law.

The DGT's ruling

Units issued by different investment funds are not considered homogeneous securities, even if they replicate the same benchmark index. Therefore, the provisions of letters f) and g) of Article 33.5 of the Personal Income Tax Law are not applicable to these cases.

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