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Trusts and taxation in the light of Circular No. 34/E of 20 October 2022 of the Italian Revenue Agency
On 20 October 2022, the Italian Revenue Agency issued the Circular No. 34/E, on the taxation of trusts, in which it provides clarifications on the direct and indirect taxation of this instrument, in light of the now consolidated case law on the application of Inheritance and Gift Tax (hereinafter “IHT”) and on the regulatory novelties introduced, in the area of direct taxes, by Article 13 of Decree-Law 124/2019.
We provide below a brief summary of some milestone...
Wealth planning and the use of the Trust for the holding and management of works of art
In recent years, the trust has become an incredibly useful vehicle in the scope of wealth planning and asset management, particularly for artworks, antiques, and other collectibles, as it is a very efficient instrument both from the point of view of safeguarding the “real asset”, preserving its value and its transfer to future generations within a family, and from the tax point of view.
A trust is a legal relationship of Anglo-Saxon origin created by a settlor, ...