(Updated as of March 2022)
Is there an obligation to declare...
There is no obligation to provide information on the pension plans (from contributions thereto) in both not takes place the impact that gives place to the collection of the pension in any way income temporary or lifelong.
Article 42 ter of the General Regulations approved by R. D. 1065/2007, of 27 July, refers to the Wealth Tax Law for the valuation of certain income.Specifically, in the case of temporary income and annuities.
Article 17 of the Wealth Tax Law in section Two establishes that temporary or life annuities constituted as a consequence of the delivery of capital in money, movable or immovable property, must be computed at their capitalisation value (on the date of accrual of the tax), applying the same rules as for the constitution of pensions established in the Tax on Capital Transfers and Documented Legal Acts.Article 10.2.f of the Law of ITPAJD values the "the taxable amount of pensions" by capitalising them.
Therefore, with regard to the possible obligation to report the consolidated rights in a pension plan located and constituted abroad, it should be taken into account that such rights are not included in any of the categories of assets and rights located abroad referred to in the eighteenth additional provision of the General Tax Law and in articles 42 bis, 42 ter and 54 bis of the General Regulations on tax management and inspection actions and procedures and on the development of the common rules for tax application procedures.
However, to the extent that the terms and conditions of the foreign pension plan provide for the possibility of exercising the right of surrender in favour of the participant under the terms of a life insurance policy, information must be provided at in accordance with Article 42 ter.3.a).
In any case, after the occurrence of any of the contingencies covered by the plan, the beneficiary must inform of the rights existing in the plan, either with an indication of their surrender value, in accordance with Article 42 ter.3.a), or in accordance with Article 42 ter.3.b) if an annuity is constituted in his favour.
Yes, irrespective of the type of redemption, if as a result of the redemption an income is obtained, this must be reported.
Yes, this type of account does not imply any type of speciality that discriminates them with respect to other accounts located abroad under the terms established in article 42 bis of the General Regulations 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 an obligation to report the transfer of own capital to third parties if it is represented by securities.
Provided that there is no cause that exempts you from the obligation to file an information return as established in articles 42 bis, 42 ter and 54 bis of the General Regulations approved by R. D. 1065/2007, of 27 July, you must file Form 720 regardless of whether the income with 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 bears the risks of the investment in which the provisions materialisedoes not alter the obligation to declare.