Life insurance that consumers usually take out when taking out a mortgage or protecting the family’s financial well-being in the event of an accident or death is also taxed. The tax treatment of benefits will ultimately depend on who the beneficiary of the insurance is.
When the recipient and the beneficiary are the same person, the collection of the benefit is taxed by the Personal Income Tax (IRPF), specifically “as a return on movable capital”, explains Carme Elena, rapporteur of the tax commission. of the Official College of Administrative Managers of Catalonia (COGAC). As it must appear in the tax base of the savings, a rate of 19% to 28% will be applied to the capital received, depending on the amount.
For example, an insured person who receives a capital sum of 150,000 euros for suffering from absolute disability will pay 33,380 euros in tax. While another who receives 350,000 euros must pay the treasury a total of 85,880 euros. Personal income tax is a progressive tax and the percentage applied increases depending on the sections established by the Treasury: thus, for the first 6,000 euros of the insured capital, 19% must be paid; from 6,001 to 50,000 euros, 21%; from 50,001 to 200,000 euros, 23%; from 200,001 to 300,000 euros, 27%, and from 300,001 euros and above, 28%.
However, when the beneficiary of the insurance is a person other than the policyholder, taxation is carried out through the Inheritance and Donation Tax. Thus, if the amount received is linked to the payment of a mortgage debt, the amount to be paid to the treasury will depend on the assets that are inherited, age and relationship with the insured or possible disability. Likewise, reductions and bonuses vary depending on the autonomous community in which you reside.
If the insured’s assets were small, for example he only owned a mortgaged apartment, the insurance beneficiary should not pay anything for the insured capital, since “this would be subtracted from the pending payment of the mortgage debt,” the tax advisor clarifies.
