Doctrine by topic · DGT Observatory

Transfer 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 52 rulings · 2014–2026

Current position

The transfer of shares generates a capital gain or loss that is imputed to the tax period in which the change in assets occurs, understanding the transfer of securities listed on an exchange as occurring through accounting transfer and its registration. The capital loss is not deductible if homogeneous securities are acquired in the two months preceding or following the transfer. Losses not deductible for this reason may be integrated as the securities remaining in the assets are transferred.

The DGT's position remains constant regarding the application of the ITPAJD (Transfer Tax and Stamp Duty) exemption against the possible evasion of the real estate transfer tax. Throughout the rulings, technical aspects have been specified regarding the imputation of losses due to the repurchase of homogeneous securities and the exact moment of transfer for securities listed on an exchange.

Turning points

  1. V1114-21

    Establishes that losses not deductible due to the repurchase of homogeneous securities may be integrated as the securities remaining in the assets are transferred.

  2. V5289-26

    Specifies that for securities represented by entries in a register, the transfer occurs through accounting transfer and must be imputed in the fiscal year of its entry or registration.

Analysis based on 48 of 52 rulings with a stated position. Updated 18 September 2026.

Rulings on this topic

24
V5289-26 28 Jul 2026

Gain on share sale attributed to exercise of transfer registration

SG de Impuestos sobre la Renta de las Personas Físicas
ganancia patrimonialimputación temporalanotaciones en cuentatransferencia contabletransmisión de valores LIRPF — Ley 35/2006 del IRPF art. 14.1.cLIRPF — Ley 35/2006 del IRPF art. 33.1
Affects CompanyExpat · Non-residentIndividual
V0937-26 27 Apr 2026

Cannot apply temporary regime of DT 40 under LIS if pre-2021 ownership exceeded 5%

SG de Impuestos sobre las Personas Jurídicas
exención de dividendosrégimen transitoriovalor de adquisiciónporcentaje de participacióntransmisión de valores LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 21.1.aLIS — Ley 27/2014 del Impuesto sobre Sociedades art. DT 40ª
Affects CompanyExpat · Non-residentIndividual
V2234-25 24 Nov 2025

Investment fund holdings replicating the same index are not homogeneous

SG de Tributación de las Operaciones Financieras
valores homogéneospérdidas patrimonialesfondos de inversióníndice de referenciatransmisión de valores LIRPF — Ley 35/2006 del IRPF art. 33.5.fLIRPF — Ley 35/2006 del IRPF art. 33.5.g
Affects CompanyExpat · Non-residentIndividual
V0736-24 16 Apr 2024

Sale of government bonds classified as income from movable capital

SG de Tributación de las Operaciones Financieras
rendimientos del capital mobiliariocesión de capitales propiostransmisión de valoresvalor de transmisiónvalor de adquisición LIRPF — Ley 35/2006 del IRPF art. 25.2.bLGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual
V2573-22 20 Dec 2022

Transfer of shares exempt from ITPAJD or VAT if no avoidance motive exists

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
transmisión de valoresánimo de elusiónmercado secundarioexenciónpatrimonio empresarial TRITPAJD — RDLeg 1/1993 de ITP y AJD art. 7TRITPAJD — RDLeg 1/1993 de ITP y AJD art. 45.I.B).9
Affects CompanyExpat · Non-residentIndividual

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