Key Benefits:
Law of 23 December 1994, amending the income tax (capital and periodical benefits)
We Beatrix, at the grace of God, Queen of the Netherlands, Princess of Orange-Nassau, etc. etc. etc.
All of them, who will see or hear these, saluut! do know:
In this regard, we have taken the view that the income tax should be adjusted to the adjustment of the taxation of capital and periodical benefits.
In this way, we, the Council of State, and with the mean consultations of the States-General, have been well-regarded and understood to be right and to be understood by the following:
1 This Act shall enter into force from the first day after the date of issuance of the State Sheet in which it is placed, except that Article I (C), (D), (E), (E), (F. 2) and (G) shall work back to 1 January 1992.
2 Life insurance capital benefits are provided by the insurer for the purposes of Article 26. A , second sentence, second sentence, of the Income Tax Act 1964, shall be deemed not to have occurred if:
(a) benefits have been incurred before the date of entry into force of this Act;
(b) benefits have been paid under a contract existing at the date of entry into force of this Act after annual contributions have been paid in respect of insurance for at least 15 years and are not more than the amount of the benefits provided for in Article 26 A , second paragraph, part B Amount of the Income Tax Act 1964.
3 Where a life insurance scheme in which a capital is in existence is insured, has been bought in for a part in connection with the benefit of a capital benefit insured under the same contract, if it is not 45% incapacity for work or more, shall be paid for the purposes of Article 26 A Second sentence, second sentence of the Income Tax Act 1964, shall be deemed not to have taken place if the amount of the surrender together with the incapacity benefit for incapacity for work is at least a fourth part of the insured capital of the life insurance, the agreement has been reached before the date of entry into force of this Act and provided that the agreement on this item has not been amended after the entry into force of this Act.
Burdens and orders that are in the State Sheet will be placed, and that all ministries, authorities, colleges and officials who so concern will keep their hands on the precise execution.
Issued at Gravenhage, 23 December 1994
Beatrix
The Secretary of State for Finance,
W. A. F. G. Vermeend
Published twenty-ninth December 1994The Minister of Justice,
W. Sorgdrager
