Skip to main content
Practical manual for Income Tax 2020.

General rules

As indicated, in this case, capital gains are considered to be the positive differences between the market value of the shares or interests of any type of entity owned by the taxpayer, and their acquisition value .

To calculate the aforementioned capital gain the market value of the shares or interests on the accrual date of last tax period that must be declared for IRPF will be taken into account determined in accordance with the following rules:

a) Securities admitted to trading on any of the regulated securities markets defined in Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments and representing equity participation in companies or entities shall be valued at their market price.

Directive 2004/39/ EC has been repealed with effect from 3 January 2017 by Directive 2014/65/ EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments. This, in its article 94, provides that references to Directive 2004/39/ EC will be understood as references to Directive 2014/65/ EU .

b) Securities not admitted to trading on any of the regulated securities markets as defined in Directive 2004/39/ EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments and representing equity participation in companies or entities, shall be valued, unless there is evidence of a different market value, at the highest of the following two :

  • The net worth corresponding to the values resulting from the balance sheet for the last fiscal year closed prior to the date of accrual of the Tax.

  • The result of capitalizing at a rate of 20 percent the average of the results of the three fiscal years closed prior to the date of accrual of the Tax.

    For this purpose, dividends distributed and allocations to reserves, excluding those for adjustment or updating of balance sheets, will be recorded as profits.

    Note: Please note that Directive 2004/39/ EC has been repealed with effect from 3 January 2017 by Directive 2014/65/ EU , of the European Parliament and of the Council, of May 15, 2014, relating to markets in financial instruments. This, in its article 94, provides that references to Directive 2004/39/EC will be understood as references to Directive 2014/65/EU.

c) The shares or interests representing the capital or assets of collective investment institutions will be valued by:

  • The net asset value applicable on the accrual date of the last tax period to be declared for this tax or, failing that, the last published net asset value.
  • When there is no liquidation value, the value of the net assets corresponding to the shares or interests resulting from the balance sheet for the last fiscal year closed prior to the aforementioned accrual date will be taken, unless there is proof of a different market value.

Temporary attribution and tax return and deposit

Capital gains must be included in the tax base corresponding to the last period to be declared for the IRPF by filing a supplementary self-assessment, without any penalty, late payment interest or surcharge, within the tax declaration period corresponding to the first year in which the taxpayer did not have such status as a result of the change of residence.

Regarding the imputation criteria for change of residence to another country, see article 14.3 of the Personal Income Tax Law

Note: In the 2020 supplementary self-assessment, capital gains from a change of residence outside of Spanish territory must be declared in the section corresponding to section F4 of the declaration.

However, if the taxpayer were to once again acquire the status of taxpayer without having transferred ownership of the shares or interests, he or she may request a correction of the self-assessment in order to obtain a refund of the amounts paid corresponding to the capital gains declared in application of this special regime.

The request for rectification may be submitted from the end of the declaration period corresponding to the first tax period to be declared for this tax.

As regards the payment of late payment interest, it will accrue from the date on which the payment was made until the date on which the refund payment is ordered.