Doctrine by topic · DGT Observatory

Derivative Financial Instruments: 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 10 rulings · 2017–2021

Current position

Derivative financial instruments such as futures, CFDs, and forex are classified as capital gains or losses included in the savings tax base, provided they are not intended to hedge an economic activity. In the case of CFDs and forex, the change in net worth is imputed at each daily settlement. These instruments are not subject to Form 720, but the cash instrument account in the foreign broker must be declared as a foreign account.

The DGT's position remains constant in classifying these instruments as capital gains or losses and their exclusion from Form 720. The doctrine has specified that the reporting obligation falls on the cash account that manages the operations. Likewise, the criterion of imputing the change in net worth at each daily settlement for CFDs and forex has been consolidated.

Turning points

  1. V0813-17

    Establishes that CFDs, futures, and forex are not securities subject to Form 720, but the cash instrument account containing them must be declared.

  2. V0833-19

    Specifies that the change in net worth from daily settlements occurs to the extent that the taxpayer can dispose of the funds.

Analysis based on 9 of 10 rulings with a stated position. Updated 29 September 2026.

Rulings on this topic

11
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
V0512-19 12 Mar 2019

Sale and repurchase of put options taxed as capital gains or losses

SG de Tributación de las Operaciones Financieras
opciones putganancia patrimonialpérdida patrimonialprimarenta del ahorro LIRPF — Ley 35/2006 del IRPF art. 14.1.cLIRPF — Ley 35/2006 del IRPF art. 33.1
Affects CompanyExpat · Non-residentIndividual
V0553-18 27 Feb 2018

Futures contracts not declared in Form 720, but brokerage cash account is

SG de Tributos
modelo 720instrumentos financieros derivadoscontratos de futuroscuenta instrumentalobligación informativa RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 bisRGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter
Affects CompanyExpat · Non-residentIndividual
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