Doctrine by topic · DGT Observatory

Amortization of Securities: 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 8 rulings · 2014–2025

Current position

The amortization of all shares in a company is classified as a capital loss based on its acquisition value. This loss must be imputed in the tax year in which the capital reduction occurs. In cases of amortization of securities in foreign currency, the yield is calculated using the difference between the amortization value and the acquisition value in the original currency, converting the result into euros according to the exchange rate at the time of the amortization.

The DGT's position remains constant regarding the classification of total amortization as a capital loss and its inclusion in the savings tax base. The doctrine has clarified the treatment of capital reductions when there is no return of contributions and the calculation of yields in foreign currency. No doctrinal shifts are observed, but rather a technical application of the regulations regarding the nature of the loss.

Turning points

  1. V2174-16

    Establishes that the non-existence of homogeneous securities following a capital reduction does not alter the nature of the difference, which must be classified as a capital loss.

  2. V3594-20

    Clarifies that if the capital reduction does not seek the return of contributions, it does not generate a capital gain or loss, but rather the acquisition value is distributed among the remaining shares.

Analysis based on 8 of 8 rulings with a stated position. Updated 30 September 2026.

Rulings on this topic

8
V1194-25 2 Jul 2025

Loss recognised on share amortisation in year of capital reduction

SG de Impuestos sobre la Renta de las Personas Físicas
pérdida patrimonialreducción de capitalamortización de valoresalteración patrimonialvalor de adquisición LIRPF — Ley 35/2006 del IRPF art. 14.1.cLIRPF — Ley 35/2006 del IRPF art. 33.3.a
Affects CompanyExpat · Non-residentIndividual
V1434-23 25 May 2023

Bond yield calculated in original currency and converted to euros

SG de Tributación de las Operaciones Financieras
rendimientos del capital mobiliarioamortización de valoresbase de retencióndiferencias de cambiodeuda pública LIRPF — Ley 35/2006 del IRPF art. 14.2.eLIRPF — Ley 35/2006 del IRPF art. 25.2.b
Affects CompanyExpat · Non-residentIndividual
V0722-20 6 Apr 2020

Capital losses from share write-offs can be offset against future capital gains

SG de Impuestos sobre la Renta de las Personas Físicas
pérdida patrimonialamortización de valoresbase imponible del ahorroreducción de capitalcompensación de bases LIRPF — Ley 35/2006 del IRPF art. 14.1cLIRPF — Ley 35/2006 del IRPF art. 33.3.a
Affects CompanyExpat · Non-residentIndividual

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