Il Council of ministers gave the go-ahead to an important one legislative decree on indirect taxes (with the exception of VAT) which brings significant new in the field of inheritance taxes e donations. This decree, implementing the delegation, has the aim of streamlining the bureaucratic processes linked to successions and current obligations. Among the main innovations, the introduction of the pre-compiled inheritance declaration, the simplification of the tax settlement and the adaptation of the regulations on donations, trusts and transfers of family businesses stand out.
The new rules for succession: here's what changes with the pre-compiled one
With the aim of simplifying the obligations both for the heirs and for the professionals who assist them, the decree lightens the content of the succession declaration. However, the declaration may be presented only online, with the option of sending via registered mail for residents abroad.
Among the simplifications made, the decree eliminates the need to provide a series of documents that were previously required. For example, it will no longer be necessary to attach the cadastral extract of properties or the certificate of public registers to identify ships and aircraft.
The key role of trusts and taxes in Italy
As regards successions, the decree defines the territoriality rules for transfers arising from trust and other destination constraints. The trust is a legal institution of Anglo-Saxon origins that allows an individual to be formally separated from their assets, entrusting their management to a third party. This practice is often adopted by wealthy families for wealth management reasons and, sometimes, also to optimize tax planning. If the promoter of a trust is resident in Italy at the time of the separation of assets, the tax will be calculated on all assets and rights transferred to the beneficiaries. If, however, the promoter is not resident in Italy, the tax will apply only to assets located in Italian territory.
For testamentary trusts, this is now possible pay the tax voluntarily e premature at the time of the transfer of the assets or the opening of the succession. This allows the taxpayer to directly manage the tax without having to wait for the tax notice.
Self-liquidation principle and advantages for generational transitions
One of the most significant innovations is the introduction of self-liquidation principle of inheritance tax, as already happens for tax returns. This avoids the taxpayer having to pay the tax when submitting the return. The payment of the self-assessed tax, according to the methods established by the Revenue Agency, must take place within 90 days from the submission of the declaration. The objective of this measure is to facilitate generational transitions and guarantee greater flexibility in the transfer of goods and assets. For example, if you make transfers of property through instruments such as family agreements, in favor of descendants, spouses, companies, company shares or shares, you will not have to pay additional inheritance tax. This, however, is on the condition that those who receive such assets maintain control over them for at least five years from the date of transfer.
In practice, it means that whoever inherits or receives these assets as a gift will have to manage them for at least five years before being able to dispose of them freely without incurring inheritance tax. This provision aims to promote continuity in the management of family assets and support the stability of business activities, guaranteeing a transition period without additional tax burdens.
New rules for donations
With regard to donations, the decree aims to give greater uniformity to the rules. It is expected deduction of taxes paid abroad in relation to the donation itself and existing assets. This deduction will operate up to the part of the gift tax proportional to the value of the assets themselves, thus allowing a reduction in the tax burdens linked to international donations.
Furthermore, the decree keeps the regulation of "donations", i.e. free transfers of goods or sums of money, substantially unchanged. It will apply a rate of 8% for the indirect donations, which can only be ascertained when their existence is confirmed by the declarations of the interested party during tax checks.
Another important innovation concerns the introduction ofexclusion from taxation with donations of type “freedom of use”, which include Christmas gifts, tips and other transfers of low-value goods. This exemption represents a benefit for those who make and receive small donations, reducing the tax burden and simplifying the procedures related to these operations.
