Doctrine by topic · DGT Observatory

Repurchase of Securities: 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 27 rulings · 2014–2026

Current position

The repurchase of securities generates income from movable capital based on the difference between the repurchase price and the acquisition or subscription value. If an award is issued, the difference between the maximum amount to be restored and the initial subscription value is taxed. Losses from the transfer of securities admitted to trading are not recognized if homogeneous securities are acquired in the two months preceding or following the sale.

The DGT's position remains constant in classifying a repurchase as income from movable capital. The evolution focuses on technical precision regarding the treatment of capital losses not recognized due to the acquisition of homogeneous securities. The most recent rulings reinforce the requirement that subsequent transfers must be definitive to allow for the integration of said losses.

Turning points

  1. V3013-16

    Establishes that the acquisition of homogeneous securities in the two months following the transfer prevents the immediate recognition of the capital loss. The loss will only be integrated when the securities remaining in the assets are transferred.

  2. V2861-20

    Specifies that to integrate the unrecognized losses, the transfers of the remaining securities must be definitive, avoiding new repurchases within the legal timeframes.

Analysis based on 27 of 27 rulings with a stated position. Updated 24 September 2026.

Rulings on this topic

24
V0709-24 16 Apr 2024

Offsetting 2022 share losses against 2023 share gains and real estate losses

SG de Impuestos sobre la Renta de las Personas Físicas
ganancia patrimonialpérdida patrimonialvalores homogéneosbase imponible del ahorrorecompra de valores LIRPF — Ley 35/2006 del IRPF art. 33.5LIRPF — Ley 35/2006 del IRPF art. 44
Affects CompanyExpat · Non-residentIndividual
V0363-21 25 Feb 2021

Pending capital losses may be offset if securities transfers are definitive

SG de Impuestos sobre la Renta de las Personas Físicas
pérdidas patrimonialesvalores homogéneostransmisión definitivarecompra de valoresmercados secundarios oficiales LIRPF — Ley 35/2006 del IRPF art. 33.5LGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual
V1972-15 23 Jun 2015

Choice between general or special treatment for subordinated debt offsets

SG de Tributación de las Operaciones Financieras
deuda subordinadarendimiento del capital mobiliariopérdida patrimonialcompensaciónrenta del ahorro LIRPF — Ley 35/2006 del IRPF art. 14.1.aLIRPF — Ley 35/2006 del IRPF art. 14.1.c
Affects CompanyExpat · Non-residentIndividual
V1177-15 16 Apr 2015

Incentive retention and loyalty payments taxed as mobile capital income

SG de Tributación de las Operaciones Financieras
rendimientos del capital mobiliarioincentivo de permanenciaplan de fidelizaciónvalor de transmisiónrecompra de valores LIRPF — Ley 35/2006 del IRPF art. 21LIRPF — Ley 35/2006 del IRPF art. 25.2
Affects CompanyExpat · Non-residentIndividual
V1001-14 8 Apr 2014

Purchase of preferred shares generates capital gains in income tax

SG de Tributación de las Operaciones Financieras
rendimientos del capital mobiliarioparticipaciones preferentesdeuda subordinadabase imponible del ahorroganancia o pérdida patrimonial LIRPF — Ley 35/2006 del IRPF art. 14.1.aLIRPF — Ley 35/2006 del IRPF art. 25.2
Affects CompanyExpat · Non-residentIndividual

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