Your questions – Funds and shares, when the capital gains tax is 14% and 16% instead of 26%?
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I would like you to deal with the taxation of capital gains from financial/stock market investments as at 31st December. Taxation reduced to 14% instead of 26%. My bank knew nothing about it, even though it had already been 3 months since the law came into force! How is it possible?
Signed letter — by email
The taxation of capital gains has not changed, the rate still being 26% (12.5% for government bonds). It probably refers to the so-called release of UCI units (in summary the funds) and of the insurance policies provided for by paragraphs 112 to 114 of the budget law for 2023. On which the Revenue Agency has not yet provided instructions. In practice, this is the possibility of updating, for the purposes of calculating capital income and future capital gains/losses, the historical purchase cost of units or shares in undertakings for collective investment of savings (UCIs), with the value as at 31 December 2022. Specific criteria are envisaged to establish the value. For the release, the option must be exercised by communicating it to the intermediary with whom the custody, administration, portfolio management or other stable relationship is maintained by 30 June and pay the substitute tax of 14%. The option must concern all the quotas or shares belonging to the same homogeneous category, held as at 31 December 2022 as well as at the date of exercise of the option. The budget law also re-proposes the possibility of revaluing the cost of shareholdings held outside the company’s exercise and for the first time it also allows it for those listed on the basis of the values in December 2022. The substitute tax rate 16%, to be paid by 15 November, or in three annual installments.
With the advice of Valentino Amendola
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