TRANSFER OF ASSET TO A CHARITY TRUST: IN ITALY APPLICABLE IN HERITANCE AND GIFT TAX
The Italian Supreme Court, with the sentence no. 22758/ 2019, has decided that the gift tax have to be applied, in the proportional amount, to a deed of transfer.
This starting from the assumption that the settlor, conferring founds to be immediately used in favour of the beneficiaries to the trustee, fulfils a patrimonial improvement through a donation.
The Judges considered the transfer of 4 million of Euro to a New Zealander trustee, constitute an endowment of founds “immediately expendables”, for the charity goals of the trust, to unspecified beneficiaries.
In this case, for the Court, a patrimonial improvement trough a donation occurred, consequently, it is applicable the gift tax.
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