Enter your savings income
📊 Breakdown by savings bracket 2026
Spain’s savings income tax (impuesto sobre la base del ahorro) is the component of IRPF that applies to capital income: capital gains from selling shares, property, or cryptocurrency, dividends distributed by companies, and interest from bank deposits and bonds. Unlike employment income — which can be taxed at up to 47% at the top marginal rate — savings income is subject to a separate, more moderate progressive scale ranging from 19% to 28% in 2026. This tariff is identical for all types of savings income regardless of source. Three key areas determine how much you actually pay: loss offsetting (up to 4 years of prior losses), the holding period (only assets held over 12 months qualify for the savings tariff), and withholding taxes already deducted at source by your bank or broker.
📊 Savings tax brackets 2026
The following scale applies to all savings income in the IRPF, regardless of type:
| Savings taxable base up to | Cumulative quota | Next bracket up to | Rate |
|---|---|---|---|
| €6,000 | — | — | 19% |
| €50,000 | €1,140 | €44,000 | 21% |
| €200,000 | €10,380 | €150,000 | 23% |
| €300,000 | €44,880 | €100,000 | 27% |
| Onwards | €71,880 | No limit | 28% |
Progressivity is mild compared to the general employment scale (up to 47%). An investor with €50,000 in capital gains pays an effective rate of just 20.76% — not 21%.
🔍 What counts as savings income?
The following qualify as savings income (taxed at 19%–28%):
- Capital gains from the sale of assets held over 12 months: shares, fund units, ETFs, cryptocurrencies, real estate, land, art
- Dividends from Spanish and foreign companies
- Interest from current accounts, time deposits, bonds, treasury bills, and loans to third parties
- Returns from savings insurance products (life-savings and unit-linked plans)
Not included in the savings base (taxed in the general base at the marginal employment rate):
- Gains from the sale of assets held under 12 months (short-term)
- Rental income from real estate (taxed in the general base as capital income)
- Gambling winnings and lottery prizes (subject to a special levy)
📝 Worked examples
Example 1: Share sale with €10,000 capital gain
Profile: David sells shares held for 3 years with a €10,000 gain. No prior losses. Spanish tax resident.
- Savings base: €10,000
- Bracket 1 (€6,000 × 19%): €1,140
- Bracket 2 (€4,000 × 21%): €840
- Total savings tax: €1,980 (effective rate: 19.80%)
If David had €3,000 in prior-year losses, he would only pay tax on €7,000: €1,140 + (€1,000 × 21%) = €1,350 (effective rate: 13.5% on gross €10,000).
Example 2: Property sale with €100,000 gain
Profile: Elena sells a flat she bought in 2016 for €180,000 at €280,000 in 2026 (€100,000 gross gain; eligible acquisition and improvement costs deductible in practice). She is under 65 and does not reinvest in a new home.
- Savings base: €100,000
- Bracket 1 (€6,000 × 19%): €1,140
- Bracket 2 (€44,000 × 21%): €9,240
- Bracket 3 (€50,000 × 23%): €11,500
- Total savings tax: €21,880 (effective rate: 21.88%)
If Elena were over 65 and reinvested the proceeds in a lifetime annuity (renta vitalicia), the entire €21,880 would be exempt up to €240,000.
Example 3: Mixed dividends and interest — €60,000 annually
Profile: Roberto receives €40,000 in dividends and €20,000 in deposit interest. Total savings base: €60,000.
- Bracket 1 (€6,000 × 19%): €1,140
- Bracket 2 (€44,000 × 21%): €9,240
- Bracket 3 (€10,000 × 23%): €2,300
- Total savings tax: €12,680 (effective rate: 21.13%)
His bank and companies already withheld 19% in source (€11,400). Roberto must pay an additional €1,280 in his annual tax return.
⚠️ Common mistakes
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Forgetting prior-year losses: Capital losses from the previous 4 fiscal years offset this year’s gains. A €5,000 loss in 2022 against a €15,000 gain in 2026 means paying tax only on €10,000.
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Including short-term gains in the savings base: Gains on assets held under 12 months go into the general tax base and are taxed at the marginal employment rate, not the savings tariff. At a high salary, this can mean paying 45% instead of 19%.
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Failing to declare withheld taxes: Banks and brokers withhold 19% at source on dividends and interest. This must be declared and offset against the final quota in the annual return — otherwise you may pay the tax twice or miss a refund.
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Confusing IRPF property gain with Plusvalía Municipal: The IRPF capital gain on property goes to the savings base. The Municipal Capital Gains Tax (IIVTNU — Plusvalía Municipal) is a separate local tax paid by the seller to the local council, calculated on land value increment, not on the sale price.
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Assuming investment funds and shares work identically: Funds qualify for tax deferral: you can switch between funds without triggering tax until the final redemption. Each share sale creates a taxable event immediately. For long-term, actively rebalanced portfolios, funds are significantly more tax-efficient.
💼 Special cases
Exemption for persons over 65
Individuals over 65 can sell their habitual residence free from IRPF on the capital gain. Any asset can also be sold tax-free provided the total proceeds (up to €240,000) are immediately invested in a qualifying lifetime annuity contracted with a Spanish insurer.
Cross-offsetting between capital gains and capital income
Capital losses (shares, funds) directly offset capital gains. Additionally, up to 25% of uncompensated capital losses can be applied against capital income (dividends, interest) in the same year. Any remaining loss balance carries forward up to 4 years. This cross-offsetting mechanism is defined in Article 49 of the IRPF Act.
❓ Frequently Asked Questions (FAQ)
On €20,000 gain (shares held over 12 months): Bracket 1 (€6,000 × 19%) = **€1,140** + Bracket 2 (€14,000 × 21%) = **€2,940**. Total: **€4,080**. Effective rate: **20.4%**. If you have compensable losses from prior years, deduct those first from the €20,000 before applying the tariff.
The IRPF tariff (19%–28%) is identical for both. The crucial difference is that **investment funds offer tax deferral**: you can switch between funds without paying any tax until the final redemption. Each individual share sale triggers a taxable event immediately. For investors who rebalance regularly, funds are significantly more tax-efficient than holding individual shares directly.
Dividends are taxed at **19%** (first €6,000), **21%** (€6,001–€50,000), **23%** (€50,001–€200,000), **27%** (€200,001–€300,000), and **28%** (above €300,000). The payer withholds **19%** at source. In your annual return, you reconcile the difference: if your effective rate on total savings income exceeds 19%, you pay more; if it is below 19% (total savings under €6,000), you may receive a refund of the excess withheld.
Partially. Capital losses from shares, funds, or crypto **directly offset capital gains** of any type first. If any losses remain uncompensated after offsetting gains, up to **25%** of the remaining loss balance can be applied against capital income (dividends, interest) in the same year. Any balance still outstanding carries forward for **up to 4 years** to offset future gains and income.
Three main exemptions apply: 1) **Reinvestment in a new habitual residence**: sell your main home and reinvest all proceeds in another main home within 2 years (also 2 years before the sale if you already bought). 2) **Persons over 65**: the gain on the sale of a habitual residence is always fully exempt. 3) **Lifetime annuity reinvestment** (persons over 65): any asset, up to €240,000 reinvested in a qualifying annuity.
Yes. Gains from crypto assets held over 12 months qualify for the savings tariff (19%–28%). Gains from crypto held under 12 months go into the general tax base (marginal employment rate). Since 2024, exchanges serving Spanish users are required to report to AEAT, and **Form 721** must be filed for foreign exchange balances exceeding €50,000. Swapping between cryptocurrencies (e.g. Bitcoin for Ethereum) constitutes a taxable disposal and must be declared.
Yes. Interest from Letras del Tesoro, Government Bonds, and bank deposits all fall in the savings base and are taxed at the same 19%–28% progressive scale. The state withholds 19% at source on government bond interest, just as banks do on deposit interest. The differences are financial (yield, risk, liquidity, term) rather than fiscal.
Spanish banks, companies, and brokers withhold **19%** at source on dividends and interest paid to Spanish tax residents. This is an advance payment on the annual IRPF. If your effective savings tax rate exceeds 19% (total savings income above €6,000), you pay the difference in the annual return. If it is below 19%, you claim a refund. For foreign income (dividends from overseas shares), the withholding rate may differ under the applicable tax treaty, and a foreign tax credit can reduce the Spanish tax due.