Doctrine by topic · DGT Observatory

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 9 rulings · 2015–2026

Current position

The creation or transfer of rights to use or enjoy securities representing participation in equity is classified as income from movable capital. In the event of a gratuitous creation, the presumption of onerousness applies based on its normal market value, unless proven otherwise. On the other hand, the purchase and sale of securities from private assets does not constitute a business or professional activity.

The DGT's position remains constant in two aspects. First, the classification of rights to use or enjoy securities as income from movable capital and its presumption of onerousness has been reiterated without changes since 2015. Second, the non-business nature of the purchase and sale of securities from private assets is confirmed in the most recent rulings.

Analysis based on 8 of 9 rulings with a stated position. Updated 30 September 2026.

Rulings on this topic

9
V1103-26 18 May 2026

Private wealth management does not affect VAT deduction prorata

SG de Impuestos sobre el Consumo
prorrata de deducciónactividad empresarialpatrimonio privadovolumen de operacionesvalores mobiliarios LIVA — Ley 37/1992 del IVA art. 4LIVA — Ley 37/1992 del IVA art. 5
Affects CompanyExpat · Non-residentIndividual
V2748-16 16 Jun 2016

Clients of a non-custodian branch must file Form 720 for foreign assets

SG de Tributos
modelo 720modelo 189entidad depositariaobligación de informaciónvalores mobiliarios RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 39.1RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter.1
Affects CompanyExpat · Non-residentIndividual
V1125-15 13 Apr 2015

Creation of a usufruct over securities is taxed as income from movable capital

SG de Impuestos sobre la Renta de las Personas Físicas
rendimientos del capital mobiliariousufructovalores mobiliariospresunción de onerosidadvalor normal de mercado LIRPF — Ley 35/2006 del IRPF art. 6.5LIRPF — Ley 35/2006 del IRPF art. 25.1.c
Affects CompanyExpat · Non-residentIndividual

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