摘要：This work studies if they take place or lack case of fiscal neutrality in the Spanish IRPF (Personal Income Tax), analysing if the assumptions are taxed the same in which the equality of the present value of the financial flow generated by different financial designs takes place. According with the above mentioned, this study wants to show that the previous assumption is verified when a same financial yield that takes place with the premium received by the sale of an option put or with the profit obtained by the purchase of an option call. Depending on the structure in which it appears will pay tax like a capital gain in a personal income tax or a personal wealth tax, settling down important differences of fiscality between two products that generate flows financially identical.
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