Inheritance and gift tax. Towards an extension of the facility?

Art. 1 of the Legislative Decree approved by the Italian Government on April 9, 2024, intervenes in the matter of facilitated transfers of business and corporate interests to descendants and spouses, excluded from taxation under Article 3, Paragraph 4-ter, of the TUS to help maintain the integrity of the family business.

The trust is fully recognised in the body of inheritance law, also defining the rules on the territoriality of transfers deriving from trusts and other destination restrictions.

The third paragraph of the new Article 4-bis of Legislative Decree No. 346/1990 allows the application of the tax voluntarily and in advance at the time of each transfer of assets into the trust or of the opening of the succession, in which case the tax is paid definitively and without a tax refund. This option also applies to trusts already set up to date.

A further positive note is contained in paragraph 4-ter: “The benefit also applies to transfers of shares and stocks of companies resident in countries belonging to the European Union or the European Economic Area or in countries which guarantee an adequate exchange of information, under the same conditions as those provided for transfers of shares and stocks of resident entities”.

It would also appear that holding and real estate companies (of whatever nature) will ‘enter’ by right into the scope of the facilitating rule.

Our staff remains available for further information.