There are new rules imposed by the Government in relation to inheritance and gift tax. You have to be careful.
The Council of Ministers has introduced new rules on inheritance and donations which rationalize the registration tax, the inheritance and gift tax, the stamp duty and the regulation of trusts.
A press release was published on the Government website to illustrate the changes in the Legislative Decree announced by the Deputy Minister of Economy Maurizio Leo. Let’s find out together what these changes are that are absolutely important to know.
How succession and donation change with the new legislation
Let’s start immediately by saying that the donatum is excluded from the perimeter of the relictum and the reference to the Institute of affiliation in the regulatory text is eliminated, clarifying for tax purposes the inclusion of relatives in the direct line of franchisors and affiliates.
There are also indications in the press release on the discipline of the Trust and the donations of use. Specifically, the inheritance and gift tax is extended to transfers deriving from trusts, excluded for donations of use, while the exemptions and rates will depend on the value of the assets as well as the family relationship between the settlor and beneficiary at the time of the transfer.
The indications also include the payment of the tax in self-assessment by the beneficiary and with prior notification by the settlor. Among the regulatory innovations is the arrival of the pre-compiled inheritance declaration to simplify the procedure and the documentation to be added in the attachment.
Furthermore, the obligation to send it electronically is defined within twelve months from the date on which the succession opens (with the exception of beneficiaries resident abroad). As regards the payment of the tax, then, self-liquidation is introduced in the declaration as provided for other taxes – stamp duty, mortgage, land registry.
The checks will be subsequent as well as the possible notification of a payment notice to the taxpayer considering the forfeiture of the two years if a higher main tax were to emerge. It should also be known that the penalties will be reduced by a third if the interested party pays the sums due within the deadline of the filing of the appeal. Now let’s move on to the registration tax.
Among the new features are the application of different rates for company transfer documents, preventive enforcement in the event of convictions by the judicial authority, and the single rate of 0.5% for preliminary contracts.
Also with reference to this tax, the self-liquidation of documents produced for registration and liquidation by the Judicial Documents Office is envisaged. Finally, according to the new DL the payment of stamp duty will be simplified via model F24 once the registration of the deed has been completed.
