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V0890-24 23 April 2024 · SG de Tributos Criterion in force
OTRO · modelo 720

Pension plans abroad are not subject to Form 720 if they do not fall within the required categories of assets and rights

A Spanish tax resident asks whether UK pension rights must be declared in model 720. The DGT states that consolidated pension rights are not included in reporting assets, except where there is a life insurance-like right of redemption or a contingency arises.

The question raised

Question raised The taxpayer has resided in the United Kingdom from April 2012 to June 2021. As of this latter date, they declare to be a tax resident in Spain.

The DGT's ruling

Los derechos consolidados en un plan de pensiones en el extranjero no forman parte de los bienes y derechos sujetos a la declaración informativa del modelo 720. No existe obligación de informar siempre que no se haya producido una contingencia que permita percibir prestaciones y que el plan no otorgue un derecho de rescate al partícipe en términos propios de un seguro de vida. Si se produjera una contingencia, el beneficiario sí estaría obligado a informar según el valor de rescate o la renta constituida.

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