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Central Counterparty Entity: 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 · 2015–2020

Current position

In Personal Income Tax (IRPF), cash settlement compensations or corporate event adjustments due to failures in the delivery of securities are considered capital gains included in the general taxable base. For the lender, the net remuneration and dividends are income from movable capital. In Corporate Income Tax (IS), these compensations constitute accounting income and the net remuneration is treated as financial income.

The DGT's position remains constant in classifying compensations for failures in the delivery of securities as capital gains in IRPF. The 2016 rulings specify the nature of the income for the lender and the neutrality of the central counterparty entity regarding withholdings.

Turning points

  1. V3944-15

    Establishes that clearing services that extinguish securities purchase and sale obligations are exempt from Value Added Tax (IVA), regardless of whether the provider is a financial institution.

Analysis based on 7 of 8 rulings with a stated position. Updated 1 October 2026.

Rulings on this topic

8
V3356-16 15 Jul 2016

Tax treatment of last-resort securities lending based on tax type and taxpayer status

SG de Tributación de las Operaciones Financieras
entidad de contrapartida centralpréstamo de valorescolateralrendimientos del capital mobiliariocompensación de derechos económicos LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 10.3LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 17.6
Affects CompanyExpat · Non-residentIndividual
V3350-16 15 Jul 2016

Lender's last resort loans generate investment income for tax purposes

SG de Tributación de las Operaciones Financieras
préstamo de última instanciaentidad de contrapartida centralrendimientos del capital mobiliariocolateralderechos económicos LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 10.3LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 17.6
Affects CompanyExpat · Non-residentIndividual

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