Doctrine by topic · DGT Observatory

Settlement for Differences: 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 9 rulings · 2015–2025

Current position

Positive settlements for differences in hedging contracts do not constitute a provision of services by the recipient, as they do not remunerate an activity but rather act as a risk guarantee. As they are not transactions subject to IVA (Value Added Tax), they must not be included in the calculation of the deduction pro rata. Hedging contracts without physical delivery are considered exempt financial services.

The DGT's position has remained constant in classifying settlements for differences as elements external to the provision of services. The idea has been reinforced that these amounts are risk guarantees and not income from an activity, which excludes their inclusion in the calculation of the pro rata.

Analysis based on 7 of 9 rulings with a stated position. Updated 30 September 2026.

Rulings on this topic

9
V1764-24 17 Jul 2024

No employment income if stock options are acquired at market value

SG de Impuestos sobre la Renta de las Personas Físicas
rendimientos del trabajoopciones de compravalor de mercadoganancia patrimonialliquidación por diferencias LIRPF — Ley 35/2006 del IRPF art. 17.1LIRPF — Ley 35/2006 del IRPF art. 17.2.e
Affects CompanyExpat · Non-residentIndividual

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