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V0193-25 19 February 2025 · SG de Operaciones Financieras Criterion in force
IRPF · rendimientos del capital mobiliario

The capital received from a life savings insurance policy is taxed as income from movable capital

A taxpayer inquires about the taxation of the capital from a life insurance policy contracted in 1996 upon its maturity in 2024. The DGT responds that the profit obtained constitutes income from movable capital and that the insurer must apply a withholding tax of 19 percent.

The question raised

Question raised: Taxation of the benefit received and calculation of the applicable withholding tax.

The DGT's ruling

The receipt of a capital sum for survival in an individual life insurance policy constitutes income from movable capital. The income is calculated by subtracting the premiums paid from the capital received, and the portion of the premiums corresponding to the capital at risk for death or disability may also be deducted if this has been equal to or less than 5% of the mathematical provision throughout the entire term. The insurance entity must apply a withholding tax of 19% on the amount included in the tax base.

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