Legislative Decree no. 139/2024 introduces significant changes to inheritance tax in Italy, providing for the first time a specific discipline for trusts. Until now, the taxation was regulated by the Circulars of the Revenue Agency of 2007 and 2022, which will have to be updated in the light of the new territoriality criteria, the options for paying the tax on the contribution or assignment of assets – even for existing trusts –, the exemptions for new residents, the new declaration procedures and the forms. Financial intermediaries must also consider the possible interposition of the trust, the presence of testamentary trusts and the implications on beneficial ownership, Aml and exchange of information. In this context, an official clarification from the Agency is urgently needed.
