Losses from the sale of shares without the acquisition of homogeneous securities

The determination of capital gains and losses derived from the transfer of securities is a critical aspect in the settlement of Personal Income Tax (IRPF). A recurring question is whether a loss obtained from the sale of certain shares can be offset or computed in the corresponding tax year if no other investment operations are carried out during the same period.

What the DGT has resolved

The Dirección General de Tributos (DGT) has analyzed the possibility of computing a capital loss obtained through the sale of Telefónica shares. The criteria establish that the transfer of shares generates a capital gain or loss based on the difference between their acquisition value and their transfer value.

However, the regulations establish a limitation: losses derived from the transfer of securities admitted to trading will not be computed if homogeneous securities have been acquired in the two months preceding or following the transfer. In the case consulted, the DGT determines that Telefónica shares and Repsol shares do not constitute homogeneous securities. Therefore, the loss obtained from the sale of Telefónica shares must be computed in full in the tax year in which the transfer occurs.

What it means for you

This criterion directly affects taxpayers who carry out the transfer of securities and must determine whether their loss is computable to reduce their taxable base. If you sell shares and do not acquire securities that the regulations consider homogeneous within the two-month period (before or after), the resulting loss is fully computable in the tax year of the operation.

It is fundamental to understand that the lack of homogeneity between the assets sold and those acquired allows the loss to avoid being blocked by the compensation rules for homogeneous securities, allowing its application in the income tax return for the current year.

What you should do

In the event of a sale of securities with a negative result, it is necessary to:

• Correctly identify the nature of the securities transferred and those acquired.
• Verify if there is homogeneity between the assets according to current regulations.
• Analyze the impact of the loss on the taxable base of the current tax year.
• Assess each particular situation with a professional to ensure compliance with the IRPF Law and its Regulations.