Doctrine by topic · DGT Observatory

Discretionary Management: 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 8 rulings · 2016–2026

Current position

Securities administration and custody expenses are deductible provided they are charged by authorized entities and do not involve discretionary management. Discretionary and individualized management of investment portfolios is excluded as it does not constitute mere static administration. These commissions are not deductible as expenses inherent to acquisition or transfer due to the lack of a clear and precise link to such transactions.

The DGT's position has remained constant since 2016. The administration has reiterated that active or discretionary management to revalue portfolios does not constitute a deductible administration and custody expense. They are also not admitted as acquisition or transfer expenses, as they are payments linked to the global value of the portfolio and not to specific transactions.

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

Rulings on this topic

8
V0210-26 4 Feb 2026

Metal custody expenses not deductible in income tax

SG de Impuestos sobre la Renta de las Personas Físicas
gastos de administracióndepósito de valores negociablesmetales preciososrendimiento netogestión discrecional LIRPF — Ley 35/2006 del IRPF art. 26.1.aLey 24/1988 del Mercado de Valores
Affects CompanyExpat · Non-residentIndividual
V1236-25 4 Jul 2025

Active management and portfolio revaluation fees not deductible in income tax

SG de Tributación de las Operaciones Financieras
rendimientos del capital mobiliariogastos de administración y depósitogestión discrecionalganancia o pérdida patrimonialgastos inherentes LIRPF — Ley 35/2006 del IRPF art. 26.1.aLIRPF — Ley 35/2006 del IRPF art. 35
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