Skip to main content
Form 100. Personal Income Tax Return 2021

8.3.4. Offsetting negative items in the savings tax base

Negative items from previous years pending compensation as of January 1, 2021 may be:

  • Negative balances of capital gains from 2017, 2018, 2019 and 2020, pending compensation as of January 1, 2021, to be included in the taxable savings base.

  • Negative balances of capital gains and losses from 2017, 2018, 2019 and 2020, pending offset as of January 1, 2021, to be included in the savings tax base.

1 Offsetting of pending negative items from previous years with their respective positive balance of income or profits and losses for the year

  • The positive balance of income from movable capital for the year 2021, once said balance has been reduced by the offset of capital losses corresponding to the year 2021, may be offset against the balance of negative income from movable capital pending offset from the years 2017, 2018, 2019 and 2020.

  • The positive balance of profits and losses for the year 2021, once said balance has been reduced by the offset of the negative balance, if any, of capital gains obtained in the year 2021, may be offset against the balance of Losses pending offsetting for the years 2017, 2018, 2019 and 2020.

In no case will compensation be made outside the four-year period, by accumulating negative net balances or capital losses from subsequent years.

2. Offsetting of the remaining negative balances of capital gains and outstanding gains and losses from previous years not offset

  • If there are negative balances of capital gains from the years 2017, 2018, 2019 and 2020 that have not been offset as indicated above, they may be offset against the remaining positive balance, if any, of capital gains from the year 2021 up to the limit of 25% of said positive balance.

    This offset, together with the offset of negative balances of capital gains for 2021, may not jointly exceed the limit of 25% of the positive balance of profits and losses for 2021.

  • If there are negative balances of capital gains and losses from the years 2017, 2018, 2019 and 2020 that have not been offset, in which case, they may be offset against the remaining positive balance, if any, of income from movable capital from the year 2021, up to the limit of 25% of said positive balance.

    This offset, together with the offset of the negative balances of profits and losses for 2021 that are offset against the positive balance of capital gains for 2021, may not jointly exceed the limit of 25% of the positive balance of capital gains for 2021 before offsets.