Tax Return in Spain: What Do You Need to Know?

‍April marks the start of the tax filing season. What questions should you be asking?

As every year, April means tax return time. And as usual, this period brings with it a wave of doubts and questions. Wanting to get it right, you wonder which income to declare, which boxes to tick, which deduction you can't afford to miss...

Although it may seem complex, filing a tax return is an unavoidable step in any taxpayer's life. Between forms and the fear of making a mistake, many people approach this stage with apprehension. To help you see things clearly, Enerfip offers this article in FAQ (Frequently Asked Questions) format.

📖 You may also be interested in:

• Understanding crowdfunding taxation
• Tax return: what do you need to know?

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How are income tax brackets calculated?

Personal Income Tax (IRPF) is a progressive tax: the more you earn, the higher the percentage you pay on each additional income bracket. There are two clearly distinct taxable bases. [1]

The general taxable base

This includes income from employment, economic activities, rentals, etc. The applicable rates (combining the state and regional brackets) are approximately as follows for 2025:

• Up to €12,450 = 19%
• From €12,450 to €20,199 = 24%
• From €20,200 to €35,199 = 30%
• From €35,200 to €59,999 = 37%
• From €60,000 to €299,999 = 45%
• Over €300,000 = 47%

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⚠️ Important: regional rates vary depending on your autonomous community of residence. The final rate may differ slightly from those shown above. [2]

The savings taxable base

This includes income from movable capital (interest, dividends, gains from the sale of shares or funds, and crowdfunding returns). The applicable brackets for 2025 are: [1,3]

• Up to €6,000 = 19%
• From €6,000 to €50,000 = 21%
• From €50,000 to €200,000 = 23%
• From €200,000 to €300,000 = 27%
• Over €300,000 = 30% (new in 2025, up from 28%)

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💡 2025 Update: from 1 January 2025, the maximum marginal savings rate rises to 30%, applicable to the portion of the savings taxable base exceeding €300,000. [4]

How are pension plan contributions taxed?

A pension plan is a long-term savings vehicle that allows you to accumulate capital during your working life in order to receive a benefit at retirement.

During the savings phase

Contributions made to individual pension plans are deductible from the general IRPF taxable base, subject to the following limits for 2025: [5,6]

• Up to €1,500 per year for personal contributions to individual plans.
• Up to an additional €8,500 if they come from employer contributions (company plan), bringing the combined limit to €10,000 per year.
• In any case, the deduction cannot exceed 30% of net income from employment and economic activities.

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These contributions must be entered in the "Reductions to the taxable base" section of your tax return.

At the time of withdrawal

When you withdraw the plan, the entire benefit is taxed as employment income within the general taxable base (alongside your regular salary), which can significantly increase your marginal rate. For this reason, it is generally more tax-efficient to consider:

• Annuity withdrawal: you receive a periodic amount, which spreads the tax burden over time and avoids taxation spikes.
• Lump-sum withdrawal: you receive everything at once. If you have contributions made before 2007, you can apply a 40% reduction on that portion, provided the withdrawal takes place in the year of the triggering event or in the two following years. [7]
• Mixed withdrawal: a combination of both options.

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How are crowdfunding returns taxed?

Spain does not have a direct equivalent to the French PEA (equity savings plan). However, returns generated by crowdfunding investments (such as those offered by Enerfip) receive a clear and favourable tax treatment within the savings base.

Crowdlending (interest-bearing loans)

Interest received is classified as income from movable capital and is included in the savings taxable base, taxed at the rates mentioned above (from 19% to 30%). [8]

• The platform automatically applies a 19% withholding tax at source.
• This data appears directly in the draft tax return, as the Tax Agency (Hacienda) receives it from the platform.
• It is declared in box 033 of Form 100.

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What if I have losses?

If you have suffered a loss on any project, you can: [8]

• Offset them against gains from the same tax year.
• Offset up to 25% of positive movable capital income with capital losses.
• Carry forward uncompensated losses for up to 4 subsequent tax years.

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💡 Example: if in 2025 you earned €1,000 on one Enerfip project but lost €400 on another, you will only be taxed on the net €600.

Deduction for investment in start-ups

If you invest in newly created companies (unlisted, less than 5 years old, or 7 years if considered innovative), you can deduct 50% of the investment from your income tax, up to a limit of €100,000 per year (boxes 711 to 714 of Form 100). [8]

Some autonomous communities offer additional deductions:

• Madrid: 40%, up to €9,279.
• Catalonia: 40%, up to €12,000.

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Do donations to NGOs qualify for a deduction?

Supporting a social cause not only benefits those who need it: it can also reduce your tax bill. If you make a donation to an entity covered by Law 49/2002 (foundations, NGOs recognised as being of public utility, etc.), you may benefit from the following IRPF deductions for 2025: [9]

• 80% deduction on the first €250 donated.
• 40% on the amount exceeding €250.
• 45% on the excess if you have been donating to the same organisation for at least 3 consecutive years (reduced from 4 to 3 years since 2024).

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The total base for the deduction is limited to 10% of your taxable base. [10]

To benefit from this tax advantage:

1. The recipient organisation must be covered by Law 49/2002.
2. The donation must be disinterested and without significant consideration in return.
3. You must keep the donation certificate issued by the organisation to prove it to Hacienda.

How to correct a tax return?

If you made a mistake when filing your return, don't panic: there is a solution.

If you filed your return online

• During the filing period (from 2 April to 1 July 2026): you can amend and re-submit the draft directly from the Spanish Tax Agency's (AEAT) electronic office, even if you have already signed it.
• After the filing period closes:
  • If the error works against you (you overpaid or received a smaller refund than you were owed): file a rectification of self-assessment through the AEAT's electronic office.
  • If the error works against Hacienda (you underpaid): file a supplementary return, which involves paying the difference plus the corresponding late-payment interest. [1]

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If you filed your return on paper

• Before the deadline: you can submit a corrective return at your local Tax Delegation office.
• After the deadline: you must file a written claim, either in person or online through the AEAT's electronic office.

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The general statute of limitations is 4 years, meaning Hacienda can review your returns within that period, and you can also claim refunds for previous tax years.

At Enerfip, we provide you with an annual tax certificate summarising all returns received and withholdings applied during the year, so you can verify and complete your tax return with complete peace of mind.

For any questions or if you need support, our Investor Relations team is available by email at [email protected], by phone at 919 49 98 97, or via video call by booking an appointment online.

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References:

[1] Cómo hacer la declaración de la renta por primera vez si inviertes

[2] Renta 2025: ¿Cómo funcionan los tramos del IRPF? - Bankinter

[3] Incremento del tipo del ahorro en IRPF a partir de 2025 - Cuatrecasas

[4] Novedades publicadas en el INFORMA 2025 - Agencia Tributaria

[5] Planes de pensiones en la Renta 2025: límites para desgravar ...

[6] Fiscalidad de los planes de pensiones en España en 2025

[7] Guía de la Renta 2025: Los planes de pensiones individuales y ...

[8] Declaración de la Renta 2025: cómo reflejar tus inversiones ... - Finect

[9] PLANIFICACIÓN FISCAL AÑO 2025: DONACIONES A ENTIDADES.

[10] Deducción fiscal por donativos a fundaciones en España