Spanish tax change could boost annuities


A new proposal for changing the way that savings products are taxed in Spain threatens to erode the tax advantages that exist at the moment for investing in unit-linked products, prompting some anxiety among industry players. There are two strands to this new change. Firstly, the tax advantages that benefits payable as a lump sum currently enjoy as opposed to those paid as annuities - a 40% reduction on the taxable base - will be stopped. Secondly, savings incomes will be subject to a fixed tax

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