{"id":1610,"date":"2019-07-01T07:58:02","date_gmt":"2019-07-01T07:58:02","guid":{"rendered":"http:\/\/159.65.127.138\/?p=1610"},"modified":"2026-01-23T11:52:16","modified_gmt":"2026-01-23T10:52:16","slug":"definition-of-partecipazione-qualificata-the-significant-shareholding","status":"publish","type":"post","link":"https:\/\/taxing.it\/it\/definition-of-partecipazione-qualificata-the-significant-shareholding\/","title":{"rendered":"Definition of “Partecipazione Qualificata” – the Significant Shareholding"},"content":{"rendered":"
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What Is a \u201cQualified Participation\u201d (Partecipazione Qualificata<\/em>)?<\/h2>

Definition<\/h3>

The definition of “qualified participation can be found in section 67(1)(c) of the Italian Tax Code.<\/p>

A qualified\/significant shareholding is defined as any shareholding (excluding savings shares – “azioni di risparmio”<\/i>) in the capital or assets of a Company<\/strong> (as defined – see below) carrying, either:<\/p>

a) more than 2% (5% for non-quoted companies) of the right to vote at ordinary meetings of the shareholders; or<\/p>

b) the right to a share of more than 20% (25% for non-quoted companies) in the capital or assets.<\/p>

A quoted” company is a company the shares of which listed on a regulated market.<\/p>

Option rights etc.<\/h3>

The definition of significant shareholding also including any rights options or instruments through which a significant shareholding may potentially be acquired.<\/p>

Window<\/h3>

In determining the relevant percentage of voting and asset-participation rights all disposal transactions made over the course of a twelve month period should be taken into account regardless of the identity of\u00a0 any counter-party.<\/p>

Definition of Company\u00a0<\/h3>

The legislation defines Company<\/strong> as those companies defined in Section 5 of the Code\u00a0 – simple, general and limited partnerships, shipping companies and de facto companies carrying on a commercial business excluding professional associations, most forms of Italian companies such as the Spa, Srl, cooperative companies, mutual insurance companies, other private and public entities as well as non Italian resident companies generally.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Why Qualified Participation Matters<\/h2>

Understanding whether a shareholding is \u201cqualified\u201d is crucial because it directly affects:<\/p>

1. Taxation of Capital Gains<\/h3>

Capital gains from the sale of qualified participations are subject to a different tax regime than non\u2011qualified ones. The thresholds determine whether gains fall under the \u201credditi diversi\u201d rules of Article 67 TUIR, which can significantly change the taxable amount and applicable rates.<\/p>

2. Taxation of Dividends<\/h3>

Dividend distributions to holders of qualified participations may be taxed differently, often requiring the shareholder to include a portion of the dividend in taxable income rather than applying a flat substitute tax.<\/p>

3. Corporate Restructuring and Capital Contributions<\/h3>

In reorganisations\u2014such as contributions of shares into holding companies\u2014the classification of a participation as qualified determines whether the transaction can benefit from tax\u2011neutral regimes (e.g., Article 177 TUIR). Recent reforms have clarified and expanded the rules for contributions involving qualified participations.<\/p>

4. Estate and Succession Planning<\/h3>

Qualified participations often carry enhanced voting power or strategic influence, making them central to governance planning, shareholder agreements, and succession strategies.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Section 67(1)(c) of the Italian Tax Code (Translation).<\/h2>

Capital gains realised through the transfer for consideration of\u00a0 a qualified participation.<\/p>

A transfer is considered a transfer of a qualified participations when it involves shares (other than savings shares) or any other participation in the capital or assets of the companies and associations referred to in Article 5, and of the entities referred to in Article 73(1)(a), (b) and (d), as well as the transfer of rights or instruments through which such participations may be acquired, provided that any participations, right or instrument transferred represents, in total:<\/p>

more than 2% or 20% of voting rights exercisable in the ordinary shareholders\u2019 meeting,, or<\/p>

more than 5% or 25% of the share capital or assets,
depending on whether the securities are traded on regulated markets or are other types of holding.<\/p>

For rights or instruments through which a holding may be acquired, the calculation must take into account the potential voting or ownership percentages associated with such holding .<\/p>

The percentage of voting rights and ownership shall be determined by considering all transfers carried out within a twelve\u2011month period, even if made to different parties.<\/p>

This rule applies from the moment the holding, right or instrument held exceed the above\u2011mentioned thresholds.<\/p>

The following are treated as capital gains under this letter:<\/p>

Transfers of the financial instruments referred to in Article 44(2)(a), when they do not represent a share in the assets.<\/p>

Transfers of the contracts referred to in Article 109(9)(b), where the value of the contribution exceeds 5% or 25% of the net book equity resulting from the latest approved financial statements, depending on whether the company\u2019s securities are traded on regulated markets or not.
For capital gains realised through the transfer of such contracts entered into with non\u2011resident principals who do not meet the conditions of Article 44(2)(a), last sentence, the assimilation applies regardless of the value of the contribution.<\/p>

Transfers of the contracts referred to in the previous point where the value of the contribution exceeds 25% of the principal\u2019s assets, determined under Article 47(2) of the same tax code.<\/p>

c\u2011bis) Capital gains\u2014other than those taxable under letter c)\u2014realised through the transfer for consideration of shares or any other participation in the capital or assets of the companies and associations referred to in Article 5 and the entities referred to in Article 73, as well as rights or instruments through which such participations may be acquired.<\/p>

The following are treated as capital gains under this letter:<\/p>

Transfers of the contracts referred to in Article 109(9)(b), where the value of the contribution is not greater than 5% or 25% of the net book equity resulting from the latest approved financial statements, depending on whether the company\u2019s securities are traded on regulated markets or not.<\/p>

Transfers of the contracts referred to in the previous point where the value of the contribution is not greater than 25% of the principal\u2019s assets, determined under Article 47(2).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

What Is a \u201cQualified Participation\u201d (Partecipazione Qualificata)? Definition The definition of “qualified participation can be found in section 67(1)(c) of the Italian Tax Code. A qualified\/significant shareholding is defined as any shareholding (excluding savings shares – “azioni di risparmio”) in the capital or assets of a Company (as defined – see below) carrying, either: a) […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,54,65,762],"tags":[],"class_list":["post-1610","post","type-post","status-publish","format-standard","hentry","category-technical-resource","category-blog","category-italian-tax-glossary","category-capital-gains"],"yoast_head":"\nDefinition of "Partecipazione Qualificata" - the Significant Shareholding | Taxing.It<\/title>\n<meta name=\"description\" content=\"What Is a \u201cQualified Participation\u201d (Partecipazione Qualificata)?DefinitionThe definition of "qualified participation can be found in section 67(1)(c) of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxing.it\/it\/definition-of-partecipazione-qualificata-the-significant-shareholding\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Definition of "Partecipazione Qualificata" - 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