Legislative Decree 139/2024 introduces new rules governing the taxation of inheritances and gifts, particularly in the context of trusts. These developments complement the existing provisions of Law 112/2016, better known as the “Dopo di Noi” (After Us) legislation, which provides fiscal and patrimonial protection for individuals with severe disabilities.
What are the principal changes introduced by Legislative Decree 139/2024 for the taxation of inheritances and gifts?
Legislative Decree 139/2024 establishes that inheritance and gift tax becomes due at the point when beneficiaries acquire full and enforceable rights over assets settled into a trust, as clarified by Circular 34/E/2022. Taxation does not arise at the time of the initial settlement or subsequent contributions, but only once those rights become definitive and non-discretionary.
Is the “Dopo di Noi” legislation affected by Legislative Decree 139/2024?
No, the provisions of Law 112/2016 remain unchanged. This legislation provides that inheritance and gift tax on trusts established for the benefit of persons with severe disabilities is not due either at the time of the initial settlement or upon subsequent contributions. Tax applies solely upon the transfer of the residual estate to the heirs, following the death of the beneficiary.
How is the taxable moment determined under Legislative Decree 139/2024?
The taxable moment is assessed on a case-by-case basis, by analysing when beneficiaries actually obtain full and enforceable rights over the assets. This occurs without the discretion of the trustee, affording greater clarity compared to the previous regime.
What fiscal benefits does Law 112/2016 offer for trusts established in favour of persons with severe disabilities?
The “Dopo di Noi” legislation confirms the following advantages:
- Exemption from inheritance and gift tax at the time of settlement and subsequent contributions.
- Favourable taxation applicable only upon the transfer of the residual estate to the heirs, following the death of the beneficiary.
- Application of exemptions and fixed rates of taxation on acquisitions and retrocessions.
Is it possible to obtain a refund of inheritance and gift tax previously paid in respect of trusts?
Yes, Circular 34/E/2022 permits the refund of tax erroneously paid by taxpayers who believed they were liable for inheritance and gift tax at the time of the trust’s establishment.
What are the principal advantages of the new fiscal regime for trusts?
The new regime introduced by Legislative Decree 139/2024 offers:
- Greater certainty as to the taxable moment, based on the effective transfer of rights.
- Preservation of the fiscal benefits provided for trusts established under the “Dopo di Noi” legislation.
- The possibility of claiming refunds for tax erroneously paid in the past.
Conclusion
Legislative Decree 139/2024 represents a step forward in rationalising the taxation of trusts, providing greater clarity and safeguarding the rights of persons with severe disabilities protected under Law 112/2016. To optimise the fiscal management of trusts and take full advantage of the available reliefs, it is advisable to consult an independent financial adviser.