Taxation of Call Options via Documented Legal Acts

The Directorate General of Taxes (DGT) has issued a relevant ruling regarding the taxation of call options within the framework of the Transfer Tax and Documented Legal Acts Tax (ITPAJD). The issue focuses on determining whether this type of contract should be taxed under the documented legal acts modality.

What the DGT has ruled

For a call option to be subject to the documented legal acts modality, the DGT points out that several legal requirements must occur simultaneously. The document must be a public deed, possess valuable content, and not be subject to other modalities of the tax, such as Inheritance and Gift Tax.

However, the determining factor is registrability. The regulations require that the act be registrable in the corresponding Registry. In the case of call options on unbuilt housing, the DGT indicates that it is unlikely that this registrability requirement will be met, as it concerns a property that does not yet exist nor is registered. If the registrability condition is not met, the call option will not be taxed via the documented legal acts modality, even if the rest of the conditions of article 31.2 of the TRLITPAJD are met.

What this means for you

This ruling has a direct impact on individuals who sign call options on housing under construction, especially when these operations are part of processes for the reinvestment of capital gains from a primary residence. The distinction of whether the document is taxed via documented legal acts or not depends on the technical nature of the property and its capacity for registry registration.

What you should do

When signing these types of contracts, it is necessary to verify the nature of the object of the call option. Since taxation varies according to the registrability of the asset, each situation must be analyzed with technical rigor to determine the correct tax burden and avoid errors in the settlement of the ITPAJD. It is recommended to assess the legal status of the property subject to the option before proceeding with formalization.