Shares of the same issuer in different markets and currencies are homogeneous securities

The Directorate General of Taxes (DGT) has issued a relevant criterion for investors operating with financial assets in various European Union markets. The ruling addresses whether shares of the same entity, acquired in different markets and expressed in different currencies, maintain the status of homogeneous securities for Personal Income Tax (IRPF) purposes.

What the DGT has resolved

The DGT has determined that class B shares of the same company that possess the same nominal value, nature, rights, and transfer regime retain their character as homogeneous securities. This criterion holds even if the shares are acquired in different European Union markets and in different currencies.

The body clarifies that the difference in currency constitutes an accessory aspect according to Article 8 of the Personal Income Tax Regulation (RIRPF). This is because the price of such securities is determined following the exchange rate with the issuing company's currency.

What it means for you

For individual investors, this resolution provides clarity on the management of their international portfolios. If you hold shares of the same entity that are listed on different markets or were acquired in different currencies, you may treat them as homogeneous securities as long as they meet the requirements of identity in their nature and rights.

Homogeneity is a key concept for determining the taxable base and calculating returns in the income tax return, as it allows these securities to be grouped under the same valuation criterion.

What you should do

It is necessary to analyze the composition of your securities portfolio to identify if there are shares from the same issuer that meet these characteristics. Since the application of this criterion depends on the nature and rights of each share, it is recommended to assess each particular situation to ensure that the applied tax treatment is correct according to the RIRPF regulations.