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 usufructuary retains voting rights on profit distribution resolutions.
The Court holds that the beneficiaries do not acquire legal control under Article 2359, no. 1, of the Civil Code, as the retention of voting rights over profits prevents the full transfer of shareholder powers, thereby excluding the conditions for the exemption.
The ruling is particularly relevant for succession planning and is examined in a case law note published in La Circolare Tributaria no. 15/2026.
