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A taxpayer over 65 years of age inquired whether they could apply the reinvestment exemption to a life annuity after entering into a contract that included a capital sum in the event of death. The DGT responds that it is not possible to apply the exemption because the contract is not a pure life annuity and does not comply with the established co-insurance limits.
Question posed: Possibility of applying the exemption for reinvestment in life annuities to the capital gain obtained, as provided for in the Personal Income Tax Law.
To apply the exemption, the life annuity must meet the requirements of Article 38.3 of the LIRPF and Article 42 of the RIRPF. In contracts with co-insurance formulas, the amount to be received upon death may not exceed the maximum percentages provided in the ninth additional provision of the RIRPF. If the death benefit exceeds the amount of the single premium and the annuity is very low, it is not considered a life annuity within the meaning of the regulation and the tax exclusion does not apply.
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