Inheritance and donation tax, new rules

MILANO – News coming soon regarding inheritance tax, donation, stamp duty, registration, mortgage and special cadastral taxes foreseen for the services of the Revenue Agency. The government aims to simplify all the extensive legislation regarding successions and the many obligations currently required. The aim is for a single tribute. There is also change in family agreements (trusts). The introduction of the self-assessment of taxes is also possible, as already happens, for example, for tax returns. Furthermore, the trust legislation is updated and the tables relating to obligations are revised. As regards succession – we read in a draft of the decree – «the declaration is presented using the electronic methods established by order of the director of the Revenue Agency. For non-residents, the declaration can be sent by registered mail or other equivalent means which clearly indicates the date of dispatch”. In short, even for the succession we arrive at a sort of pre-compiled. We will also say goodbye to stamp duty, to mortgage and cadastral taxes, to special cadastral taxes and mortgage taxes: they will be replaced by a single tax, “possibly in a fixed amount”, explained the Mef. To facilitate tax payment methods and make collection systems more efficient, the use of electronic means of payment is also envisaged

.

Wealth taxes in Italy are worth 2.5% of GDP. Half of the income from the house. Very little from the succession

edited by the Italian Public Accounts Observatory

November 25, 2023

New rules also on trusts in the management dto facilitate generational transitions. For example, it is envisaged that transfers, also carried out through family agreements (referred to in articles 768-bis and following of the civil code) in favor of descendants and spouses, of companies or branches thereof, of company shares and shares are not subject to tax. The benefit applies provided that the assignees hold control for a period of no less than five years from the date of the transfer. From a regulatory point of view, trusts are therefore also added to the inheritance tax and it is specified that if the trust is resident in the State at the time of the patrimonial separation, the tax is due for all assets and rights transferred to the beneficiaries. If the disposer is not resident in Italy at the time of the separation of assets, the tax will be due only on the assets and rights transferred to the beneficiary present in the territory of the State. Membership fees are not included in the regulations.

As for the changes regarding donation, we read in the draft of the decree, the changes are mainly aimed at giving unity to the law. The provision on the deduction of taxes paid abroad depending on the donation itself and in relation to existing assets is inserted, specifying that it operates up to the amount of the part of the tax on donations proportional to the value of the assets themselves.

However, it is kept substantially unchanged the regulation of donations. It is established that the assessment of indirect donations can be carried out exclusively when their existence is evident from declarations made by the interested party in the context of proceedings aimed at assessing taxes. The rate of eight percent applies. Furthermore, the exclusion from taxation of donations of use is also introduced.

Other taxes. Possible for car tax

The same provision also includes the implementation of enabling law 111 of 9 August 2023 which aimed at rationalize taxes and methods of payment of registration taxes and stamp duties in various areas, including that of cars “evaluating the possible and progressive overcoming of the tax surcharge on the car tax for cars and motor vehicles intended for the mixed transport of people and goods, with a power exceeding 185 kilowatts, without new or greater burdens on public finances”. The legislative decree aims to “simplify the regulation stamp duty and special taxes also in consideration of the dematerialisation of documents and documents; apply a tax, possibly in a fixed amount, in lieu of stamp duty, of mortgage and land registry taxes, special land registry taxes and mortgage taxes, for deeds subject to registration tax and inheritance and gift tax and for the consequent formalities to be carried out at the land registry and real estate registers; reduce and simplify the obligations for taxpayers also through the introduction of new technological solutions and the strengthening of telematic services; simplify the methods of payment of taxes, also with a view to gradually overcoming self-assessment systems; review the methods of application of the registration tax on judicial documents with the aim of simplification and with the provision of the prior request for the tax from the losing party, where easily identifiable”.