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Investment income versus capital gains: the two families of financial income in Italy
The module’s worked examples, then cases to attempt before revealing their solution · 3 sections · 354 words · 4 min
Worked example
Selling a BTP at a profit
Andrea sells a BTP, an Italian Treasury bond, with a 2,000 euro gain. Only 48.08% of it is taxable: 2,000 × 48.08% = 961.60 euros. The tax is 26% of that base: 961.60 × 26% = about 250.02 euros. Measured against the full 2,000 euro gain, the effective levy is roughly 12.5%, well under half of the 520 euros a share with the same profit would have cost.
Worked example
A share sale with broker fees
Giorgio buys 500 shares at 20 euros each and pays 15 euros in commission, for a tax cost of 10,015 euros. Two years later he sells them at 26 euros each, again paying 15 euros: he receives 13,000 euros and the selling charge lifts his total cost to 10,030 euros. The gain is 13,000 − 10,030 = 2,970 euros, and the substitute tax is 2,970 × 26% = 772.20 euros.
Practical case
Marco's portfolio in 2026
Marco reports his financial income himself. In 2026 he sells non-qualifying listed shares at a 3,000 euro gain and a BTP at a 1,000 euro gain. His 2025 return showed a 1,500 euro loss on other shares. During 2026 he also receives 400 euros of gross dividends from an Italian company and 200 euros of gross interest on his deposit account. How much tax does he pay in total on his 2026 financial income?
Hint: Keep the two families apart. For miscellaneous income, cut the BTP gain to 48.08%, add up, subtract the loss carried forward and apply 26%. For investment income, apply 26% to the gross amounts with no offset.
Show the solution
Miscellaneous income: the BTP gain counts for 1,000 × 48.08% = 480.80 euros. Base: 3,000 + 480.80 − 1,500 = 1,980.80 euros. Substitute tax: 1,980.80 × 26% = 515.01 euros. Investment income: dividend withholding 400 × 26% = 104 euros; tax on interest 200 × 26% = 52 euros; together 156 euros, already withheld by the company and the bank. The 2025 loss has no effect on dividends or interest. Total: 515.01 + 156 = 671.01 euros.
Answer: 671.01 euros, of which 515.01 on miscellaneous income and 156 on investment income
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