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A taxpayer inquired whether they could apply the 40% tax reduction when redeeming pension plans (with contributions made prior to 2007) across the years 2023, 2024, and 2025. The Directorate General for Taxes (DGT) confirmed that the reduction can be applied to the lump-sum benefits received from each individual plan, provided the redemption is carried out within the statutory time limit.
Question posed: Possibility of applying the 40 percent reduction provided for in the transitional regime if the redemption of pension plans is carried out in 2023, 2024, and 2025.
The 40% reduction under the transitional regime applies to the portion of the benefit corresponding to contributions made until December 31, 2006, if received as a lump sum. When benefits from various pension plans are received, the reduction may be applied to the amounts received as a lump sum from each plan in the permitted tax years, and not solely in a single tax year. The timeframe for applying this regime depends on the tax year in which the contingency occurs, it being understood that retirement occurs upon accessing it through the Social Security system.
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