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Italian step-up of shareholdings and land (rideterminazione) — work out the substitute tax and whether it pays

If you hold shareholdings or land on 1 January you can replace the purchase cost with the value at that date by paying a substitute tax by 30 November: 21 % of the value for shareholdings, 18 % for land. On shares in an SRL appraised at 50,000 euros you pay 10,500 euros, which can be spread over three annual instalments with 3 % annual interest. It only pays if the tax on the full value costs less than the tax saved on the gain, which is taxed at 26 %.

2026 rules — verified on September 25, 2026Free, no account

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Sources and assumptions

  • Gazzetta Ufficiale — L. 28 dicembre 2001 — tax year 2026, verified on September 25, 2026
    Excerpt from the source : « L'imposta sostitutiva di cui al comma 1 e' pari al 21 per cento »
  • Gazzetta Ufficiale — L. 28 dicembre 2001 — tax year 2026, verified on September 25, 2026
    Excerpt from the source : « L'imposta sostitutiva di cui al comma 1 e' pari al 18 per cento del valore determinato a norma del comma 1 ed e' versata, con le modalita' previste dal capo III del decreto legislativo 9 luglio 1997, n. 241, entro il 30 novembre dell'anno di esercizio dell'opzione »
  • Gazzetta Ufficiale — L. 448/2001 — tax year 2026, verified on September 25, 2026
    Excerpt from the source : « L'imposta sostitutiva puo' essere rateizzata fino al massimo di tre rate annuali di pari importo a partire dalla predetta data del 30 novembre. »
  • Gazzetta Ufficiale — L. 448/2001 — tax year 2026, verified on September 25, 2026
    Excerpt from the source : « Sull'importo delle rate successive alla prima sono dovuti gli interessi nella misura del 3 per cento annuo, da versarsi contestualmente a ciascuna rata. »
  • 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 asset is held on 1 January 2026 outside any business; the sworn appraisal and the payment are made by 30 November.
  • Unlisted holdings in companies from preferential tax regimes are not covered: they carry a different rate and cannot be paid in instalments.
  • The comparison is offered for shareholdings only and uses the 26 % tax on the gain; for land, the gain may be taxed under the ordinary rules or through the substitute tax requested from the notary.
  • The 3 % annual interest is worked out on each instalment after the first for the years elapsed since the first due date: 3 % on the second, 6 % on the third.
  • The rules applied are those in force for 2026: 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.