Law 19/2022, allows you to do the redemption of savings plansevery month up to the value of the IAS - Social Support Index (480,43 €) until December 2023. However, you can only redeem your savings plan if you have before 30 September 2022.
In case you have made a retirement savings plans (PPR), education savings scheme (EPP) or from retirement savings/education plans (PPR/E) before 30 September, may be reimbursed up to a monthly limit of EUR 480.43.
During the year 2023 partial or total repayment of the value of savings plans is permitted for payment of instalments of permanent homenamely:
- Housing credit contracts
- Building or improvement loans
- Deliveries to housing cooperatives
To do this, simply go to your bank and ask for the form for payment of the next instalment with a instalment plan.
Note: Not suitable for repayment of housing credit.
IRS Savings Plans Deduction
Under these conditions, taxpayers requesting the refund of a payment plan will not be disadvantaged in terms of Personal Income Tax (IRS).
For this purpose, you are entitled to deduct the value of the 2022 and 2023 savings plan in the IRS for 20%:
Solutions for the redemption of savings plans
If you subscribed to a savings plan before 30 September, you can redeem the monthly IAS amount and put it back into the same or another plan and get the same deduction again in 2024.
It will also be possible to change the savings plan which it benefits, in case it is not advantageous to it, without any associated penalty.
Important note: If you have a savings plan for less than 1 year it is recommended that you do not redeem it, as although you will not be penalised in the finances, your bank may do so by means of the agreements in your contract.
