Doctrine by topic · DGT Observatory

Preferred Shares: 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 30 rulings · 2014–2020

Current position

Compensations from preferred shares agreements are considered returns on movable capital within the savings base, calculated as the difference between the amount received and the acquisition value. Legal interest derived from nullity is compensatory in nature and is taxed as capital gains. It is possible to opt for the special treatment of the forty-fourth additional provision of the LIRPF (Personal Income Tax Law) to avoid tax effects in the conversion of securities.

The DGT's position remains constant in classifying compensations as returns on movable capital. The nature of legal interest derived from nullity has been specified, distinguishing it from returns by being considered capital gains. Likewise, the applicability of the special regime under the forty-fourth additional provision of the LIRPF has been confirmed.

Turning points

  1. V3805-15

    Establishes that legal interest due to nullity is compensatory in nature and is taxed as capital gains within the savings base.

  2. V3187-20

    Confirms the option for the special treatment of the forty-fourth additional provision of the LIRPF, where the conversion of securities has no tax effects.

Analysis based on 30 of 30 rulings with a stated position. Updated 24 September 2026.

Rulings on this topic

24
V3187-20 22 Oct 2020

Special LIRPF treatment available for preferred shares compensation

SG de Tributación de las Operaciones Financieras
participaciones preferentesrendimiento del capital mobiliarioautoliquidación complementariacompensacióncanje de valores LIRPF — Ley 35/2006 del IRPF art. 25.2LIRPF — Ley 35/2006 del IRPF art. disposición adicional cuadragésima cuarta
Affects CompanyExpat · Non-residentIndividual
V3290-18 28 Dec 2018

Amount received from conversion of preferred shares deemed as capital gain

SG de Tributación de las Operaciones Financieras
rendimiento del capital mobiliariobase imponible del ahorroparticipaciones preferentesconversión de valoresvalor de adquisición Ley 13/1985LIRPF — Ley 35/2006 del IRPF art. 25.2
Affects CompanyExpat · Non-residentIndividual
V1181-17 17 May 2017

Tax refunds for IRPF may be requested for interest on voided preferred shares

SG de Tributación de las Operaciones Financieras
participaciones preferentesrendimientos del capital mobiliarioganancia patrimonialrectificación de autoliquidaciónintereses legales LIRPF — Ley 35/2006 del IRPF art. 14.1.cLIRPF — Ley 35/2006 del IRPF art. 14.2.a
Affects CompanyExpat · Non-residentIndividual
V3725-16 6 Sept 2016

2013 tax return must be filed to offset negative returns on movable capital

SG de Tributación de las Operaciones Financieras
rendimientos del capital mobiliariobase imponible del ahorrocompensación de bases negativasparticipaciones preferentessaldo negativo LIRPF — Ley 35/2006 del IRPF art. 46LIRPF — Ley 35/2006 del IRPF art. 48
Affects CompanyExpat · Non-residentIndividual
V0675-16 18 Feb 2016

Income tax refunds may be requested for interest on voided preferred shares

SG de Tributación de las Operaciones Financieras
participaciones preferentesrendimientos del capital mobiliarioganancia patrimonialintereses legalesintereses de mora procesal LIRPF — Ley 35/2006 del IRPF art. 14.1.cLIRPF — Ley 35/2006 del IRPF art. 14.2.a
Affects CompanyExpat · Non-residentIndividual
V0088-16 14 Jan 2016

Taxpayers may claim refunds on IRPF paid on interest from voided preferred shares

SG de Tributación de las Operaciones Financieras
participaciones preferentesrendimientos del capital mobiliarionulidad de contratorectificación de autoliquidacióndevolución de ingresos indebidos LIRPF — Ley 35/2006 del IRPF art. 25.2LIRPF — Ley 35/2006 del IRPF art. DA 44
Affects CompanyExpat · Non-residentIndividual
V3316-15 27 Oct 2015

Taxpayers may claim refunds of Income Tax paid on interest from voided preferred shares

SG de Tributación de las Operaciones Financieras
participaciones preferentesrendimientos del capital mobiliarionulidad de contratorectificación de autoliquidacióndevolución de ingresos indebidos LIRPF — Ley 35/2006 del IRPF art. 25.2LIRPF — Ley 35/2006 del IRPF art. DA 44
Affects CompanyExpat · Non-residentIndividual
V2364-15 27 Jul 2015

Negative preferential share returns before 2015 can be offset by patrimonial gains

SG de Tributación de las Operaciones Financieras
participaciones preferentesrendimientos del capital mobiliarioganancias patrimonialesbase imponible del ahorrocompensación de saldos negativos LIRPF — Ley 35/2006 del IRPF art. 25.2LIRPF — Ley 35/2006 del IRPF art. 46.a)
Affects CompanyExpat · Non-residentIndividual
V3264-14 4 Dec 2014

Negative returns from preferred shares may be offset against capital gains

SG de Tributación de las Operaciones Financieras
participaciones preferentesrendimientos del capital mobiliarioganancias patrimonialesbase imponible del ahorrocompensación de rentas LIRPF — Ley 35/2006 del IRPF art. 25.2LIRPF — Ley 35/2006 del IRPF art. 46.a
Affects CompanyExpat · Non-residentIndividual

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