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Practical Income Manual 2021.

Taxation and mobilization of economic rights


a. Positive movable capital returns: exemption

  • Rating of the capital gains of the long-term Savings Plans:

    • Individual Long-Term Savings Insurance (SIALP): Income from capitalization operations and life or disability insurance contracts (Art. 25.3 Law Personal Income Tax ).

    • Individual Long-Term Savings Account and its acronym (CIALP): Income from the transfer of own capital to third parties (Art. 25.2 Law Personal Income Tax ).

  • Positive returns on capital from life insurance, deposits and financial contracts through which the Long-Term Savings Plans are implemented will be exempt as long as the taxpayer does not make any disposition of the capital resulting from the Plan before the end of the year. period of 5 years from its opening.

  • If, prior to the end of the 5-year period, any disposition of the resulting capital occurs or the annual contribution limit is breached, the taxpayer will be obliged to integrate the returns generated during the term of the Plan in the tax period in which it occurs. such non-compliance.

    In these cases, the credit institution or insurance company with which the taxpayer had contracted the long-term savings plan will be obliged to practice withholding or payment on account, which in 2021 was 19 percent of the positive capital gains obtained. from the opening of the Plan, including those that could be obtained upon its termination (Art.75.4 Regulation Personal Income Tax ).

b. Negative movable capital returns

The negative capital gains that, if applicable, are obtained during the term of the Long-Term Savings Plan, including those that could be obtained due to the termination of the Plan, will be attributed to the tax period in which said extinction and only in the part of the total amount of said negative returns that exceeds of the sum of the returns of the same Plan to which the exemption.

Mobilization of economic rights

The owner of a Long-Term Savings Plan may fully mobilize the economic rights of the individual long-term savings insurance and the funds constituted in the individual long-term savings account to another Long-Term Savings Plan of which he will be the owner without that this implies the disposition of the resources and, consequently, without loss of the tax benefit of the exemption of positive movable capital returns, provided that the mobilization meets certain requirements established by the eighth Additional Provision of the Regulation of IRPF .

Mobilization will not be possible in those cases in which the economic rights or funds are subject to an embargo, charge, pledge or limitation of a legal or contractual provision.