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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

Refined position High confidence 11 rulings · 2014–2019

Current position

Participation in share capital or financing through debt instruments are valid means to implement the Investment Reserve in the Canary Islands. No specific form of instrumentation is required for project financing. Obtaining the suitability resolution is not a prerequisite for the issuance of financial instruments, although the application must be made prior to said issuance if the project has already commenced.

The DGT's position has moved from considering investment in shares as ineligible for the reserve (V2873-14) to admitting equity participation and debt as valid means (V0746-18). The evolution focuses on the flexibilization of the method for instrumenting project financing in the Canary Islands. Likewise, the procedural timing for the application for suitability regarding the issuance of financial instruments has been clarified (V1116-18).

Turning points

  1. V0746-18

    Allows participation in share capital or debt as valid means for the Investment Reserve in the Canary Islands, as no specific form of instrumentation is required by the regulations.

  2. V1116-18

    Establishes that the suitability resolution is not a prerequisite for the issuance of financial instruments, but the application must be submitted before issuance if the project has already started.

Analysis based on 11 of 11 rulings with a stated position. Updated 28 September 2026.

Rulings on this topic

11
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
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