Doctrine by topic · DGT Observatory

Investment Fund: 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

Stable position Medium confidence 21 rulings · 2015–2026

Current position

Shares of different classes within the same sub-fund are not considered homogeneous securities if they have different management fees, as this affects the net asset value. Consequently, the FIFO (First-In, First-Out) criterion is not applicable to these classes. Likewise, shares from different issuers lack homogeneity between them.

The DGT's position does not show a doctrinal evolution regarding a single concept, but rather addresses diverse matters ranging from the merger regime and the classification of financial entities to the treatment of IVA (Value Added Tax) and the homogeneity of securities. There is no trajectory of change in a central criterion, but rather a dispersion of responses regarding specific technical aspects.

Turning points

  1. V2298-24

    Establishes that investment funds meeting the TEAC criteria do not have the status of entrepreneur or professional for IVA purposes, as they are separate assets without business risk.

  2. V0796-26

    Determines that shares of different classes of a sub-fund are not homogeneous securities if they differ in management fees, preventing the application of the FIFO criterion.

Analysis based on 19 of 21 rulings with a stated position. Updated 25 September 2026.

Rulings on this topic

21
V0796-26 9 Apr 2026

Different fund classes with varying fees are not homogeneous values

SG de Tributación de las Operaciones Financieras
valores homogéneoscriterio fifofondo de inversiónvalor liquidativocomisiones de gestión LIRPF — Ley 35/2006 del IRPF art. 94.1.aLIRPF — Ley 35/2006 del IRPF art. 94.2.a
Affects CompanyExpat · Non-residentIndividual
V0327-26 16 Feb 2026

Losses cannot be offset in IRPF for lucrative share transfers

SG de Tributación de las Operaciones Financieras
pérdida patrimonialtransmisión lucrativafondo de inversiónvalor liquidativotransmisión onerosa LIRPF — Ley 35/2006 del IRPF art. 33.5.cLIRPF — Ley 35/2006 del IRPF art. 34
Affects CompanyExpat · Non-residentIndividual
V2977-23 14 Nov 2023

French investment fund repayment profits taxed in Spain as savings income

SG de Tributación de las Operaciones Financieras
ganancias patrimonialesbase imponible del ahorroconvenio de doble imposiciónpago a cuentafondo de inversión LIRPF — Ley 35/2006 del IRPF art. 2LIRPF — Ley 35/2006 del IRPF art. 5
Affects CompanyExpat · Non-residentIndividual

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