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The consultant asks whether a life insurance annuity taken in 1987 is exempt under article 7.ñ) of the LIRPF. The DGT responds that it is not, as the policy does not meet the requirements to be considered a long-term savings plan.
Question posed: Possibility of applying the exemption provided for in Article 7. ñ) of the Personal Income Tax Law.
The exemption under Article 7.n) of the LIRPF only applies to income from life insurance or financial contracts that implement Long-Term Savings Plans under the requirements of the twenty-sixth additional provision. The life insurance held by the taxpayer, contracted in 1987, does not comply with the terms and conditions of these plans. Therefore, the monthly life annuity received constitutes income from movable capital pursuant to Article 25.3.a) of the LIRPF.
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