Doctrine by topic · DGT Observatory

Shares: DGT doctrinal evolution

How the DGT's position on this topic has evolved, and the rulings it rests on.

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How the DGT's position has evolved

Settled doctrine High confidence 17 rulings · 2015–2025

Current position

The capital gain or loss from the transfer of shares is calculated as the difference between the transfer value and the acquisition value. The acquisition value includes the actual purchase amount plus inherent expenses, investments, and taxes. The taxpayer must substantiate these values through evidence admitted by law, the assessment of which is the responsibility of the Administration.

The DGT's position remains stable regarding the calculation of capital gains or losses. Throughout various rulings, the formula of the difference between acquisition and transfer values, including expenses and investments, has been reiterated. The evolution focuses on the requirement to substantiate such amounts through evidence admitted by law.

Turning points

  1. V2866-16

    Establishes that the delivery of shares at a price below market value is classified as income in kind from employment, detailing the requirements for the exemption of up to 12,000 euros.

  2. V1343-18

    Determines that shares of foreign entities must be reported in Form 720 if their value exceeds 50,000 euros, regardless of where the physical certificates are located.

Analysis based on 17 of 17 rulings with a stated position. Updated 25 September 2026.

Rulings on this topic

17
V2571-25 18 Dec 2025

Acquisition value of shares determined by actual payment made

SG de Impuestos sobre la Renta de las Personas Físicas
valor de adquisiciónganancia patrimonialtransmisión onerosamedios de pruebaacciones LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 34.1.a
Affects CompanyExpat · Non-residentIndividual
V0173-23 7 Feb 2023

Share acquisition value must be proven by the actual amount paid

SG de Impuestos sobre la Renta de las Personas Físicas
valor de adquisiciónganancia patrimonialtransmisión onerosamedios de pruebaacciones LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 34.1.a
Affects CompanyExpat · Non-residentIndividual
V0282-22 15 Feb 2022

Calculating gains on foreign currency shares and currency conversion

SG de Tributación de las Operaciones Financieras
ganancias patrimonialestipo de cambiovalor de adquisiciónvalor de transmisiónmoneda extranjera LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 35
Affects CompanyExpat · Non-residentIndividual
V2292-21 13 Aug 2021

Obligation to declare foreign assets held through foreign deposited shares

SG de Tributos
modelo 720bienes en el extranjerotitularidad de valoresdeclaración informativaacciones LGT — Ley 58/2003 General Tributaria art. Disposición Adicional decimoctava.1LGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual
V1343-18 23 May 2018

Obligation to file Model 720 for foreign shares exceeding €50,000

SG de Tributos
modelo 720bienes en el extranjeroaccionesobligación de informaciónresidencia fiscal RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter.1.iRGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter.4.c
Affects CompanyExpat · Non-residentIndividual

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