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V2770-19 9 October 2019 · SG de Tributación de las Operaciones Financieras Criterion in force
IRPF · contratos por diferencias

Loss exclusion rules do not apply to contracts for differences (CFD)

A query was raised regarding whether rules preventing the deduction of losses from the transfer of assets or homogeneous securities apply to CFDs. The Directorate General for Taxes (DGT) ruled that they do not, as these contracts are neither securities nor transferable assets.

The question raised

Whether the rules excluding the calculation of capital losses, as established in letters e), f), or g) of Article 33.5 of the Personal Income Tax Law, are applicable to contracts for differences.

The DGT's ruling

Contracts for differences (CFDs) are financial instruments distinct from negotiable securities and do not constitute assets capable of transfer and subsequent acquisition. Therefore, the provisions of letters e), f), and g) of Article 33.5 of the Personal Income Tax Law (LIRPF) regarding the exclusion from the calculation of capital losses are not applicable.

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