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Form 100. Personal Income Tax Return 2022

8.1.2. Offsetting negative items in the general tax base

Offsetting negative items outstanding from previous years

Negative balances of capital gains and losses from 2018, 2019, 2020 and 2021 pending offset as of January 1, 2022 not derived from the transfer of assets will be offset:

  • Firstly, with the positive balance of capital gains and losses obtained in the year up to the maximum amount of said balance.

  • Secondly, with the positive balance of the returns and income imputations, once said balance has been reduced by the offset of the negative balance, if any, of losses and profits obtained in the year.

The offsetting of negative balances of capital gains and losses for the financial year and previous financial years pending offsetting may not jointly exceed the limit of 25% of the positive balance of income and income imputations before said offsets.