Doctrine by topic · DGT Observatory

Net Asset Value: 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 13 rulings · 2016–2026

Current position

The capital gain or loss is determined by the difference between the acquisition value and the net asset value applicable on the date of the transfer. For funds in foreign currency, the exchange rate of the acquisition date and the reimbursement date must be used to convert the values into euros. Shares of different classes within the same sub-fund are not considered homogeneous securities if their management fees affect the net asset value, which prevents the application of the FIFO criterion between them.

The DGT's position remains stable regarding the definition of capital gains through the difference between the acquisition value and the net asset value. The doctrine has progressively refined technical aspects such as foreign currency conversion and the homogeneity of shares. The latest ruling establishes that the difference in management fees prevents treating different classes of shares as homogeneous securities.

Turning points

  1. V0207-24

    Specifies that for funds in a currency other than the euro, the gain is determined by comparing the acquisition and reimbursement values converted into euros using their respective exchange rates.

  2. V0796-26

    Establishes that shares of different classes are not homogeneous securities if management fees affect the net asset value, prohibiting the use of the FIFO criterion between them.

Analysis based on 13 of 13 rulings with a stated position. Updated 26 September 2026.

Rulings on this topic

13
V0796-26 9 Apr 2026

Different fund classes with varying fees are not homogeneous values

SG de Tributación de las Operaciones Financieras
valores homogéneoscriterio fifofondo de inversiónvalor liquidativocomisiones de gestión LIRPF — Ley 35/2006 del IRPF art. 94.1.aLIRPF — Ley 35/2006 del IRPF art. 94.2.a
Affects CompanyExpat · Non-residentIndividual
V0327-26 16 Feb 2026

Losses cannot be offset in IRPF for lucrative share transfers

SG de Tributación de las Operaciones Financieras
pérdida patrimonialtransmisión lucrativafondo de inversiónvalor liquidativotransmisión onerosa LIRPF — Ley 35/2006 del IRPF art. 33.5.cLIRPF — Ley 35/2006 del IRPF art. 34
Affects CompanyExpat · Non-residentIndividual
V1499-20 20 May 2020

No mandatory to file Model 720 for foreign investment funds marketed in Spain

SG de Tributos
instituciones de inversión colectivadeclaración informativaentidades comercializadorasbienes en el extranjeroobligación de informar RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter.2LIRPF — Ley 35/2006 del IRPF art. 100
Affects CompanyExpat · Non-residentIndividual
V2643-17 17 Oct 2017

Obligation to file Model 720 following loss of foreign shareholding

SG de Tributos
modelo 720obligación de informacióntitularidadvalores en el extranjeropérdida de titularidad RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter.1RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter.2
Affects CompanyExpat · Non-residentIndividual

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