The savings accumulated in the pandemic and the poor performance of safe options such as deposits have led Spaniards to invest in Treasury bills. Now it is time to account with the Tax Agency for its returns if it was done in 2023. More than one may be surprised, since at the time of collection they do not have withholding, so in this campaign the full bill will have to be faced.
"The difference, the particularity that Treasury bills have, is that they do not have withholding at maturity. Now when you make the declaration you will have to pay taxes, it is something to take into account," comments Paula Satrústegui, asset advisory partner at Abante Asesores. . "To avoid a scare you have to save part of it when it expires," she warns. That is to say, since everything is returned clean, when collecting the interest the tax section would have to be taken into account and a part reserved for when the time comes to settle the personal income tax. Those who do not know this may end up with a surprise when they see their income.
The bills are included in the declaration as income from movable capital. "The return generated between the purchase amount and the sale or amortization amount is considered return on movable capital in personal income tax," Abante states. "Either by expiration or by transmission (sale)," they state. For example, if 10,000 euros have been invested and the yield at maturity yields 10,300 euros, those 300 euros of capital gains would be included in the declaration. These gains are specified in box 0030 ("Income from the transmission or amortization of Treasury bills") of the personal income tax model.
"If you are obliged to make the declaration, the returns are always included, from the first euro," say TaxDown sources. "If you have obtained 300 euros of performance but you are not obliged to make the declaration - as assumptions that indicate this are not met - you do not have to declare them," they continue.
Of course, "although you do not have to make the income for other income, in the case of obtaining more than 1,000 euros you would be obliged to do so." Thus, someone who, due to salary income, is not required to declare but has earned more than 1,000 euros in writing, will have to complete the procedure.
The letters are securities for one year or less (3, 6, 9 and 12 months). This year's income campaign includes operations closed in 2023. As a curiosity, other types of debt do have withholding, such as bond coupons (3 and 5 years) and State obligations (with terms even greater).
Income from bills and other securities are taxed on the savings basis, where the first 6,000 euros of profit are taxed at a rate of 19%. From then on, the various sections grow up to 28% depending on the taxpayer's situation. Following the previous example, the 300 euros of profit would be taxed at 19%, with a payment to the Treasury of 57 euros.
