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V4977-16 17 November 2016 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · cláusula suelo

Refund of floor clause interest is non-taxable, but received legal interest constitutes a capital gain

A taxpayer has enquired about the taxation of interest refunded due to an improper floor clause and the associated legal interest. The DGT has ruled that the refund of the principal amount does not constitute income, but the legal interest received is classified as a capital gain.

The question raised

Taxation in the Personal Income Tax (IRPF) of the refund and the interest.

The DGT's ruling

The refund of the difference in interest charged by error does not constitute income subject to tax, although it could necessitate the regularization of deductions for the primary residence. The legal interest paid due to said error is compensatory in nature and is classified as capital gains. These must be included in the savings tax base, regardless of the period they cover.

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