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The inquirer asks whether they can apply the 40% tax reduction when withdrawing their pension plan due to long-term unemployment. The Directorate General of Taxes (DGT) responds that this is possible provided that the pension plan regulations are met and the deadlines specified in the twelfth transitional provision of the Personal Income Tax Law (LIRPF) are observed.
Question posed: Possibility of applying the 40 percent reduction in the event of redeeming a pension plan.
Pension plan benefits are considered earned income. If received as a lump sum, a 40% reduction may be applied to the portion corresponding to contributions made until December 31, 2006, provided that more than two years have elapsed since the first contribution and the payment is received within the period established by the twelfth transitional provision. The case of liquidity due to long-term unemployment is deemed to have occurred when the requirements to exercise consolidated rights are met. The reduction may only be applied once, within the same tax period, at the taxpayer's discretion.
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