Italian participation exemption (PEX) — the 95 % exempt share of a gain on shares
An Italian company selling shares it has held without interruption since the first day of the twelfth month before the sale, booked as financial fixed assets, in a trading company not resident in a tax haven, is taxed on only 5 % of the gain: 95 % is exempt.
2026 rules — verified on September 25, 2026Free, no account
Your result
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Sources and assumptions
- Gazzetta Ufficiale — TUIR (D.P.R. 917/1986) — tax year 2026, verified on September 25, 2026
Excerpt from the source : « Non concorrono alla formazione del reddito imponibile in quanto esenti nella misura del 95 per cento le plusvalenze realizzate e determinate ai sensi dell'articolo 86, commi 1, 2 e 3, relativamente ad azioni o quote di partecipazioni »
- Gazzetta Ufficiale — TUIR — tax year 2026, verified on September 25, 2026
Excerpt from the source : « a) ininterrotto possesso dal primo giorno del dodicesimo mese precedente quello dell'avvenuta cessione considerando cedute per prime le azioni o quote acquisite in data piu' recente; »
Calculation assumptions
- The seller is a company subject to IRES; sole traders and partnerships follow a different exempt share.
- You declare the accounting, residence and trading-activity conditions yourself: the calculator does not verify them, it applies their consequence.
- Capital losses, spreading the gain over several years, the dividend regime and the IRES computation itself are not covered.
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This result is provided for information purposes only and does not constitute personalised tax advice. Check your situation with the tax authorities or a professional.