by Macchi di Cellere Gangemi Â
October brought with it a couple of positive developments for those who are planning the distribution of their wealth.
First of all, with circular no. 29 of 19 October last, the Revenue Agency has finally acknowledged that in the current inheritance tax legislation the institution of the succession pool is no longer applicable.
This is the obligation to include in the value of the estate (so-called relictum ) the updated value of the donations made during life by the deceased to the heirs and legatees (so-called donatum ). This rule in the previous inheritance tax system was functional to allow the taxation of the estate with progressive rates in brackets.
The Revenue Agency, having taken note of the position of the legitimate jurisprudence, with circular 29 has recognized that the inheritance accumulation is to be understood as implicitly repealed, with the consequence that the same can no longer be used for the purposes of calculating the exemption allowances from inheritance tax.
In the absence of a hereditary accumulation, therefore, the value of the donations made by the deceased should not be added to the value of the estate  in order to verify that the tax-free allowances of one million euros (to the benefit of the spouse and relatives in a direct line) or of 100,000 euros (to the benefit of brothers and sisters) have been exceeded.
In practice, since the same deductibles are provided for in the case of inheritance and donation, the absence of the hereditary accumulation allows the deductibles to be doubled. In fact, the deductible can be exhausted for the first time during life through a donation and then used again in the event of inheritance.
If the Revenue Agency has recognized the abolition of the inheritance lump sum, the “donative†lump sum has not been touched, with the consequence that when making a donation it is always necessary, for the purposes of calculating the tax exemptions, to take into account previous donations made to the same beneficiary, with the sole exclusion of donations stipulated in the period between 25 October 2001 and 28 November 2006 when the tax was not in force.
Another important innovation comes from the legislator who has expressed the intention (if not already with the budget law, in a subsequent bill) to abolish the action for the restitution of donated goods that have been revealed, with the death of the donor, to be detrimental to the share due to the legitimate heirs. The existence of the possibility of undergoing such an action has always limited the circulation of donated goods, except by resorting to insurance-type instruments to protect the buyer.
DISCLAIMERÂ :Â This article provides general information only and does not constitute legal advice from Macchi di Cellere Gangemi. The author of the article or your contact in the office are at your disposal for any further clarification.
