annuity pension and income tax return

Information and questions about the Law in Spain and Andalucia.
Alora Man
Newbie
Posts: 4
Joined: Sun Mar 27, 2016 3:36 pm

annuity pension and income tax return

Postby Alora Man » Fri May 20, 2016 5:47 pm

After reading El Cid's very informative update on income tax in the FAQ's, I think have a good general understanding of the tax rules and requirements, except when it comes to annuity pensions.
My wife was widowed when very young and since then has recieved an annuity pension she purchased at the time from a pension pot she inherited from her late husband.
Initially we were going to use the % reduction suggested in the guidance based on the age she started recieving it, but not too sure if in this case we are entitled to any as the pot was inherited.
Any help would be appreciated (and many thanks to El Cid for a fab tax guide)

El Cid
Andalucia Guru
Posts: 13462
Joined: Sun Oct 24, 2004 10:42 pm
Location: La Herradura, Costa Tropical, Granada

Re: annuity pension and income tax return

Postby El Cid » Fri May 20, 2016 6:21 pm

The key point is that she bought the annuity - where the money came from is not really the issue.

Just declare the discounted amount on your tax declaration. I doubt that any questions will be asked. If you use a third party to do your declaration you will need to ensure that he accepts that it qualifies.

Sid

Alora Man
Newbie
Posts: 4
Joined: Sun Mar 27, 2016 3:36 pm

Re: annuity pension and income tax return

Postby Alora Man » Fri May 20, 2016 7:22 pm

Many thanks Sid

Andrew


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