Doctrine by topic · DGT Observatory

Regulated Markets: 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 High confidence 8 rulings · 2015–2025

Current position

The transfer of shares generates a capital gain or loss based on the difference between the acquisition value and the transfer value. Losses derived from the transfer of securities admitted to trading are not computed if homogeneous securities were acquired in the two months preceding or following said transfers. These losses shall be integrated as the securities remaining in the assets are transferred.

The DGT's position remains stable regarding the calculation of capital gains and losses from the transfer of securities. The application of the homogeneous securities rule for the deferral of losses is maintained according to article 33.5.f) of the LIRPF (Personal Income Tax Law). No significant doctrinal changes are observed in the analyzed sequence.

Analysis based on 8 of 8 rulings with a stated position. Updated 2 October 2026.

Rulings on this topic

8
V2054-21 8 Jul 2021

Capital gains or losses from share sales are taxed at the time of the transaction

SG de Impuestos sobre la Renta de las Personas Físicas
ganancias y pérdidas patrimonialesvalor de adquisiciónvalor de transmisiónbase imponible del ahorrotransmisión de valores LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 33.5
Affects CompanyExpat · Non-residentIndividual
V0143-21 1 Feb 2021

Subordinated perpetual obligations may qualify for special tax regime

SG de Tributación de las Operaciones Financieras
instrumentos de deudarégimen fiscal especialobligaciones perpetuassociedad residentederechos políticos Ley 10/2014LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 58.1
Affects CompanyExpat · Non-residentIndividual
V3032-15 8 Oct 2015

Reduction for capital gains on shares acquired before 1994

SG de Impuestos sobre la Renta de las Personas Físicas
ganancia patrimonialdisposición transitoria novenavalor de transmisiónmercados reguladosperiodo de permanencia LIRPF — Ley 35/2006 del IRPF art. disposición transitoria novenaLGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual

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