You sold the house and you're retired or you're 65? Look at this tax notice

Sand sold your house and is retired or 65 years old, know that the gain obtained from the sale of the property for own and permanent housing can be excluded from taxation, warned the IRS, through a shared publication on social networks. 

“ You sold your house and you're retired or 65? He knows that the gain obtained from the sale of the property for own and permanent housing can be excluded from taxation”, wrote the Tax and Customs Authority (AT) in a shared publication on social networks. 

In practice, if the value of the realisation, deducted from the depreciation of any loan and, where applicable, the amount reinvested in the purchase of a property for own and permanent housing, is used in the acquisition of:

• Life insurance contract
• Individual membership of an open pension fund
• Contribution to the public capitalisation scheme
• Individual Pan-European Savings Product (PEPP)

You should also know that, in order to have this benefit, you must meet the following conditions:

• At the time of sale, be retired or be at least 65 years old
• Purchase the products within 6 months of the date of completion
• Indicate the intention to reinvest in the IRS declaration for the year of sale

“ The investment in the acquisition of a life insurance contract or individual membership of an open pension fund shall be accepted only if it is intended exclusively to provide the acquirer or his or her spouse or one-time partner with a regular periodic benefit for a period of 10 years or more, of a maximum annual amount equal to 7,5 % of the amount invested”, further explains the Finances. 

How much will pensions increase in 2027?

The final figures will only be known at the end of the year, but the Secretary of State of 5Social Security, Susana Filipa Lima, has already lifted the veil and indicated that the lowest pensions should increase 3.3% in 2027. What else is known?  

According to the Secretary of State, taking into account “the figures published by the INE [National Institute of Statistics] on 30 October”, the lowest pensions (up to 2 IAS equivalent), which represent “90% of the pensions allocated, should have “a 3.3% increase”, which allows “a gain in purchasing power”.

“And this will also be the update value of the IAS,” he added, in response to a question asked by PS deputy Miguel Cabrita.

Pensions between 2 and 6 IAS should have an increase of 2.79%, “equal to the value of inflation”, while pensions above 6 IAS will have “an update below the value of inflation”, said Secretary of State.