(Updated March 2022)
Is there an obligation to report on...?
There is no obligation to provide information on pension plans (contributions to them) until the incident that results in the payment of the pension in the form of a temporary or life annuity occurs.
Article of the General Regulation approved by R. D. 42 1065/2007, Of 27 July, refers to the Wealth Tax Act for the valuation of certain incomes. Specifically, in the case of temporary income and annuities.
Article 17 of the Wealth Tax Act in section Two provides that temporary or life annuities as a result of the delivery of capital in money, movable property or real estate, they must be calculated at their capitalization value (on the date of the accrual of the tax), applying the same rules as for the incorporation of pensions established in the Tax on Property Transfers and Stamp Duty. Article of the ITPAJD Act assesses the basis for the tax on pensions by capitalizing them. 10.2.f
Therefore, as regards the possible obligation to provide information on consolidated rights in a pension plan located and set up in the abroad, it should be taken into account that such rights are not included in any of the categories of goods and rights located abroad to which the additional provision of the Tax Act eighteen and articles 42 bis, 42 ter and 54 bis of the General Regulation on actions and procedures for tax management and inspection and development of common rules for tax application procedures.
However, insofar as the conditions of the foreign pension plan establish the possibility of exercising the right of redemption in favour of the participant in the terms of life insurance, it must be subject to information in accordance with article 42 ter.3.a).
In any case, once any of the contingencies covered by the plan have occurred, the beneficiary must inform of the existing rights in the same, or with an indication of its redemption value, in accordance with article 42 ter.3.a), or in accordance with article 42 ter.3.b), if an income is constituted in its favour.
Yes, regardless of the type of redemption, if you obtain an income as a result of exercising it, you must be informed of it.
Yes, this type of account does not imply any type of speciality that discriminate against the rest of the accounts located abroad under the terms established in article 42 bis of the General Regulation approved by R. D. 1065/2007, Of 27 July.
There is no obligation to report assets deemed as such.
However, it is different if these assets are the underlying assets of assets and rights subject to an information return, such as temporary income or annuities obtained from the delivery of cash, economic rights or real or personal property to institutions located abroad. In this case, you must report income thus obtained, regardless of the assets or rights provided.
There is only duty to declare the transfer to third parties of own capitals if they are represented by values.
Provided that no cause is found to be exempt from the obligation to file an informative tax return, as set out in Articles , and of the General Regulation approved by R. D. 42 42 54 1065/2007, Of 27 July, must submit Form 720 regardless of whether the income from which these assets and rights were acquired was exempt or not.
No, the taxpayer only needs to declare when he or she holds the ownership or real ownership on the property, or the right in rem for said property.
Yes, the fact that the policyholder assumes the risks of the investment in which the provisions materialize does not alter the obligation to declare.