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A tax audit is not a punishment. That is what the Supreme Court<\/a> decided recently. In practice, the levy is often perceived as a penalty. A few months earlier, the Supreme Court<\/a> \u2026and that the imposition of revision interest does not constitute an excessive burden on an individual. Revision interest is therefore a practice approved by the tax court.<\/p>\n If you are considering terminating an annuity policy, you should also bear in mind that, in addition to income tax, you will have to pay 20% in revaluation interest to the tax authorities. Income tax is often 52% (in 2018: 51.95%), meaning that, in total, you will pay no less than 72% to the tax authorities on the surrender value.<\/p>\n Revision interest is not payable on annuity insurance policies taken out before 15 October 1990. You also have the option of demonstrating that the revision interest rate (20%) is too high. However, this rebuttal provision only applies if the policy is surrendered within 10 years.<\/p>\n The Tax and Customs Administration calculates the revision interest on the surrender value or on the market value of the annuity policy.<\/p>\n PLEASE NOTE: the insurance company does not take the revision interest into account, but only deducts income tax from the surrender value. You will be liable to pay the annuity interest as an additional amount on your income tax assessment. The insurance company is obliged to notify the tax authorities that an annuity has been surrendered.<\/p>\n A annuity insurance<\/strong> is a life insurance policy that entitles the holder to periodic payments (the \u201cannuity\u201d). These payments are linked to a person\u2019s life (the \u201clife annuity\u201d). They are often paid for life. However, temporary life annuities are also permitted.<\/p>\n The other common type of life insurance is the endowment insurance<\/strong>. In that case, the insurance policy entitles the holder to a lump-sum payment. The tax regime for endowment policies differs from that for annuity policies.<\/p>\n However, in the past, many endowment policies with an annuity clause were also taken out. These are endowment policies, but they come with an obligation to purchase an annuity using the lump sum paid out. Such policies, often referred to in practice as \u2018single-premium policies\u2019, have for a long time been classified for tax purposes as annuity insurance.<\/p>\n Many annuity policies are taken out on the following occasions:<\/p>\n Since 2014, it has no longer been possible to purchase an annuity policy using a severance payment on a tax-advantaged basis. However, since 2014, it has been possible to surrender a severance payment annuity without incurring any revision interest.<\/p>\n Of course, many \u201cstandard\u201d annuity policies were also taken out, with premiums paid into them each year. Such annuities are usually intended to supplement one\u2019s income in old age.<\/p>\n Since 2008, it has been possible to set up an annuity in the form of a restricted savings account: a bank savings annuity. The same tax rules apply to this as to an annuity insurance policy, including the revision rate.<\/p>\n Subject to certain conditions, the lump-sum payment and\/or the premiums for an annuity policy are deductible from the income on which you pay income tax. The annuity payments are subject to income tax.<\/p>\n The tax benefit lies in deferring taxation. And, of course, you try to claim the contributions as a tax deduction at a much higher rate than the rate at which the benefits are taxed. You claim the premiums as a deduction in the years when you pay the highest rate (52%) on your profits, salary and other income. And you should ideally claim the benefits after you have reached state pension age and your income is much lower.<\/p>\n The adjustment interest serves to eliminate the (interest) benefit that the taxpayer enjoys as a result of deducting annuity premiums. It serves as compensation for the loss of interest income suffered by the government as a result of tax revenue being received at a later date. And that is why the adjustment interest is not a penalty. But it is often an unpleasant surprise nonetheless.<\/p>\n The tax rules surrounding annuity and endowment insurance policies are highly complex. VWGNijhof would be happy to help you unravel this tax puzzle.<\/p>\n <\/p>","protected":false},"excerpt":{"rendered":" Revisierente is geen straf. Dat heeft de Hoge Raad onlangs beslist. De heffing wordt in de praktijk vaak toch wel als een straf gevoeld. Een paar maanden eerder al besliste de Hoge Raad ook dat de heffing van revisierente geen individuele buitensporige last vormt. Daarmee is de revisierente een door de belastingrechter goedgekeurd gegeven. Afkoop […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-672","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/vwg.nl\/en\/wp-json\/wp\/v2\/posts\/672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vwg.nl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vwg.nl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vwg.nl\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/vwg.nl\/en\/wp-json\/wp\/v2\/comments?post=672"}],"version-history":[{"count":0,"href":"https:\/\/vwg.nl\/en\/wp-json\/wp\/v2\/posts\/672\/revisions"}],"wp:attachment":[{"href":"https:\/\/vwg.nl\/en\/wp-json\/wp\/v2\/media?parent=672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vwg.nl\/en\/wp-json\/wp\/v2\/categories?post=672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vwg.nl\/en\/wp-json\/wp\/v2\/tags?post=672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Surrender of an annuity policy<\/h4>\n
Annuity<\/h4>\n
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Tax benefit<\/h4>\n
Help<\/h4>\n