Doctrine by topic · DGT Observatory

Negative Returns: 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 10 rulings · 2014–2025

Current position

Negative returns on movable capital are determined by the difference between the payments received and the acquisition value. In cases of insolvency, the quantification of the negative return requires the completion of the total liquidation of the credit. These returns are integrated into the savings tax base for compensation purposes.

The DGT's position remains stable regarding the treatment of negative returns on movable capital. Rulings concerning insolvency proceedings are consistent in requiring the completion of the liquidation to quantify the loss. No doctrinal changes are observed in the analyzed sequence.

Analysis based on 10 of 10 rulings with a stated position. Updated 28 September 2026.

Rulings on this topic

10
V0728-17 21 Mar 2017

Negative returns due to issuer insolvency

SG de Tributación de las Operaciones Financieras
rendimientos del capital mobiliariorendimiento negativobase imponible del ahorroprocedimiento de insolvenciavalor de adquisición LIRPF — Ley 35/2006 del IRPF art. 25.2.bLIRPF — Ley 35/2006 del IRPF art. 46
Affects CompanyExpat · Non-residentIndividual
V2953-14 3 Nov 2014

Negative capital gains determined when total payments received are known

SG de Tributación de las Operaciones Financieras
rendimientos del capital mobiliariorendimiento negativobase imponible del ahorroinsolvencia judicialvalor de adquisición LIRPF — Ley 35/2006 del IRPF art. 25.2.bLIRPF — Ley 35/2006 del IRPF art. 46
Affects CompanyExpat · Non-residentIndividual

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