Antonio Criscione interviews Giuliano Foglia and Giovanna Costa in Plus 24 of Il Sole 24 Ore
The draft Legislative Decree implementing the Tax Reform on Inheritance and Gift Tax provides for the introduction in the law of Article 4-bis on trusts.
The provision should adopt – as a general criterion – the principle of “exit” taxation, implementing the long-standing case law and the view of the Italian Tax Authority, providing, however, for the possibility to opt for anticipating the tax levy at the time of the contribution of assets and rights in trust, making the following transfer to the beneficiaries not subject to tax.
This possibility represents an interesting opportunity for the succession planning, likely to make the Italian tax regime even more attractive for HNWIs, who are already looking to Italy for their “relocation”, in view of the tax regime for new residents, set forth by Article 24-bis of the TUIR.
In fact, as declared by Giuliano Foglia, Italy is now among the Countries with rules sufficiently clear to give reasonable certainty on how to operate and “this is a further element of attraction for new residents coming to Italy, who in addition to having the tax benefit have the opportunity to efficiently plan the wealth transition”.
