Legislative Decree 139/2024 provides for new inheritance and gift tax measures as of January 1, 2025. The main amendments to the regulations are set out below:
Calculating the exemption for IHT purposes
The rule that provided for the consideration of previous donations made during the deceased’s lifetime to their heirs, for the purposes of calculating the IHT exemption, has been abolished. It can therefore be said that there are now two exemptions, one for gift tax and one for inheritance tax.
Payment of inheritance tax and declaration of succession
The principle of inheritance tax self-assessment – previously settled by the revenue agency – has been introduced.
With the Declaration of Succession, the tax is self-assessed by the taxpayer and paid within 90 days of the deadline for submitting the Declaration of Succession (within one year of the death).
The revenue agency will then check the regularity of the self-assessment carried out by the taxpayer and that the payments correspond with the data provided in the declaration.
The declaration is submitted electronically, according to procedures established by order of the director of the Revenue Agency. Non-residents can send it by registered mail with return receipt.
Trusts
The tax reform introduces a specific article concerning trusts, which are now expressly qualified as taxable events.
In this case, IHT is due at the final assignment of the assets and rights to the beneficiaries, who have to declare when such assignment takes place.
However, the legislator has also introduced the possibility for the settlor to pay the tax at the time of transfer of the assets/rights in trust or, for trusts created by will, for the trustee to pay at the time of the opening of the succession. In this case, the tax base, the exemptions and the taxable amount, deductibles and applicable rates are determined following the total value of the assets and rights and the relationship between the settlor and the beneficiary at the time of the transfer or the opening of the succession. There is no refund of the tax paid by the settlor or trustee.
Written by: Francesca Ferrari, Studio notarile Tassinari & Damascelli, Bologna – Member of Insignum (Italy)
