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Taxing financial income in Italy: interest, dividends and capital gains

Why Italian interest and dividends are taxed at 26% on the gross amount and never offset by losses, how a capital gain is computed, the reduced 48.08% base on government bonds and the four-year loss carry-forward. Then the three regimes, self-reported, administered and managed, with section RT of the Redditi return. Two modules with case studies, 2026 rules.

Intermediate2 modules40 minFree course

2026 rules — verified on September 25, 2026

Figures are tied to dated, sourced tax constants. A module whose rules have changed is flagged for review, and is unpublished automatically beyond 90 days.

This content is part of the path: Investing and declaring financial income· Step 1 of 10· Next step: Crypto-assets and Italian tax: gains, losses and reporting

By the end of this course, you can…

These outcomes are the modules' own: the promise cannot say anything the course does not teach.

  • Tell investment income (interest, dividends, fund distributions) apart from miscellaneous financial income (capital gains and derivative results)
  • Know which substitute tax rate applies in 2026 and why some consolidated legal texts still print outdated percentages
  • Work out a capital gain from the sale price, the purchase cost and the related charges
  • Apply the reduced 48.08% base to Italian government bonds and equivalent securities
  • Explain why a capital loss cannot reduce the tax on interest and dividends, and how long it can be carried forward
  • Describe the three regimes for taxing capital gains: self-reported, administered and managed
  • Understand what the intermediary does under the administered regime: average cost, tax on each trade, losses kept in the same account
  • Compute the annual result of a discretionary portfolio mandate and the substitute tax on it
  • Know how to recover capital losses when closing an account or changing intermediary
  • Recognise the sections of section RT and the tax code used to pay the substitute tax

The programme, module by module

Each module has its own page. Durations are derived from the actual text, never announced by hand.

  1. Module 121 minFree — no accountInvestment income versus capital gains: the two families of financial income in ItalyWhat you will be able to do
    • Tell investment income (interest, dividends, fund distributions) apart from miscellaneous financial income (capital gains and derivative results)
    • Know which substitute tax rate applies in 2026 and why some consolidated legal texts still print outdated percentages
    • Work out a capital gain from the sale price, the purchase cost and the related charges
    • Apply the reduced 48.08% base to Italian government bonds and equivalent securities
    • Explain why a capital loss cannot reduce the tax on interest and dividends, and how long it can be carried forward
    Read this module
  2. Module 219 minFree — no accountSelf-reported, administered or managed: who pays the tax and where losses end upWhat you will be able to do
    • Describe the three regimes for taxing capital gains: self-reported, administered and managed
    • Understand what the intermediary does under the administered regime: average cost, tax on each trade, losses kept in the same account
    • Compute the annual result of a discretionary portfolio mandate and the substitute tax on it
    • Know how to recover capital losses when closing an account or changing intermediary
    • Recognise the sections of section RT and the tax code used to pay the substitute tax
    Read this module

What you take away

A handout you keep, not just a page you read. The sections are derived from the course itself: what is announced here is exactly what gets generated.

  • Participant handout (PDF)

    PDF

    • Learning objectives (2)
    • Key figures (4)
    • Mistakes to avoid (2)
    • Official sources (2)

  • Exercise workbook (Word)

    Word

    • Learning objectives (2)
    • Key figures (4)
    • Mistakes to avoid (2)
    • Official sources (2)

Answers live in a separate appendix: the participant handout and the workbook stay distributable before the exercise.

Download the handouts

Where this course leads

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Step-by-step guides to the official forms cited in this course.

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Educational content, current with the sources cited. It does not replace advice tailored to your situation. These courses are neither certifying nor CPF-eligible: they prepare for no certification registered with the French RNCP or specific register.