The government has changed the rules regarding inheritance and gift taxes. In the legislative decree implementation of the tax reform approved by the Council of Ministers, in fact, rules aimed at rationalization are introduced of the registration tax, of inheritance and gift taxstamp duty and trust regulations, as announced by the Deputy Minister of Economy Maurizio Leo himself in the press conference. But let’s see what they are the news of the decree and what changes
Taxation of inheritance and gift tax
As specified in the press release published on the government website and which illustrates the new features of the legislative decree, the rates and exemptions of the relevant tax are included in the consolidated text on inheritances and donations. For the purposes of the tax base, in consideration of the most recent jurisprudence, it is excluded the “donatum” from the perimeter of the “relictum”both for the purposes of rates and for the purposes of exemptions
. Furthermore, it is eliminated in the regulatory textor the reference to the institution of the affiliation e it is clarified that for the purposes of inheritance and gift tax franchisors and affiliates are also considered direct relatives.
Inheritance and gift tax, the regulation of the Trust
How long concerns trusts and donations of use, it is established that:
- inheritance and gift tax is extended to transfers arising from trusts;
- the tax is explicitly excluded for donations of use;
- the applicable tax exemptions and rates depend on the value of the assets and the marital or kinship relationship between the settlor and beneficiary at the time of the transfer;
- the payment of the tax takes place in self-assessment by the beneficiary at the time of the transfer and upon notification by the same or, in advance and definitively, by the settlor or the trustee at the time of the transfer of the assets or the opening of the succession. The tax is paid permanently and is not refunded.
Pre-compiled inheritance declaration
The pre-filled succession declaration arrives. A simplification of the information and documentation to be attached is expected the obligation to send it electronically within 12 months from the date of opening of the succession, with the exception of residents abroad.
Furthermore, for the payment of the tax, the current system is overcome by introducing, at the time of the declaration, the principle of self-liquidation similarly to what is already provided for other taxes (mortgage, land registry, stamp duty and mortgage taxes), with provision for the subsequent regularity check and possible notification to the taxpayer of a payment notice within the two-year limitation period, if a greater main tax. The sanctions will be reduced to a third if the taxpayer pays the sums due within the deadline for filing the appeal.
Registration tax
Action is taken to implement the procedures for the electronic management of obligations. Furthermore, rationalization interventions are envisaged, such as:
- for deeds of transfer of company or company branches, the application of different rates for the transfer of the different types of assets (movable and immovable) that make up the company assets, provided that the deed or its annexes contain a breakdown of the consideration between the different types of assets. In the absence of such distribution, the highest single rate applies;
- in inheritance divisions, in order to establish the common mass, the value of the assets donated during life by the deceased to the subjects required for collation (legitimate heirs) is also taken into account, but these assets are not subject to registration tax at the time of division ;
- for the condemnation measures of the judicial authority, including injunctive decrees, the Revenue Agency proceeds with preventive enforcement against the party condemned to pay the costs or the debtor against whom the injunction decree has become enforceable. With reference to judicial documents condemning the payment of sums of money, it is expected that the Agency, after having registered the provision, regardless of the payment of the tax, will directly collect the registration tax;
- the contracts which transfer development rights, however named, are brought back to the category of those having as their object services with a capital content not elsewhere indicated, for which the registration tax at a rate of 3 percent and the fixed mortgage and land registry taxes are applied. equal to 200 euros;
- for preliminary contracts we move from differentiated rates to a single rate of 0.5% both in the case of confirmatory deposits and advance payments, not higher than the registration tax that would be due for the definitive contract.
Regarding the payment of the registration tax, theself-liquidation for all documents produced for registration and liquidation by the office for judicial documents and for those for which debit registration is required. This tax is also provided for a subsequent formal check and, when the checks reveal a higher main tax, the Office notifies the taxpayer of a payment notice, with penalties reduced to one third if the taxpayer pays the sums due within the deadline for filing the appeal. The power to correct the declared value and automatically pay the additional tax remains unchanged.
Stamp duty
In the new legislative decree, it introduces a simplified modality of payment of stamp duty, with the payment using the F24 form within the deadline set for registration of the deed. The possibility remains, for the analogue documents presented for registration in original at the Revenue Agency office, to continue to fulfill the stamp duty by electronic stamp. It provides for the consolidation of stamp duty with the fees collected by consular offices and it is provided that documents adopted or received by diplomatic and consular offices are not subject to stamp duty.
