diff --git a/gcc/ira-conflicts.cc b/gcc/ira-conflicts.cc
index 83274c53330..15ac42d8848 100644
--- a/gcc/ira-conflicts.cc
+++ b/gcc/ira-conflicts.cc
@@ -227,8 +227,9 @@ go_through_subreg (rtx x, int *offset)
   if (REGNO (reg) < FIRST_PSEUDO_REGISTER)
     *offset = subreg_regno_offset (REGNO (reg), GET_MODE (reg),
 				   SUBREG_BYTE (x), GET_MODE (x));
+  /* The offset is always 0 for paradoxical subregs.  */
   else if (!can_div_trunc_p (SUBREG_BYTE (x),
-			     REGMODE_NATURAL_SIZE (GET_MODE (x)), offset))
+			     REGMODE_NATURAL_SIZE (GET_MODE (reg)), offset))
     /* Checked by validate_subreg.  We must know at compile time which
        inner hard registers are being accessed.  */
     gcc_unreachable ();
diff --git a/gcc/testsuite/gfortran.dg/pr115281.f90 b/gcc/testsuite/gfortran.dg/pr115281.f90
new file mode 100644
index 00000000000..80aa822e745
--- /dev/null
+++ b/gcc/testsuite/gfortran.dg/pr115281.f90
@@ -0,0 +1,39 @@
+! { dg-options "-O3" }
+! { dg-additional-options "-mcpu=neoverse-v1" { target aarch64*-*-* } }
+
+SUBROUTINE fn0(ma, mb, nt)
+  CHARACTER ca
+  REAL r0(ma)
+  INTEGER i0(mb)
+  REAL r1(3,mb)
+  REAL r2(3,mb)
+  REAL r3(3,3)
+  zero=0.0
+  do na = 1, nt
+     nt = i0(na)
+     do l = 1, 3
+        r1 (l, na) =   r0 (nt)
+        r2(l, na) = zero
+     enddo
+  enddo
+  if (ca  .ne.'z') then
+     do j = 1, 3
+        do i = 1, 3
+           r4  = zero
+        enddo
+     enddo
+     do na = 1, nt
+        do k =  1, 3
+           do l = 1, 3
+              do m = 1, 3
+                 r3 = r4 * v
+              enddo
+           enddo
+        enddo
+     do i = 1, 3
+           do k = 1, ifn (r3)
+           enddo
+        enddo
+     enddo
+     endif
+END