Doctrine by topic · DGT Observatory

Surrender Value: DGT doctrinal evolution

How the DGT's position on this topic has evolved, and the rulings it rests on.

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How the DGT's position has evolved

Doctrinal reversal High confidence 9 rulings · 2016–2025

Current position

Life insurance policies are computed based on their mathematical provision value on the accrual date. In the case of temporary or life annuities, the valuation is carried out according to the rules for annuities or their capitalization value. The taxpayer must declare the set of assets and rights with economic content of which they are the owner as of December 31.

The DGT's position has moved from focusing on the surrender value as the determining element for taxation, to establishing that insurance policies are computed by their mathematical provision value. Previously, the absence of a right to surrender exempted taxation in Wealth Tax (Impuesto sobre el Patrimonio). The latest ruling introduces valuation by mathematical provision and specific rules for annuities.

Turning points

  1. V2516-17

    Establishes that in cases where there is no surrender value, the life insurance policy will not be taxed in Wealth Tax (Impuesto sobre el Patrimonio).

  2. V0547-25

    Changes the valuation criterion by establishing that life insurance policies shall be computed by their mathematical provision value on the accrual date.

Analysis based on 9 of 9 rulings with a stated position. Updated 29 September 2026.

Rulings on this topic

11
V1165-18 8 May 2018

Surrender value of unit-linked insurance included in Wealth Tax taxable base

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
seguro unit linkedvalor de rescatebase imponiblehecho imponiblepatrimonio neto LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 3LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 17.Uno
Affects CompanyExpat · Non-residentIndividual
V0993-18 17 Apr 2018

Life insurance policies without surrender value are exempt from Wealth Tax

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
valor de rescateseguro de vidaunit linkedimpuesto sobre el patrimonioprovisión matemática LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 17.UnoLey 50/1980 del Contrato de Seguro
Affects CompanyExpat · Non-residentIndividual
V2516-17 5 Oct 2017

Life insurance policies without surrender value are not subject to Wealth Tax

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
seguro de vidavalor de rescatehecho imponibleunit linkedprovisión matemática LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 3LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 17.Uno
Affects CompanyExpat · Non-residentIndividual
V3164-16 6 Jul 2016

Life insurance with foreign insurer must be declared in Model 720

SG de Tributos
modelo 720seguro de vidavalor de rescateentidad aseguradoraobligación de informar RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter.3LGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual

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