The PIR, individual savings plans, represent a specific form of investment that is the recipient of a tax relief consisting of the total tax exemption of the income generated. Below is a brief summary of the tax incentive regulations intended for them, before discussing an important clarification recently provided by the Revenue Agency.
The tax relief
The tax advantage in question consists more in detail: 1. in total de-taxation of income deriving from financial instruments and from the liquidity that make up the RIP (exemption from income tax); 2. total tax relief in the event of transfer of the plan's financial instruments in the event of the death of the plan holder (ie exemption from inheritance tax).
The tax relief is intended for individuals who hold the investment outside the business activity and who maintain the investment for a minimum period of five years. With reference to the holder of the investment, the other characteristics provided by the law are: 1. the holder of the investment is fiscally resident in Italy; 2. the holder of the investment does not simultaneously hold more than one investment plan; 3. the holder of the investment does not share it with other people. The facilitation also falls to the holder of the investment if he is a minor.
The dimensional limits of the investment
Furthermore, the law provides for specific size limits on the investment, in the sense that the amount of resources allocated to the same cannot exceed, per year, 30 thousand euros and, over the 5 years, 150 thousand euros. In this regard, if the individual investor in a year has allocated less than 30 thousand euros to the investment in PIR, the difference can be recovered (rectius can be invested) in subsequent years, maintaining, however, the five-year limit of 150 thousand euros.
The characteristics of the investment
To establish a PIR and benefit from the relative tax relief, it is necessary to open a specific custody or administration or portfolio management relationship or another stable relationship (with the option for the administered savings regime) or a life insurance contract or capitalization, through authorized intermediaries or resident insurance companies, or through non-resident intermediaries that operate in Italy through a permanent establishment, or under the freedom to provide services with the appointment of a tax representative (appointed between authorized intermediaries or insurance companies) residents. In order to benefit from the facilitation, the characteristics of the RIP are as follows: 1. the financial instruments issued by the same issuer and the liquidity that comprise it must not exceed 10% of the total invested; 2. 70% of the investment is destined to financial instruments issued by companies resident in the Italian territory, or by companies resident in the European Union or EEA (European Economic Area) with a stable organization in Italy, this requirement must exist at the moment of signing the plan; 3. 30% of this 70% must be destined to financial instruments not included in the FTSEMIB or in similar indexes of other countries; 4. the financial instruments that comprise it must be held for a minimum period of 5 years and, in this regard, the date of timely purchase of the individual financial instrument is relevant, 5. financial instruments may not have been issued by or entered into with companies resident in countries other than those considered to be white lists (collaborating with the Italian tax authorities), 6. participations included in the RIP are considered unqualified.
The srl’s shares
On April 5th, the Italian Revenue Agency ruled on the shares of Srl offered to the public through equity crowdfunding portals. In particular, in this regard it was stated that, for the purposes of the subsidy, the shares of Srl may be included in the broader notion of a financial instrument, according to the contents of section C attachment I of the TUF. So, also the shares of Srl offered to the public through crowdfunding portals, can be part of the Pir and thus enjoy the related tax benefits.
Daniele Di Teodoro