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V1599-25 10 September 2025 · SG de Tributación de las Operaciones Financieras Criterion in force
IRPF · rendimientos del trabajo

75% of Banco Mutuality pension deemed as income from work

The consultant asks how pensions from Banco Mutuality contributions between 1970 and 1978 are taxed. The DGT states that, in line with the Supreme Court, these pensions must be included in the taxable base at 75%.

The question raised

Application of the second transitional provision of Law 35/2006 to the Social Security benefit derived from contributions to the Banking Labor Mutual Fund.

The DGT's ruling

Retirement benefits derived from contributions to the Banking Labor Mutual Fund made between January 1, 1967, and December 31, 1978, must be included as employment income. Since such contributions were not deductible under the legislation in force, the Second Transitional Provision of the Personal Income Tax Law (LIRPF) applies. Consequently, 75% of the amount of the benefits received shall be included.

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