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A query was made regarding whether the difference between contributions made to a pension plan and the amount redeemed can be considered a capital loss within the savings tax base. The DGT has ruled that such a classification is not possible.
Question posed: Given that the amount redeemed from the pension plan is lower than the contributions made to it, whether such reductions can be classified as a capital loss in the Personal Income Tax return and integrated into the savings tax base.
Benefits from pension plans are considered earned income and must be included in the general tax base of the Personal Income Tax (IRPF). The fact that the capital equivalent to the economic rights is lower than the contributions made has no tax impact, therefore the reduction cannot be classified as a capital loss.
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