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V0332-15 29 January 2015 · SG de Tributación de las Operaciones Financieras Criterion in force
IRPF · rendimientos del trabajo

The 40% reduction cannot be applied to the benefit of a collective insurance policy contracted in 2012

A retiree inquires whether they can apply a 40% reduction upon receiving a benefit from a collective pension insurance policy in the form of a lump sum. The DGT responds that, as the insurance was contracted in 2012, the requirements to apply the transitional regime of the law are not met.

The question raised

Question raised: Taxation of the benefit. Possibility of applying a 40 percent reduction to said lump sum.

The DGT's ruling

The benefit from a collective insurance policy that implements pension commitments is included in the tax base as employment income. The 40% reduction for receipt in the form of a lump sum is only applicable through the transitional regime of the eleventh transitional provision of Law 35/2006. This regime only covers insurance policies contracted prior to January 20, 2006. As the contract dates to 2012, said reduction is not applicable.

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