A long series of judgements from the tax section of the Corte di Cassazione, esplecially number 16699/2019 which has reformulated, universalized and reinforced the interpretation of the trust’s deed of incorporation and the disposition acts.
According to the Supreme Court, the legal deed of costitution doesn’t express the ability to contribute and therefore it cannot be subject to the proportional tax imposition. The deed of transfer is only formal, transitional and instrumental for the settlor’s programm. In view of this, the proportional tax must be payed when the asset will be moved to the beneficiary.
This new interpretation is furthermore entirely in opposition to the general procedure of the current financial administration. In conformity with the rule of law, it is desirable for the future to change the said procedure.
Studio Tributario Societario Internazionale is available to evalutate the most favorable opportunities in each specific case with the client.