This provision applies to any subsequent disposal by the demerged company of the shareholding in the pre-existing beneficiary company received in consideration for the demerger in its favour.

For disposals of such shareholdings by the demerged company, the legislation provides that the shareholdings received by the demerged company qualify for the participation exemption if and when the relevant requirements are met, provided that those shareholdings have been held continuously at least from the beginning of the third tax period preceding the subsequent disposal.

Der Beitrag Uninterrupted ownership (the “holding period”) – Shareholding acquired as a result of a contribution under the “controlled realisation” tax regime or by way of a demerger (“scissione mediante scorporo”) – Effects erschien zuerst auf .

Der Beitrag Costituzione di nuova società e sottoscrizione del capitale sociale – Holding period erschien zuerst auf .

According to an as yet unpublished ruling in response to a tax ruling request (interpello), a distinction ought to be drawn between participations held as a result of the company’s incorporation and those received by virtue of the business contribution. In such a case, the capital gain realised on disposal would need to be apportioned across the different tranches of the participation, each carrying a different acquisition date and holding period, so as to apply the exemption exclusively to the portion of the gain attributable to the tranche satisfying the conditions for the Participation Exemption.

In other words, the exemption regime would apply on a proportional basis, whereby the attribution of the capital gain to the two tranches of the participation is determined according to the ratio of the value of each tranche to the total value of the participations held in the equity of the company being disposed of.

Der Beitrag Incorporation of a New Company and Subscription of Share Capital – Subsequent Capital Increase by Means of a Business Contribution under Tax Neutrality – Transfer of the Participation Received – Holding Period erschien zuerst auf .

Furthermore, the establishment of such a corporate link does not give rise to a presumption, within the meaning of Article 2497-sexies of the Italian Civil Code, of the existence of a corporate group. For this purpose, strict evidence is required of the exercise of direction and coordination by the parent company over the other affiliates.

Der Beitrag Corporate link – Significant influence – Family or affinity relationships – Corporate group erschien zuerst auf .

It clarifies that, for the purposes of deducting intra-group consultancy costs, it is not sufficient to rely on a mere formal indication of a fixed percentage cost allocation contained in a multi-year framework agreement, nor on the mere existence of signed consultancy contracts or the absence of qualified personnel within the recipient company.

Instead, there must be evidence of the specific costs actually incurred in relation to the services effectively rendered during the relevant tax period (see also Supreme Court, 13 February 2025, No. 3750).

Accordingly, neither the production of service agreements nor the invoicing of fees alone is sufficient; rather, it must be specifically demonstrated that the recipient affiliate obtained an actual or potential benefit from the services provided.

Der Beitrag Consultancy costs recharged by the parent company – Deductibility – Conditions (Supreme Court, 21 April 2026, No. 10456) erschien zuerst auf .

Der Beitrag Commerciality requirement – Companies constructing electricity generation plants – Absence (Italian Revenue Agency ruling of 1 April 2026, No. 97) erschien zuerst auf .

It is noted that the rationale of Article 87 of the TUIR is to grant the tax exemption on capital gains arising from the disposal of shareholdings, provided that the subsidiary effectively and concretely carries out a commercial activity, albeit within the broader meaning set out in Article 55, but not an activity limited to the mere holding or management of real estate or to purely preparatory activities.

Der Beitrag Requirement of commercial activity – Preparatory activities for property development (Italian Supreme Court, 23 March 2026, No. 6732) erschien zuerst auf .

In determining the holding period of the shareholdings received as a result of a business contribution pursuant to Article 176 of the Italian Income Tax Code (TUIR), the relevant period is the time during which the business or business unit, considered as a whole, has been held. The acquisition date of the individual assets composing it is irrelevant.

Der Beitrag Contribution of a business – Continuity of the holding period of the contributed business and the acquired shareholding – Acquisition date of individual assets – Irrelevance (AIDC Practice Statement No. 235) erschien zuerst auf .

• the notion of “financing”, for the purposes at issue, also includes the granting of security interests or, as in the present case, personal guarantees (see Cass. No. 30054/2023);

• the existence of the statutory conditions giving rise to subordination must be assessed both at the time when the financing was granted and at the time when repayment is requested (see Cass. No. 15196/2024).

It was further clarified that where the company opposes the repayment of the financing requested by the shareholder, the burden of proving the existence of the conditions set out in Art. 2467 of the Italian Civil Code lies with the company.

Der Beitrag Subordination – Concept of financing – Assessment of the conditions – Relevant point in time (Italian Supreme Court, 12 March 2026, No. 5582) erschien zuerst auf .

Der Beitrag Minimum shareholding of 5% or €500,000.00 – club deals erschien zuerst auf .