No gift tax exemption where the usufructuary retains voting rights on profit distributions

by A&P, Fabrizio Ricci | 2 Apr, 2026 | Publications

With twin decisions no. 6614/2026 and no. 6616/2026, the Italian Supreme Court denies the inheritance and gift tax exemption in a transaction involving the transfer of bare ownership of the entire share capital of an S.r.l. to the donor’s children, where the...

Transfer of Equity Interests and Control Requirements

by A&P, Matteo Aicardi | 23 Mar, 2026 | Publications

Matteo Aicardi analyzes Italian Supreme Court decision no. 6799/2026 on the inheritance and gift tax exemption under Article 3(4-ter) of the TUSD. The ruling confirms a strictly formal interpretation of the control requirement, limited to legal control under Article...

Cross-border interest and royalties: a substance-over-form approach to withholding tax exemption

by A&P, Fabrizio Ricci | 19 Mar, 2026 | Publications

In case C-828/24, the Court of Justice of the European Union confirms that the withholding tax exemption on cross-border interest and royalties under the Interest and Royalties Directive must be assessed on a substantive rather than procedural basis. Accordingly, the...

Tax-favoured conversion into a simple partnership at risk of abuse if followed by a real estate disposal

by A&P, Matteo Aicardi, Fabrizio Ricci | 3 Mar, 2026 | Publications

The recent reopening of the tax-favoured conversion regime into a simple partnership provides a significant opportunity to extract real estate assets no longer instrumental to the business at more favourable tax conditions. However, where the transaction is followed...