July 26, 2021

The PP proposes to extend the tax benefits of pension plans to savings and housing

The PP proposes to extend the tax benefits of pension plans to savings and housing


The PP has begun today to outline the guidelines of its economic program for the general elections of April 28 with a proposal that, in practice, would imply a significant tax reduction for families. Its president, Pablo Casado, has announced that his electoral program will include a measure he has called "fiscal shielding" and that consists of extending the tax benefits of pension plans to the habitual residence and savings plans. With current legislation, beneficiaries of a pension plan can deduct up to a maximum of 8,000 euros or up to 30% of the income from work and economic activities. The PP has also explained that for retirement is not "another chance for the Treasury to eat the savings of Spaniards", the measure includes that, at the time of retirement, when saving is saved, you do not have to pay any tax neither for what was invested nor for the interests, yields and profits that they have generated with either of the two plans or the housing. At present, when a pension plan is rescued, the Treasury must be taxed for it.

The measure announced by Casado would mean, in practice, recovering the tax credit for the purchase of a habitual residence that Mariano Rajoy eliminated in 2012, when the recession forced European governments to take harsh adjustment measures. This aid has never been well seen by organizations such as the IMF, which consider that it distorts the real estate market since its amount ends up affecting prices.

Married has explained that what the PP intends with this proposal is that pensioners are not penalized for "having tried and saved when they retire or need that money once they have no more income." With the current model, he said, Spaniards can only save for retirement in pension plans, a limitation that is not only a barrier to economic freedom, but a limitation of welfare.

Married, who made the announcement in the closing of the Convention of Social Welfare that the PP has organized in Ferrol, has explained that its measure would not affect public provision, but would improve the welfare of retirees. It has also influenced that proposals like this, show that the PP is the party that, in addition to worrying about today's pensioners, does so for "future pensioners".

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