Back to index
V2422-20 15 July 2020 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · ganancia patrimonial

No capital gain or loss on share purchases in foreign currency if the value in that currency is zero

A query was raised regarding whether purchasing shares with US dollars obtained from exchanging euros generates a capital gain or loss. The DGT has determined that no capital result exists because the difference between the acquisition and disposal values in the currency of the shares is zero.

The question raised

Calculation of capital gains and losses in operations with shares listed in foreign currencies: to determine whether there is a gain or loss in the operation presented.

The DGT's ruling

For shares denominated in a currency other than the euro, the calculation of the gain or loss must be carried out in the currency of the shares and then the resulting difference must be converted into euros. In the specific case, as the difference in dollars is equal to zero, there is no capital gain or loss. Regarding foreign exchange, exchange rate differences are only taxed when the effective exchange into euros is made or when the foreign currency is received.

Book your free first meeting