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A taxpayer over 65 years of age inquires whether they can exclude the capital from their pension plans from taxation if it is reinvested in a life annuity. The DGT responds that this is not possible because such benefits are taxed as income from employment and not as capital gains.
Question posed: Possibility of applying the tax exclusion for reinvestment in life annuities provided for in Article 38, paragraph 3 of the Personal Income Tax Law.
The tax exclusion for reinvestment in a life annuity applies to capital gains derived from the transfer of assets. Since pension plan benefits are considered income from employment pursuant to Article 17.2.a).3 of Law 35/2006, this exclusion provision is not applicable.
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