The inheritance tax is a tax present in Italy, Switzerland (depending on the different Cantons) and many other countries, in which the persons who receive a legacy of both movable and real estate assets, or a real right, must pay at the time of presentation of the inheritance declaration, if the inheritance is of a certain value. To better understand what the inheritance tax is, it must be said that the tax affects the inherited assets, understood as the difference between the assets and liabilities (any debts left by the deceased).
Asset Taxed: The real estate of any kind manufactured (houses, shops, instrumental buildings), agricultural land or building land, is taxed; Movable goods: including boats, jewels, works of art, bank and postal current accounts, money, investments such as stocks, bonds, trust funds, life, etc. The companies and holdings of companies of all kinds are also taxed.
For the payment of the inheritance tax – in Italy – you should use the F24 model. As of January 1, 2018, the online succession declaration 2018 and the use of the software for the compilation of the new model, which is also useful for calculating inheritance, iptecaria and cadastral taxes, is mandatory.
The assets excluded from inheritance tax are government securities and public debt securities including Treasury Bonds, Treasury Credit Certificates and Poliennal Treasury Bonds; Family businesses and social investments. For corporations or cooperatives or mutual insurance companies based in Italy, the exclusion from the tax is due only to the investments through which the control of the company is acquired or integrated, provided however that the heirs continue for a period of at least 5 years business activity and / or hold control of it. In addition, the severance pay and other indemnities due by right to the heirs are excluded from inheritance tax; Credits to the State, local public bodies, INPS, INAIL, etc; and Vehicles registered in the PRA, because they are subject to separate taxation.
The following image is an indicative map of the global inheritance tax values, in the different countries of the world:
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Article by Dr. Alessandro Civati.