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A taxpayer inquired about the tax implications for their Personal Income Tax (IRPF) regarding a unit-linked life insurance contract involving financial instruments. The Directorate General for Taxes (DGT) ruled that, as the taxpayer is neither the policyholder nor the beneficiary of the insurance, they do not derive income from movable capital from this transaction.
Question posed: Inquiry regarding the impact on the applicant's Personal Income Tax (IRPF) concerning the aforementioned insurance contract.
Life insurance policies where the policyholder assumes the investment risk (unit linked) require the imputation of the difference between the net asset value of the assets at the end and at the beginning of the tax period as income from movable capital. However, since in the cases presented the applicant does not act as either the policyholder or the beneficiary, no income from movable capital is obtained by them.
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