Doctrine by topic · DGT Observatory

Homogeneous 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 57 rulings · 2020–2026

Current position

The transfer of securities admitted to trading on secondary markets generates capital gains or losses. In the presence of homogeneous securities, the identification criterion of those acquired first is applied. Losses derived from transfers shall not be recognized when homogeneous securities are acquired in the two months preceding or following the transfer; these losses must only be integrated as the securities remaining in the assets are transferred.

The DGT's position remains constant in applying the identification criterion of the securities acquired first for homogeneous securities. The doctrine has specified that the status of homogeneous securities persists even if the shares have different nominal values or are acquired in different European Union markets with different currencies. Likewise, the treatment of losses not attributable under the two-month rule has been reaffirmed.

Turning points

  1. V1872-25

    Establishes that shares of the same company with the same nature and rights are homogeneous securities even if they are acquired in different EU markets and with different currencies.

Analysis based on 54 of 57 rulings with a stated position. Updated 18 September 2026.

Rulings on this topic

24
V1188-26 20 May 2026

Shareholding determines homogeneity and attribution of capital gains

SG de Impuestos sobre la Renta de las Personas Físicas
valores homogéneostitularidad dominicalganancias patrimonialescotitularidadrégimen económico matrimonial LIRPF — Ley 35/2006 del IRPF art. 11.1LIRPF — Ley 35/2006 del IRPF art. 11.5
Affects CompanyExpat · Non-residentIndividual
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
V0758-26 6 Apr 2026

To offset a 2025 capital loss, the 2025 sale must be definitive

SG de Impuestos sobre la Renta de las Personas Físicas
pérdida patrimonialrecompra de valoresvalores homogéneostransmisión definitivamercados secundarios LIRPF — Ley 35/2006 del IRPF art. 33.5.f)LIRPF — Ley 35/2006 del IRPF art. 33.5.g)
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
V2133-25 11 Nov 2025

Absorbed company shares not considered homogeneous

SG de Impuestos sobre la Renta de las Personas Físicas
valores homogéneospérdidas patrimonialesfusiónsociedad absorbidasociedad absorbente LIRPF — Ley 35/2006 del IRPF art. 33.5.fLIRPF — Ley 35/2006 del IRPF art. 33.5.g
Affects CompanyExpat · Non-residentIndividual
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

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