Individual systematic savings plans

They are configured as contracts signed with insurance entities to establish an insured life annuity with the resources contributed.

Requirements:

1. They will be implemented through individual life insurance in which the policyholder, insured and beneficiary is the taxpayer himself.

2. The life annuity will be constituted with the economic rights arising from said life insurance policies.

3. In the event of advance, in whole or in part, of the economic rights derived from the established life annuity, the taxpayer must integrate into the tax period in which the advance occurs, the income that was exempt by application of the provisions of letter v) of article 7 of this Law.

4. Life insurance policies suitable for this contractual formula will not be group insurance policies that implement pension commitments in accordance with the First Additional Provision of the Revised Text of the Law on Regulation of Pension Plans and Funds, nor social security instruments that reduce the taxable base of the Tax.

5. The contract terms and conditions will expressly and prominently state that this is a systematic individual savings plan and its acronym is reserved for contracts that meet these requirements.

6. The first premium paid must be more than five years old at the time of establishment of the life annuity.

Limits:

The maximum annual limit paid in premiums for this type of contract will be 8,000 euros, and will be independent of the limits on contributions to social security systems. Likewise, the total amount of the premiums accumulated in these contracts may not exceed the total amount of 240,000 euros per taxpayer.

Taxation:

The life annuity received will be taxed as personal capital by applying the percentages for immediate life annuities.