The changes in taxes in the Savings brought by the tax reform

Image result for tax reformSince January 1, one of the most important tax changes in recent years has been applied in Spain. The tax reform that affects fundamentally the IRPF reduces the number of tax brackets, creates new deductions but also ends with others and also has important changes in many savings products that we must know in order to achieve the best financial-fiscal result.

Savings Accounts and Deposits

The taxation of accounts and fixed-term deposits does not undergo major changes except in one important point, the types of taxation. These are reduced in 2015 and in 2016 according to the attached table:

In addition to this reduction, the important modification is that the largest tax bracket will not start from the 24,000 euros of profit, if not from 50,000 euros.

Investment funds

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This product suffers many changes, some positive and others negative. The funds are taxed through the profits and losses generated at the time of sale. Whereas before, if there were amounts with less than one year old, it was taxed as a general income. Now, in all cases, it will be taxed on savings income, with lower rates.

But on the negative side, for investors with funds for many years. Eliminates the Coefficients of Abatement although allowing to continue using it a kind of fiscal credit of up to 400,000 euros. If you had assets acquired before 1994, these coefficients allowed obtaining a reduction in capital gains derived from the sale of assets not affected by economic activities for the gain obtained until January 20, 2006.

With the tax reform planned for 2015 will be taxed by the total profit generated between the purchase and sale but allows you to benefit from this coefficient up to a limit of 400,000 euros. This does not apply individually for each operation, but it takes into account all capital gains (stocks, funds, real estate ….) From 2015, until the 400,000 euros are exhausted.


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Investing in high dividend stocks has become for some a way of saving and therefore the important change in taxation will affect them worse. The reform eliminates the exemption applied to the first 1,500 euros obtained by this way, so that taxes will be paid for the total of the dividends collected, hurting fundamentally the small investor. With this, the collection of dividends in shares and not in cash will gain strength.

Debt Products

The changes are those previously seen, on the one hand the reduction of the tax rates, in the same amount as indicated in the table of accounts and deposits and on the other hand the elimination of the difference between the taxation of the profits generated in a shorter period or more than 12 months. Thanks to this, from this year we can compensate losses or gains from capital returns with gains or losses from transfers of assets in a more flexible way.

Forecast products

The Systematic Savings Investment Plans (PIAS) are reduced to 5 years the term to obtain the tax benefits at the time of collection, exempt in income and with significant reductions according to age groups if you do it in the form of capital. The non-exempt part is taxed as income from movable capital in the IRPF, due to the change in the types of savings that also affect the majority of investments.

Pension plans and Retirement Plans have very important changes. A new rescue scenario is added, the contributions are more than 10 years old. This assumption will begin to compute as of January 1, 2015, so previous contributions can not be recovered until January 1, 2025.

The maximum contributions are also reduced, which will be 8,000 euros regardless of the age you have, that is, not only is it reduced from the 10,000 euros cap that was applied in a general way, but it also ends with the improvement that existed for over 50 years.

At the time of rescue if there are benefits. The rate will be reduced to the fork 20-47% in 2015 and 19-45% from 2016. Of course, if you do it in the form of capital you can only apply the existing reduction of 40% for contributions made before 2006 temporarily for two years.