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Form 100. Personal Income Tax Return 2024

8.1.4. Offsetting negative items in the savings tax base

Negative items from previous years pending offset as of January 1, 2024 may be:

  • Negative balances of capital gains from 2020, 2021, 2022, and 2023 pending offset as of January 1, 2024, to be included in the savings tax base.

  • Negative balances of capital gains and losses from 2020, 2021, 2022, and 2023 pending offset as of January 1, 2024, to be included in the savings tax base.

1. Offsetting the negative items pending 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 2024 financial year, after reducing said balance by the offsetting of capital losses corresponding to the 2024 financial year, may be offset by the balance of negative income from movable capital pending offset from the 2020, 2021, 2022, and 2023 financial years.

  • The positive balance of profits and losses for the 2024 financial year, once said balance has been reduced by the offset of the negative balance, if any, of income from movable capital obtained in the 2024 financial year, may be offset against the balance of the Losses pending offset for the 2020, 2021, 2022 and 2023 financial years.

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 income from movable capital for the years 2020, 2021, 2022 and 2023 that have not been offset as indicated above, they may be offset against the remaining positive balance, if any, of capital gains for the year 2024 up to a limit of 25% of said positive balance.

    This offset, along with the offset of negative capital gains balances for 2024, may not jointly exceed the limit of 25% of the positive balance of profits and losses for 2024.

  • If there are negative balances of capital gains and losses from the years 2020, 2021, 2022 and 2023 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 2024, up to a limit of 25% of said positive balance.

    This offset, together with the negative balances of profits and losses for 2024 that are offset by the positive balance of income from movable capital for 2024, may not jointly exceed the limit of 25% of the positive balance of income from movable capital for 2024 before offsets.

By clicking on the icon "More info" located after box 0460, a window will open displaying information regarding the negative balances of capital gains and losses and the negative balances of income from movable capital pending application at the beginning of the period, the amounts applied in this declaration, and the balances pending compensation in the following 4 fiscal years.