Doctrine by topic · DGT Observatory

Contracts for Difference: DGT doctrinal evolution

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

← DGT Observatory

How the DGT's position has evolved

Settled doctrine High confidence 10 rulings · 2014–2023

Current position

The results of contracts for difference (CFD) and FOREX are classified as capital gains or losses included in the savings tax base. The result is determined by the difference in values of the underlying asset, including commissions and dividend compensations, but excluding interest for maintaining positions. Temporal imputation occurs at the moment the right or obligation to pay is generated, which implies that in daily settlements, the change in wealth is imputed in each settlement.

The DGT's position remains constant in classifying these instruments as capital gains or losses. Throughout the rulings, it has been reaffirmed that the margin functions as a guarantee and not as a transfer of capital. The evolution shows a consolidation in the determination of the result and in the temporal imputation through daily settlements.

Turning points

  1. V2911-20

    Clarifies that CFDs and FOREX are not securities subject to article 42 ter of the RGAT, but establishes the obligation to report the instrumental cash account in Form 720.

Analysis based on 10 of 10 rulings with a stated position. Updated 28 September 2026.

Rulings on this topic

10
V3183-20 22 Oct 2020

CFD contract results are taxed as capital gains or losses for Income Tax purposes

SG de Tributación de las Operaciones Financieras
contratos por diferenciasganancias y pérdidas patrimonialesactivo subyacentemargen de garantíabase imponible del ahorro LIRPF — Ley 35/2006 del IRPF art. 14.1.cLIRPF — Ley 35/2006 del IRPF art. 33.1
Affects CompanyExpat · Non-residentIndividual
V2911-20 25 Sept 2020

Cash accounts with foreign brokers must be declared in Form 720

SG de Tributos
modelo 720contratos por diferenciasinstrumentos financieros derivadoscuenta instrumentalobligación informativa LGT — Ley 58/2003 General Tributaria art. 29LGT — Ley 58/2003 General Tributaria art. 93
Affects CompanyExpat · Non-residentIndividual
V2770-19 9 Oct 2019

Loss exclusion rules do not apply to contracts for differences (CFD)

SG de Tributación de las Operaciones Financieras
contratos por diferenciaspérdidas patrimonialesvalores negociablesinstrumentos financierosactivos subyacentes LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 33.5.e
Affects CompanyExpat · Non-residentIndividual

Apply this to your case

Beckham Law & impatriate taxationTalk to the team applying this doctrine daily.
IRPF Spain 2026 CalculatorEstimate the impact on your case in two minutes.
Talk to the tax teamWe check whether this criterion affects you and what it means in your situation.
Email
Contact