News on changes to Italian inheritance tax in 2019
A number of changes to inheritance law in Italy have been introduced recently.
One of these is the exemption for the heirs from filing an inheritance tax declaration on bequests below €100,000. This amendment entered into force, through Legislative Decree no. 175 of 21/11/2014, and is valid from 1st January, 2019. It is no longer mandatory to file an inheritance tax declaration so long as all the following conditions are met:
- The total value of assets left by the deceased does not exceed €100,000;
- The heirs are spouses, children or parents,
- The inheritance assets include neither properties nor property rights registered in the name of the deceased (such as houses, land, businesses, rights to freehold on a property, etc.).
Thus, for example, in the event the husband dies leaving his wife and children a total sum/goods value below €100,000 and his assets do not include any property, it will no longer be necessary to file an inheritance tax declaration. This simplifies low-value inheritance formalities.
Prior to the introduction of the aforementioned decree, the limit under which the inheritance declaration was not required was set at €25,000.
How to pay inheritance tax – the software
Inheritance tax payment through the F24 form has become mandatory. Starting from 1st January, 2019 any inheritance declaration must be filed using the F24 form (online inheritance tax declaration 2019).
The Inland Revenue/Agenzia Delle Entrate has developed a Software di compilazione Certificazione Unica (SUC). SUC calculates inheritance, mortgage and cadastral taxes. However, the use of the software might be not so straightforward for all users, thus people can file the declaration directly or through a professional. Feel free to contact our firm for help at email@example.com.
You can download SUC for free, from the Inland Revenue website in the ‘Successioni Online’ area.
Once you have downloaded the software and completed the registration and profiling procedures, submitting the declaration is very simple.
The new declaration is made up of two files.
It is mandatory to fill out the first file. The second file only requires filling where certain movable and immovable assets are included in the inheritance.
A declaration sent using SUC software is considered valid from the moment the data it is received by the Inland Revenue. You will receive an electronic receipt certifying transmission of your declaration.
The online procedure significantly speeds up the succession declaration process. In addition to allowing you to automatically calculate mortgage, cadastral and special taxes, it also enables online payments.
As previously mentioned, if you prefer, you can still file your declaration directly at your local office of the Agenzia del Territorio. The SUC software can be used to compile and print your declaration beforehand.
The Italian inheritance process can be complex, so make sure you obtain the right legal advice. Contact one of our legal experts if you need any help with inheritance tax or would like to discuss any aspect related to your case.