The rules change inheritance tax And donations: the government decided this with a decree implementing the delegation on tax reform. One of the new measures, in particular, involves rationalizing the provisions relating to inheritance and gift tax.
Among the objectives, a better definition of the scope of application of these taxes and the introduction of the principle of self-assessment of inheritance tax. However, they do not change rates and the deductibles now in force.
The decree then defines more precisely transfers due to death and donations of companies and shareholdings in favor of the spouse and descendants. Specifically, as the Corriere della Sera, provides that the transfer in favor of descendants and spouses of company shares and shares of joint stock companies and cooperative companies is not subject to tax when as a result of the transfer it is acquired legal control of the company or existing control is integrated.
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Furthermore, the transfer is not subject to inheritance and gift tax in the case of companies or branches thereof, provided that the assignees continue the exercise of the business activity for a period of no less than five years from the date of transfer; in the case of company shares or shares of joint-stock companies, provided that the assignees hold control of the company for a period of no less than 5 years from the date of the transfer; in the case of other social shares, provided that the assignees hold ownership of the transferred right for a period of no less than five years from the date of the transfer. The decree, among other things, introduces the possibility for the settlor to anticipate voluntarily the payment of the tax at the time of the contribution of the assets or the opening of the succession.
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