{"id":266,"date":"2017-09-28T12:24:51","date_gmt":"2017-09-28T12:24:51","guid":{"rendered":"http:\/\/159.65.127.138\/?p=266"},"modified":"2026-01-22T14:53:55","modified_gmt":"2026-01-22T13:53:55","slug":"tax-capital-gains-individuals-disposals-shareholdings","status":"publish","type":"post","link":"https:\/\/taxing.it\/it\/tax-capital-gains-individuals-disposals-shareholdings\/","title":{"rendered":"Tax on Capital Gains for Individuals &#8211; Disposals of Shareholdings"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"266\" class=\"elementor elementor-266\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5472290 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5472290\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-87e1b15\" data-id=\"87e1b15\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5169d20 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5169d20\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-a5d0b9a\" data-id=\"a5d0b9a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c565ca6 elementor-widget elementor-widget-text-editor\" data-id=\"c565ca6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2 dir=\"ltr\" data-pm-slice=\"1 1 []\">Background &#8211; Taxation of Gains and Losses<\/h2><p dir=\"ltr\" data-pm-slice=\"1 1 []\">The disposal of shareholdings (e.g., shares or equity interests in companies) in Italy may trigger a charge to Italian tax on any capital gain under the Italian Tax Code (DPR 917\/1986).<\/p><p dir=\"ltr\" data-pm-slice=\"1 1 []\">The tax treatment differs significantly based on the percentage interest in the company and Italian tax residency status. It also depends on whether the investments are held via an Italian regulated intermediary (bank, broker, insurance company, etc)\u00a0 or whether the shares are held directly by the taxpayer, albeit via non Italian regulated intermediaries.\u00a0\u00a0<\/p><p dir=\"ltr\" data-pm-slice=\"1 1 []\">Below is an overview for <strong>Italian residents<\/strong> and <strong>non-residents<\/strong>, though the complexity of these rules usually\u00a0 requires professional advice to ensure\u00a0 Italy&#8217;s tax compliance rules, especially as regards investments held other wise than through an Italian financial institution.<\/p><p dir=\"ltr\" data-pm-slice=\"1 1 []\">This blog post applies to gains in equity type investments made by private individuals otherwise than in the course of a business or trading activity. The same rules may well apply to transactions in derivative instruments involving equity type securities. Italian tax rules in this regard generally follow the nature of the underlying instrument or instruments involved, but again, specific advice should be sought.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dd61ecf elementor-widget elementor-widget-text-editor\" data-id=\"dd61ecf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2 dir=\"ltr\" data-pm-slice=\"1 3 []\">Italian Tax Residents<\/h2><p dir=\"ltr\">For Italian tax residents, capital gains from the disposal of shareholdings are taxed as <strong>miscellaneous income<\/strong> (Article 67, TUIR).\u00a0\u00a0Italian tax residents are liable to tax on gains on disposal of equity interests companies and other entities wherever in the world the entity is located, subject possibly to special rules under a <a href=\"https:\/\/taxing.it\/it\/list-of-italys-double-tax-treaties-income-tax\/\">DTA<\/a> of disposals involving defined shareholdings in an entity located in the territory one of Italy&#8217;s treaty partners.\u00a0<\/p><p dir=\"ltr\">The tax rate depends on the type of shareholding:<\/p><ul dir=\"ltr\" data-tight=\"true\"><li><p dir=\"ltr\"><strong>Non-Significant Shareholdings<\/strong> (see definition above): Gains on equity instruments are taxed at a <strong>26% flat substitute tax<\/strong> (Article 5, DLgs 461\/1997). The tax\u00a0 is withheld by the Italian financial intermediary (e.g. bank, broker or intermediary)\u00a0 entrusted with the management investments, otherwise reported via\u00a0 an annual Italian tax return.\u00a0<\/p><\/li><li><p dir=\"ltr\"><strong>Significant Shareholdings<\/strong>: 49.72% of the gain is added to taxable income and taxed at progressive <strong>IRPEF rates<\/strong> (23\u201343%, plus regional\/municipal taxes). The &#8220;participation exemption&#8221;, is a reflection of the Constitution principle that income or gains should be taxed twice, and of the fact that the entity being disposed of has paid tax on corporate profits.\u00a0 It is obviously a rough and ready method\u00a0 of arriving at an overall rate of tax paid on disposal of a significant shareholding in an Italian company, targeted at simplicity and easing tax reporting.\u00a0<\/p><\/li><li><p dir=\"ltr\"><span style=\"background-color: transparent;\"><strong>Investment Funds and ETFs<\/strong>: Gains on these assets are separated from gains on\u00a0 other investments. Under Italian tax rules the relevant gains are fully taxable as income\u00a0 &#8211; either withheld at source by an Italian intermediary, or to be reported in Section RM of the annual tax return in each case liable to the 26% substitute tax rate if the\u00a0 gain derives from the disposal of investment funds\/ETF&#8217;s\u00a0 which are complaint with EU regulations, otherwise they are reported in section RL of the return and are liable to tax at <a href=\"https:\/\/taxing.it\/it\/personal-income-tax-irpef-rates-from-1-january-2024\/\" target=\"_blank\" rel=\"noopener\">scale rates<\/a>.\u00a0 Losses on these assets cannot be offset against gains on the same type of asset, but flow into the general pool of gains and losses applicable to equity and other instruments.\u00a0<\/span><\/p><\/li><li><strong>Exemptions<\/strong>: Gains from equities\u00a0 held in <strong>PIR&#8217;s &#8211; Individual Savings Plans <\/strong>offered by Italian regulated intermediaries may be exempt under specific conditions. Losses may offset gains within the same tax period.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6b34df5 elementor-widget elementor-widget-text-editor\" data-id=\"6b34df5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2 dir=\"ltr\" data-pm-slice=\"1 3 []\">Italian Tax Residents &#8211; Reporting Gains and Losses<\/h2><p dir=\"ltr\">Gains and Losses are subject to rigorous reporting requirements and processes.\u00a0<\/p><p dir=\"ltr\">If you invest via an Italian financial intermediary (e.g. bank, broker, or insurance company)\u00a0 the bank will handle the tax reporting and pay any income taxes due withholding the relevant amount of tax before crediting you with the net income. There are a number of alterative regimes which can be offered by Italian regulated financial intermediaries.\u00a0<\/p><p dir=\"ltr\">If you have not invested via an Italian financial intermediary, then you must report the income and gains personally in annual tax regime, following the same rules for financial institutions which can be summarised as follows<\/p><p dir=\"ltr\">Gains on equity instruments must be\u00a0 &#8220;pooled&#8221; and shown in Section RT\u00a0 of the annual tax return. You need to show the total sales proceeds, total cost of sales and the net gain.\u00a0 Gains on investment funds and ETF&#8217;s do not form part of the pool and must reported in the income tax section (RM).\u00a0 The total pool value of gains and losses on equity instruments\u00a0 will also include gains on other non investment fund\/ETF assets, such as ETC&#8217;s, gains and losses on corporate bonds.<\/p><p dir=\"ltr\">If losses in the &#8220;pool&#8221; exceed gains for any particular tax year, they can be carried forward and offset against the total pool gains arising in the four successive tax years.\u00a0 Losses must be claimed in the tax return for the year in which the arise, otherwise they cannot be offset in future years,<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f3763d9 elementor-widget elementor-widget-text-editor\" data-id=\"f3763d9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2 dir=\"ltr\" data-pm-slice=\"1 3 []\">Calculating the Gain<\/h2><p>The gain is generally the difference between the sale proceeds and the original purchase price increased by purchase taxes, dealing costs on the purchase and other expenses which relate directly to the value of the investment on sale. Dealing costs on sale may not necessarily be deductible.<\/p><p>Where the asset is denominated in a non Euro currency, the value in Euros at the time of the purchase needs to be calculated and compared to the value of sale proceeds in Euro at the time of sale, using, ideally, Bank of Italy FX rates for the month of the transaction. Similarly purchase tax taxes, dealing costs needs to be converted at the appropriate FX rates at the time they were incurred.\u00a0<\/p><p>Whether or not you were tax resident at the time of purchase is irrelevant &#8211; the base cost is calculated on the basis of the purchase price, converted into Euro, if necessary, at the time of purchase.<\/p><p>In computing gains and losses a LIFO\u00a0 (last in first out) method must be used. This means computing the gains or losses on the basis of the price of the most recent\u00a0 purchase or purchases,\u00a0 in the case of part disposals of assets, or where a disposal involves a partial sale of investments.\u00a0 Since many brokers and asset managers outside Italy use an average cost or pooling method, the Italian rules may require a statement using the LIFO method, of\u00a0 all purchases and sales over the years to establish the correct base cost, in each particular case.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-dd3f381\" data-id=\"dd3f381\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ff17d3e elementor-widget elementor-widget-text-editor\" data-id=\"ff17d3e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2>Definitions<\/h2><p><strong>A Substantial Shareholding<\/strong>\u00a0 (&#8220;<em>particpazione qualificata<\/em>&#8220;) is an equity interest corresponding corresponding to:<\/p><ul><li>at least 5% of the total share capital;\u00a0 or<\/li><li>at least 2% of total shares carrying a right to vote\u00a0<\/li><\/ul><p>for shares and securities <strong>traded or listed<\/strong> on a regulated financial market.<\/p><ul><li>at least 25% of the total share capital;\u00a0 or<\/li><li>at least 20% of total shares carrying a right to vote\u00a0<\/li><\/ul><p>for shares <strong>not traded or listed<\/strong> on a regulated financial market.<\/p><p>For these purposes all sales in any twelve month period should be counted checking if the disposal concerns a shareholding that is substantial at any time time during during that period.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4958af4 elementor-widget elementor-widget-text-editor\" data-id=\"4958af4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3 dir=\"auto\">PIRs\u00a0 &#8211; Individual Savings Plans<\/h3><p dir=\"auto\"><strong>Piani Individuali di Risparmio (PIR)<\/strong> are Italy\u2019s tax-advantaged individual savings plans, introduced by <strong>Article 1, commas 100\u2013114, Law n. 232\/2016<\/strong> (Legge di Bilancio 2017) to encourage investment in Italian and EU companies, particularly SMEs. Key features:<\/p><ul dir=\"auto\"><li><strong>Eligibility<\/strong>: Open to Italian tax residents; one PIR per person, managed through banks or authorized financial intermediaries.<\/li><li><strong>Investment Rules<\/strong>: At least 70% of the portfolio must be invested in Italian or EU companies (with Italian operations), and 25% of that in SMEs not listed on major indices (e.g., FTSE MIB). Annual contribution limit: \u20ac40,000; total limit: \u20ac200,000.<\/li><li><strong>Tax Benefits<\/strong>: Capital gains and dividends are <strong>exempt from the 26% substitute tax<\/strong> (or IRPEF for qualified shareholdings) if held for at least 5 years. Early withdrawal (before 5 years) voids the exemption, taxing gains retroactively.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c0a4653 elementor-widget elementor-widget-text-editor\" data-id=\"c0a4653\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3 class=\"text-xl\" dir=\"auto\">Alternative PIRs (PIR Alternativi)<\/h3><p class=\"break-words\" dir=\"auto\"><strong class=\"font-semibold\">Alternative PIRs<\/strong> (introduced by Legge di Bilancio 2021, Law n. 178\/2020) are specialized Individual Savings Plans targeting investments in alternative assets like venture capital, private equity, and startups, particularly SMEs and innovative firms. They offer the same tax exemptions as standard PIRs (no 26% capital gains tax after 5 years) but require at least 70% allocation to illiquid investments (e.g., startup funds or unlisted companies). Minimum holding period is 5 years, with annual limits of \u20ac150,000 and total \u20ac750,000. These plans encourage long-term funding for Italy&#8217;s startup ecosystem, but compliance with investment criteria is strict, and early withdrawal forfeits benefits.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d2e80ed elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d2e80ed\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7415ffe\" data-id=\"7415ffe\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0b84f43 elementor-widget elementor-widget-text-editor\" data-id=\"0b84f43\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2 dir=\"ltr\" data-pm-slice=\"1 3 []\">Non-Residents<\/h2><p dir=\"ltr\">For non-residents, Italian tax generally applies to gains from shareholdings in\u00a0 Italian-sited entities, under the general definition of Italian<a href=\"https:\/\/taxing.it\/it\/italian-source-income\/\" target=\"_blank\" rel=\"noopener\"> source income<\/a>, unless exempt under a DTA or Italian law.\u00a0 Where gains are taxable in general\u00a0 they will be subject to a mandatory 26% flat substitute tax withheld at source where made via an Italian intermediary, or reported via an annual tax return.<\/p><p dir=\"ltr\">Exemption to this general rule may apply for:<\/p><ul class=\"tight\" dir=\"ltr\" data-tight=\"true\"><li><p>capital gains deriving from the disposal for consideration of non- Significant Shareholdings (see definition above)\u00a0 in Italian resident companies <strong>traded on regulated markets<\/strong>;<\/p><\/li><li><p>capital gains deriving from the sale for valuable consideration or redemption of securities not representing commodities and mass certificates (securities such as bonds and other debt instruments offered to the public at large) <strong>traded on regulated markets<\/strong>, as well as from the sale or withdrawal of foreign currencies deriving from deposit and current accounts;<\/p><\/li><li>disposals made by residents of another country that can claim the benefit of a <strong>Double Tax Treaty (DTA)<\/strong>, such as the US-Italy DTA (Article 13), may allocate taxing rights to the state of tax residence state, potentially reducing or eliminating Italian tax liability.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a463b2b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a463b2b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d75ebd0\" data-id=\"d75ebd0\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9838bbd elementor-widget elementor-widget-text-editor\" data-id=\"9838bbd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2 dir=\"ltr\" data-pm-slice=\"1 3 []\">Legislation and Guidance<\/h2><p>See this article for more details on the Italian tax compliance, reporting and payments involved with a portfolio of assets managed outside Italy.<\/p><ul><li><strong>Legislation<\/strong>: TUIR Articles 23, 67 (DPR 917\/1986); DLgs 461\/1997; Legge di Bilancio 2023 (Law n. 197\/2022).<\/li><li><strong>Guidance<\/strong>: Agenzia delle Entrate Circular n. 23\/E\/2010; Risposta n. 175\/2025.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Background &#8211; Taxation of Gains and Losses The disposal of shareholdings (e.g., shares or equity interests in companies) in Italy may trigger a charge to Italian tax on any capital gain under the Italian Tax Code (DPR 917\/1986). The tax treatment differs significantly based on the percentage interest in the company and Italian tax residency [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,151,737,762],"tags":[],"class_list":["post-266","post","type-post","status-publish","format-standard","hentry","category-technical-resource","category-income-tax-for-individuals","category-investing-in-italy","category-capital-gains"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tax on Capital Gains for Individuals - Disposals of Shareholdings | Taxing.It<\/title>\n<meta name=\"description\" content=\"Background - Taxation of Gains and LossesThe disposal of shareholdings (e.g., shares or equity interests in companies) in Italy may trigger a charge to\" \/>\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\/tax-capital-gains-individuals-disposals-shareholdings\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax on Capital Gains for Individuals - Disposals of Shareholdings | Taxing.It\" \/>\n<meta property=\"og:description\" content=\"Background - Taxation of Gains and LossesThe disposal of shareholdings (e.g., shares or equity interests in companies) in Italy may trigger a charge to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/taxing.it\/it\/tax-capital-gains-individuals-disposals-shareholdings\/\" \/>\n<meta property=\"og:site_name\" content=\"Taxing.It\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Taxing.It\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-09-28T12:24:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-22T13:53:55+00:00\" \/>\n<meta name=\"author\" content=\"crjamie\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Italy_Tax\" \/>\n<meta name=\"twitter:site\" content=\"@Italy_Tax\" \/>\n<meta name=\"twitter:label1\" content=\"Scritto da\" \/>\n\t<meta name=\"twitter:data1\" content=\"crjamie\" \/>\n\t<meta name=\"twitter:label2\" content=\"Tempo di lettura stimato\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minuti\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/taxing.it\\\/tax-capital-gains-individuals-disposals-shareholdings\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/taxing.it\\\/tax-capital-gains-individuals-disposals-shareholdings\\\/\"},\"author\":{\"name\":\"crjamie\",\"@id\":\"https:\\\/\\\/taxing.it\\\/#\\\/schema\\\/person\\\/2133f1d658961f06b8282491adfa98c5\"},\"headline\":\"Tax on Capital Gains for Individuals &#8211; 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