Inheritance tax, there is a clarification from the Revenue Agency: all the news
Inheritance tax, increases, decreases and clarifications: the Revenue Agency with a new circular number 29 issued on 19 October 2023 has provided a series of important clarifications on the subject of taxes. But let’s rewind the tape for a moment: what is meant by inheritance tax? Inheritance and gift tax is payable by the heirs for inherited assets and rights: it is applied to the taxable base of the assets, i.e. to their value, but exceeding the exemption provided for on the basis of the kinship relationship between the beneficiary and the person passed away. The inheritance tax is payable by the heirs and legatees. The succession declaration must be submitted within twelve months of the date of death, which coincides with the opening of the succession.
How well the site analyzes City rumors, law number 286 of 2006 provides for one 8% inheritance tax for assets donated to third parties, which can drop to 6% for recipients who are relatives up to the fourth degree or close in a direct and collateral line to the third degree; the transfer of property in favor of brothers and sisters always remains at 6% only for assets exceeding 100 thousand euros.
Instead, the site continues, “in the case of sons and daughters through direct inheritance, the rate drops to 4% and is applied only to assets exceeding one million euros. If inheritance taxes have to be paid, the heirs must declare the income one year after the opening of the succession. The base that can be defined is calculated on the net value of the assets with subsequent subtractions of any debts”.
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But thanks to circular number 29 issued on 19 October 2023 clarifications have arrived on the donation and inheritance jumble by comparing the decisions of the Court of Cassation, as opposed to those of the Revenue Agency in the regulatory documents released to date. The change lies in successions and donations. In the first case, City Rumors points out, “the change due to successions provides that the overall net inherited sum is greater, allowing the determination of the rates in accordance with art. 7, of a total amount equivalent to the total value of the donations sent by the deceased to his heirs”. In the case of donations, “the total amount of the rights and assets of the donations is increased by the sum equal to the total donations made by the donor to the recipient: for the Revenue Agency, in establishing the inheritance tax, the recipient of the assets must add up all the donations of the deceased that occurred from the initial moment of the succession”.
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