(English) Trust and Indirect taxation: no application of inheritance tax and gift tax (Provincial Tax Commission of Macerata no. 207/02/2012 filed on 09/26/2012)

articolo a cura di:
Giovanni Perilli
Giovanni Perilli


The Provincial tax commission of Macerata with the sentence n. 207/02/2012 filed on 09/26/2012 affirmed that a trust made to warrant a specific investment does not have to pay the gift tax, but only the single fixed registration fee.

In this judgment the Agenzia delle Entrate (Italian income revenue authority) claimed that a Trust, made by an Hellenic bank in order to ensure funds for building some renewable energy facilities, having as Trustee a company appointed in the Trust deed, had to pay also the gift tax besides the single fixed registration fee at the time of registration of the deed by the notary. In fact the Agenzia delle Entrate considered the money transferred by the Trust deed as an enrichment for the Trustee company.

In the Trust deed the company was named Trustee with the specific aim of realizing these facilities with a credit line of € 4.500.000,00 given by the bank. So, the money was segregate in the Trust fund only for the concerning purpose, guaranteed by the Trust deed. For these reasons is not possible to consider it an enrichment of the company Trustee since the money could only be used for the purposes set in the Trust deed.

Therefore the Provincial Tax Commission rejected the claim of the Agenzia delle Entrate concluding that a Trust set up for a specific purpose, such as secure funding for the realization of a profit or nonprofit investment, has only to pay the single fixed registration fee.

Source: www.il-trust-in-italia.it

Potrebbero interessarti: