Italy · 2025
Italy Capital gains tax calculator
Work out the Italian capital gains tax (imposta sostitutiva sui redditi diversi di natura finanziaria) due on a financial gain for the 2025 tax year. This is a flat substitute tax that does not depend on your income band: 26% on most financial instruments and 12.5% on Italian government and white-list bonds. Italy applies no annual exempt amount, so every euro of net gain is taxable.
| Gross capital gain | 5000,00 € |
| Losses offsetCarried-forward minusvalenze of the same category (up to 4 years) | -0,00 € |
| Annual exempt amountItaly has no annual capital-gains allowance for individuals | 0,00 € |
| Net taxable gain | 5000,00 € |
| Tax rate (26%)26% standard, 12.5% on Italian government / white-list bonds | 26% |
| Net gain after tax | 3700,00 € |
How it works
- Compute the net gain: sale proceeds minus purchase cost and related expenses, then offset any carried-forward capital losses (minusvalenze) of the same category from the previous four years.
- Apply the flat rate to the net gain. The standard rate is 26% on shares, ETFs, funds, derivatives, foreign currency, crypto-assets, dividends and most interest.
- A reduced 12.5% rate applies to the portion from Italian government securities (BTP, BOT, CCT) and bonds of EU / white-list states and supranational bodies.
- There is no annual allowance to deduct (unlike, for example, the UK). From 1 January 2025 even the old EUR 2,000 crypto exemption is abolished, so crypto gains are fully taxed.
Worked example
Shares bought for 10,000 EUR and sold for 15,000 EUR, with no prior losses gives a 5,000 EUR gain taxed at the standard 26% rate, so 1,300 EUR of capital gains tax is due and 13,700 EUR is kept after tax.
Frequently asked questions
Does the rate depend on how much I earn?+
No. Italian capital gains tax is a flat imposta sostitutiva. It is 26% (or 12.5% on government and white-list bonds) regardless of your total income or income tax band.
Is there a tax-free allowance like in other countries?+
No. Italy has no annual capital-gains exemption for individuals. Every euro of net gain is taxable. The EUR 2,000 floor that used to apply to crypto gains was removed from 1 January 2025.
Can I use past losses to reduce the tax?+
Yes. Capital losses (minusvalenze) can offset capital gains of the same category for up to four subsequent tax years. Note that under some regimes losses on certain instruments such as ETFs/OICR cannot offset gains on those same instruments.
Why is the rate on my BTP only 12.5%?+
Italian government securities (BTP, BOT, CCT) and bonds of EU / white-list states and supranational bodies are taxed at the reduced 12.5% rate. The 26% rate applies only to the non-government portion of your gains.
Sources
- Capital Gain: significato, tassazione e calcolo della plusvalenza · Borsa Italiana
- La tassazione sulle rendite finanziarie: aliquota del 26% · Quantum Advisor
Last updated: 2025-01-01 · Applies to 2025
This is an estimate for general guidance, not financial, tax, legal or medical advice. Figures can change and individual circumstances vary. Always confirm with the official sources listed before making decisions.
- Flat substitute tax (imposta sostitutiva). The rate does not depend on the income band, so no taxable-income input is required.
- Standard rate 26%; reduced rate 12.5% for Italian government securities and EU / white-list / supranational bonds. Select the rate that matches your instrument.
- No annual exempt amount: Italy taxes every euro of net gain. The former EUR 2,000 crypto exemption was abolished from 2025; the crypto rate is scheduled to rise to 33% from 2026.
- Net gain should already be after sale costs and after offsetting carried-forward losses of the same category (within 4 years). Losses can reduce the gain to zero but do not create a refundable credit here.
- Three regimes exist (risparmio amministrato, gestito, dichiarativo). The rate is the same; only the timing and the netting of gains and losses differ.
Reviewed by Vikas Dulgunde.