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Negotiable 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

Stable position High confidence 9 rulings · 2015–2021

Current position

Negotiable securities include shares, units in collective investment institutions, and preemptive subscription rights. Derivative financial instruments, such as futures contracts or CFDs, are not considered negotiable securities. The classification of an asset as an equity interest depends on the rights it grants and not on the blockchain technology employed.

The DGT maintains a clear distinction between negotiable securities and derivative financial instruments. Throughout various rulings, it has been specified that preemptive subscription rights are indeed negotiable securities (V1638-19), whereas futures and CFDs are not (V3755-16, V2770-19). Recently, it has been established that the nature of a digital asset depends on its economic rights and not on its technology (V0766-21).

Turning points

  1. V1638-19

    Defines preemptive subscription rights as negotiable securities as they grant the right to acquire shares.

  2. V0766-21

    Establishes that blockchain technology does not determine the tax classification of an asset, but rather the rights to participate in equity and results.

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

Rulings on this topic

9
V2770-19 9 Oct 2019

Loss exclusion rules do not apply to contracts for differences (CFD)

SG de Tributación de las Operaciones Financieras
contratos por diferenciaspérdidas patrimonialesvalores negociablesinstrumentos financierosactivos subyacentes LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 33.5.e
Affects CompanyExpat · Non-residentIndividual

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