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V1904-20 11 June 2020 · SG de Tributación de las Operaciones Financieras Criterion in force
IRPF · rendimientos del capital mobiliario

Determination of returns on movable capital in life insurance

A query was raised regarding the taxation of capital received upon the maturity of a life insurance contract where the taxpayer is both the policyholder and the beneficiary. The DGT indicates that the return is the difference between the capital received and the premiums paid, allowing for the deduction of the portion of premiums corresponding to the sum at risk.

The question raised

Taxation of the capital received.

The DGT's ruling

The return on movable capital is determined by the difference between the capital received and the amount of premiums paid. If the contract combines survival with death or disability, the portion of the premiums corresponding to the capital at risk may be deducted, provided that this is equal to or less than 5% of the mathematical provision. These returns are included in the savings tax base.

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