Easier successions with the do-it-yourself tax, facilitated for the under-26s

Final go-ahead for the simplification of calculation and settlement procedures for inheritance, gift and registration taxes. With the final OK to the delegated decree on indirect taxes, the government launches a restyling operation destined to change also the framework of the rules on family business transfers and the taxation of trusts. All with a time horizon starting on 1 January 2025.

There is also a change requested by way of an observation in the opinion approved by the Senate Finance Committee that seeks to meet the needs of younger heirs. For taxpayers aged 26 and under, in fact, provision is made for the possibility of paying cadastral, mortgage and stamp duties in the case of property included in the estate by using the sums held in deposit, at banks and financial or insurance institutions, and constituting part of the assets of the estate. In this way, as explained by the deputy minister of the Economy, Maurizio Leo, in the press conference after the CDM, "the bank will immediately release the sums so that the young people can meet the tax payments".

But the sign of simplification emerges above all in the features of the self-assessment strongly desired by Leo on the calculation and declaration of inheritance tax. Self-assessment, in fact, becomes the guiding principle (and also concerns registration tax). More in detail, as far as inheritances are concerned, the delegated decree confirms the approach contained in the initial text sent to Parliament by establishing that the payment of the self-assessment tax must take place within 90 days of the deadline for submitting the declaration. In this way, the self-assessed tax becomes the 'principal' tax.

Any rectification or assessment by the Inheritance Tax Authority results in a 'complementary' tax, while the 'supplementary' tax will be superseded, which is in fact replaced by the amount redetermined by the office. But the novelties also extend to the mode of submission and content of the inheritance declaration: the transmission channel becomes telematic only (within 12 months of the opening of the succession), with the sole exception represented by the sending by registered mail reserved exclusively for non-residents. On the other hand, as far as filling in the form is concerned, it will no longer be necessary to indicate the details of the deeds of alienation for valuable consideration carried out in the last six months with the relevant consideration. There will also be no more need to enclose cadastral extracts relating to real estate and a certificate of public registers with the elements for identifying ships and aircraft.

As anticipated, the delegated decree also intervenes on family business transfers. In the case of transfers to descendants and spouses of shares and stock in joint stock companies and cooperative societies, the exclusion from taxation applies when, as a result of the transfer, legal control is acquired (as provided for by the Civil Code) or there is already existing control. The relief, however, is conditional on the successors in title maintaining control for a period of not less than five years from the date of transfer. The tax exclusion also applies to transfers of shares and stocks of companies resident in countries of the European Union, the European Economic Area (EEA) or of states that guarantee an adequate exchange of information.