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Practical manual for Income Tax 2023.

Features and requirements

a. Number of plans per taxpayer

A taxpayer may only be the simultaneous holder of one Long-Term Savings Plan (insurance or account), without prejudice to the possibility of transferring the economic rights of individual long-term savings insurance and the funds held in individual long-term savings accounts from one Plan to another.

b. Opening and extinction

  • The Long-Term Savings Plan will be opened when the first premium is paid to the Individual Long-Term Savings Insurance (SIALP), or the first contribution is made to the Individual Long-Term Savings Account (CIALP), as applicable.

  • Termination , at the time when the taxpayer makes any provision or fails to comply with the maximum limit of annual contributions.

    For these purposes, in the case of Individual Long-Term Savings Insurance, it is not considered that provisions are made when, upon maturity, the insurance company allocates, by order of the taxpayer, the full amount of the benefit to a new Individual Long-Term Savings Insurance contracted by the taxpayer with the same company.

    In these cases, the contribution of the benefit to the new insurance will not count towards the limit of 5,000 euros indicated in the following section, and for the calculation of the 5-year period provided for in article 7.ñ) of the Income Tax for the application of the exemption of positive capital gains, the first premium paid to the first insurance for which contributions to the Plan were made will be taken as a reference.

c. Maximum contribution

Contributions to the Long-Term Savings Plan may not exceed 5,000 euros per year in any of the years during which the Plan is in force.

If this amount is exceeded in any of the years, the right to exemption is lost.

d. Form of perception

The taxpayer's disposition of the capital resulting from Plan may only occur in the form of capital, for the total amount thereof, and it is not possible for the taxpayer to make partial dispositions.

e. Insured capital

The insurance company or, where applicable, the credit institution, must guarantee the taxpayer the receipt, upon maturity of the individual life insurance or upon maturity of each deposit or financial contract, of at least capital equivalent to 85% of the sum of the premiums paid or the contributions made to the deposit or financial contract.

Notwithstanding the foregoing, if the aforementioned guarantee is less than 100%, the contracted financial product must have a maturity of at least one year.