Module 219 min2126 wordsFree — no account
Self-reported, administered or managed: who pays the tax and where losses end up
The module’s worked examples, then cases to attempt before revealing their solution · 3 sections · 372 words · 4 min
Worked example
Average cost under the administered regime
Elisa buys 100 shares at 10 euros and later another 100 at 14 euros. The weighted average cost is (1,000 + 1,400) ÷ 200 = 12 euros. She sells 100 shares at 15 euros: the bank computes a gain of (15 − 12) × 100 = 300 euros and withholds 300 × 26% = 78 euros. Self-reporting, where the latest shares are deemed sold first, the gain would have been (15 − 14) × 100 = 100 euros.
Worked example
One year of a managed portfolio
Luca's portfolio is worth 100,000 euros on 1 January and 108,000 euros on 31 December, net of fees. During the year he added 5,000 euros and withdrew 2,000 euros. Result: 108,000 + 2,000 − 5,000 − 100,000 = 5,000 euros. The substitute tax is 5,000 × 26% = 1,300 euros, collected by the manager.
Practical case
Sara and her two accounts
In 2026 Sara holds an administered account with an Italian bank and an account with a foreign broker that does not offer the administered regime. At the Italian bank she realises a 2,000 euro loss on shares in February and a 5,000 euro gain on other shares in June. At the foreign broker she realises a 1,200 euro loss on shares in September. How much does the Italian bank withhold, and how much must Sara pay with her return for the foreign account?
Hint: Under the administered regime losses are netted inside the same account. The foreign account is self-reported: a loss produces no tax but must be entered in section RT if it is to be carried forward.
Show the solution
Italian account: the bank nets February's loss against June's gain, 5,000 − 2,000 = 3,000 euros, and withholds 3,000 × 26% = 780 euros. Foreign account: the 1,200 euro loss creates no tax. Sara pays nothing with her return but must enter the loss in section RT of the Redditi return to carry it forward up to the fourth following year. She cannot use it to cut the 780 euros already withheld, because that gain was taxed under the administered regime and is not reported.
Answer: 780 euros withheld by the bank; 0 euros to pay, but a 1,200 euro loss to report in section RT
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