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The inquirer asks whether the 40% reduction can be applied when withdrawing a pension plan as a lump sum due to long-term unemployment, specifically regarding contributions made prior to 2007. The Directorate General for Taxes (DGT) responds that this is possible provided the time limits set out in the twelfth transitional provision of the Personal Income Tax Law are met.
Question posed: Possibility of exercising rights within the plan in the event of long-term unemployment. Whether the 40 percent reduction applies to the amount received as a lump sum from said plan, regarding the portion corresponding to contributions made prior to 2007.
Amounts received due to long-term unemployment are considered income from employment. If received as a lump sum, the 40% reduction is applicable to the portion of contributions made until December 31, 2006, in accordance with the twelfth transitional provision of Law 35/2006. The event of liquidity is understood to occur at the moment the requirements to exercise consolidated rights are met, which determines the period for applying said reduction.
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