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The Spanish government approved on Saturday a royal-decree under which, amongst other measures, tax rates applicable to savings income were reduced for fiscal year 2015.

The new rates for fiscal year 2015 have been established at:
  • 19.5% for savings income up to EUR 6,000
  • 21.5% for savings income between EUR 6,000 and EUR 50,000
  • 23.5% for savings income higher than EUR 50,000
As a result, income derived from life insurance policies upon partial or total surrender will also benefit from the decrease in the savings income tax rate.

In addition, withholding taxes applicable to savings income will be adjusted accordingly. In particular, withholding taxes applied to income derived from life insurance policies upon partial or total surrender will decrease from 20% to 19.5%.

Should you have any question in relation to the above, do not hesitate to contact Pablo Peciña or Gonzalo García Pérez.