HOLIDAYS coming up.
Need some extra liquidity? Find out how!
IF YOU HAVE PPR, PPE OR PPR/E POLICIES IN FORCE (RETIREMENT SAVINGS PLAN, RETIREMENT AND EDUCATION SAVINGS PLAN OR EDUCATION SAVINGS PLAN, RESPECTIVELY), YOU HAVE UNTIL 31 DEC 23 THE POSSIBILITY OF REDEEMING PART OF THEM WITHOUT PENALTY:
Exceptional regime in this period of a complex economic situation: Law 19/2022 of 21 October (article 6) introduced the possibility of PPR/PPRE redemption without penalty
- How long is this exceptional regime in force? until 31 December 2023.
- Which policies are covered? All PPR, PPE and PPR/E policies, in respect of deliveries made until September 2022.
- What is the maximum amount that can be reimbursed under these conditions?
3.1 Redemptions without any justification: The monthly reimbursement limit is equal to the value of the Social Support Index (IAS), which is EUR 480.43 for 2023. The limit is per participant (NIF) and not per policy.
3.2. Redemptions for payment of Housing Loans: During 2023, partial or total repayment of the value of savings plans is also permitted, without limit, for the payment of instalments on credit contracts secured by mortgage on property destined for the participant's own permanent home, as well as instalments of credit for the construction or improvement of property for the participant's own permanent home, and deliveries to housing cooperatives in permanent home ownership solutions.
3.3 NEW (LAW 24/2023 of 29 May): Redemptions to repay outstanding principal on Housing Loans Recently, the possibility of redeeming, if proven for this purpose, up to an annual limit of 12 IAS has arisen, allowing for a reduction in interest and life insurance costs associated with home loans.
- Do the amounts redeemed under this exceptional regime have any penalties? In both the above cases, for the redeemable amounts, the obligation to remain for a minimum period of five years (set out in paragraph 4 of Article 21 of the Tax Benefits Statute) is waived.
Thus, a taxpayer who has enough accumulated deliveries until September 30, 2022 in a PPR, will be able to redeem until the end of 2023:
For 3.1: £480.43 each month, i.e. for the remaining 6 months2,882.58 per person
For 3.2: + the 6 instalments of credit or cooperative agreements
For 3.3: + 12x 480,43 euros = + 5,765.16 per person.
Obviously, with such redemptions you will be damaging your retirement savings...
And for PPRs in the form of funds (all those sold in banking, for example), bearing in mind that recent times have not been - in most cases - of favourable valuation, it would be preferable, if possible, not to redeem before a revaluation, since it is a scenario much pointed out as predictable...
Go on holiday safely and consider additional protective and preventative measures... how to add:
- The theft and vandalism cover for cars which are not left in the garage...
- O household contents insurance (for example for 30,000 euros, on average it will only cost about 60 euros per year!)
– Prune and clear the vegetation nearest your home or premises*, and insist that neighbours do the same where appropriate.
(*review the maintenance of the extinguishers and if you do not already have springlers If you have an automatic water dispersal system in case of smoke, consider installing one; heat waves can start unexpected fires).
Leave in total mindfulnessto enjoy it to the maximum! The Amplitude team will always be here to support you in whatever you need.
HAVE A GOOD HOLIDAY!
HOLIDAYS coming up.
Need some extra liquidity? Find out how!
