Doctrine by topic · DGT Observatory

Transfer of 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 39 rulings · 2014–2026

Current position

The transfer of shares admitted to trading does not allow for the recognition of capital losses if homogeneous securities are acquired in the two months preceding or following the transaction. These non-imputable losses shall only be integrated as the securities remaining in the taxpayer's assets are transferred. As a general rule, the transfer of shares is an operation exempt from IVA (Value Added Tax), unless the anti-avoidance clause is applied for transferring securities to avoid real estate transfer tax.

The DGT's position on the transfer of shares is stable regarding its IVA exemption, maintaining the application of the anti-avoidance clause. Regarding capital losses from securities admitted to trading, the doctrine has been consolidated through the application of the rule of homogeneous securities. The most recent rulings (V0624-24 and V5316-26) confirm that the loss is only integrated as the remaining securities are transferred.

Turning points

  1. V2216-18

    Establishes that the transfer of shares is exempt from IVA as long as they are not used to evade real estate transfer tax.

  2. V0624-24

    Specifies that the capital loss from homogeneous securities shall only be integrated as the securities remaining in the assets are transferred.

Analysis based on 33 of 39 rulings with a stated position. Updated 23 September 2026.

Rulings on this topic

24
V1113-25 26 Jun 2025

Dividends taxed as capital income; share sales as capital gains

SG de Impuestos sobre la Renta de las Personas Físicas
rendimientos del capital mobiliarioganancia patrimonialdividendostransmisión de accionesvalor de adquisición LIRPF — Ley 35/2006 del IRPF art. 25.1.aLIRPF — Ley 35/2006 del IRPF art. 33.1
Affects CompanyExpat · Non-residentIndividual
V1643-22 8 Jul 2022

Dividend income is attributed to shareholder, not deductible

SG de Impuestos sobre la Renta de las Personas Físicas
ganancia patrimonialtransmisión de accionescuentas en participaciónvalor de adquisiciónvalor de transmisión LIRPF — Ley 35/2006 del IRPF art. 11.5LIRPF — Ley 35/2006 del IRPF art. 33.1
Affects CompanyExpat · Non-residentIndividual
V1712-20 1 Jun 2020

Capital losses cannot be recognised solely through the holding of zero-value shares

SG de Impuestos sobre la Renta de las Personas Físicas
ganancias y pérdidas patrimonialesalteración en la composición del patrimoniovalor cerotransmisión de accionesdisolución de sociedad LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 33.5
Affects CompanyExpat · Non-residentIndividual
V2666-19 30 Sept 2019

Capital gains or losses from share sales are attributed to the beneficial owner

SG de Impuestos sobre la Renta de las Personas Físicas
ganancias y pérdidas patrimonialestitularidad dominicaltitularidad formalindividualización de rentastransmisión de acciones LIRPF — Ley 35/2006 del IRPF art. 11.1LIRPF — Ley 35/2006 del IRPF art. 11.5
Affects CompanyExpat · Non-residentIndividual
V1353-19 10 Jun 2019

Tax treatment of dividends, coupons and capital gains for physical persons

SG de Impuestos sobre la Renta de las Personas Físicas
rendimientos del capital mobiliarioganancias patrimonialesdividendoscupónrenta del ahorro LIRPF — Ley 35/2006 del IRPF art. 21LIRPF — Ley 35/2006 del IRPF art. 25.1
Affects CompanyExpat · Non-residentIndividual
V0277-18 7 Feb 2018

Losses from share investments cannot be offset against rental income

SG de Impuestos sobre la Renta de las Personas Físicas
ganancias y pérdidas patrimonialesbase imponible del ahorrobase imponible generaltransmisión de accionescompensación de pérdidas LIRPF — Ley 35/2006 del IRPF art. 33LIRPF — Ley 35/2006 del IRPF art. 34
Affects CompanyExpat · Non-residentIndividual

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