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A taxpayer has enquired about the taxation of capital received upon the maturity of a life insurance policy taken out in 1995. The DGT clarifies that the return is calculated as the difference between the capital received and the premiums paid, and that the reduction provided for in the fourth transitional provision does not apply.
Question raised: Taxation of the capital received under Personal Income Tax.
The return on movable capital is determined by the difference between the capital received and the amount of premiums paid. The reduction provided for in the fourth transitional provision of Law 35/2006 is not applicable because the contract was entered into in 1995, with no premiums paid prior to 1994. This return is included in the savings tax base.
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