Italian capital gains on financial assets — work out the 26 % substitute tax and loss offsetting
Gains on non-substantial shareholdings, bonds and other financial instruments bear a 26 % substitute tax, after netting them against the year's losses. For Italian government bonds and bonds of white-list states only 48.08 % of the gain counts: on a 10,000 euro gain on BTPs you pay 1,250.08 euros, about 12.5 %. Excess losses can be carried forward for up to four tax years, provided they are reported in the return.
2026 rules — verified on September 25, 2026Free, no account
This content is part of the path: Investing and declaring financial income· Step 5 of 10· Next step: Tax on crypto-assets in Italy — work out the 33 % substitute tax on your gains
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Sources and assumptions
- Gazzetta Ufficiale — L. 30 dicembre 2024 — tax year 2026, verified on September 25, 2026
Excerpt from the source : « L'aliquota dell'imposta sostitutiva sulle plusvalenze e sugli altri redditi diversi, di cui all'articolo 5 del decreto legislativo 21 novembre 1997, n. 461, e' pari al 26 per cento. »
- Gazzetta Ufficiale — D.L. 24 aprile 2014 — tax year 2026, verified on September 25, 2026
Excerpt from the source : « i redditi diversi derivanti dalle obbligazioni e dagli altri titoli di cui all'articolo 31 del decreto del Presidente della Repubblica 29 settembre 1973, n. 601 ed equiparati [...] sono computati nella misura del 48,08 per cento dell'ammontare realizzato. »
Calculation assumptions
- The taxpayer is an individual resident in Italy acting outside any business activity.
- Covers the gains in letters c-bis) to c-quinquies) of Article 67 of the Italian income tax code; substantial shareholdings, crypto-assets and investment fund income classed as capital income are left out.
- The earlier losses you enter can still be used: realised from 1 July 2014, within the four-year window and reported in the return for the year in which they arose.
- The rules applied are those in force for the 2026 tax year: from 1 January 2027 the new consolidated income tax act (Legislative Decree 117/2026) takes over.
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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.