the rates of transfer to Fineco Bank

After the recent regulatory changes and the publication of the
circular AdE n. 33 / E of 6 October 2022the tax credit market has recovered its breath, leading to the possible definition by the banks of new agreements for the
assignment of receivables in favor of their account holders, although at less profitable conditions than those guaranteed until 2021. After having analyzed those of
Italian post And
Intesa Sanpaolohere’s what it proposes

Credit transfer, Fineco rates

To date, looking at the various proposals on transfer rates, Fineco’s is the most convenient one, it being understood that the insertion of new requests is currently suspended and that the processing of requests entered before 13 April 2022 continues.

As you can read on the bank’s website, these are the solutions for purchasing all tax credits from its customers:

  • concerning Superbonus interventions 110%;
  • concerning interventions with a lower percentage of deduction (for example, renovation of facades or replacement of fixtures if not associated and driving interventions for Superbonus).

Fineco specifies that the credit deriving only from the works whose expenses were incurred in the periods compliant with current legislation and that they will be able to sell it exclusively resident and non-resident individuals, current account holders at the bankwho supported the expenses for the execution of the interventions which give the right to deduction.

The equivalent amount paid following the assignment of the credit it is calculated as percentage
on nominal value of the tax credit transferred
and varies according to the type of intervention.

The paid amount is equal to:

  • 100 euros for every 110 euros of tax credit
    purchased for interventions relating to the Superbonus 110% with recovery in 5 years (equal to 90.91% of the nominal value of the accrued tax credit)
  • 78 euros for every 100 euros of tax credit
    purchased for interventions other than Superbonus 110% with recovery in 10 years (equal to 78% of face value of the accrued tax credit)

Translated into concrete figures:

  • if the cost of the works is 100,000 euros and the tax credit is 110% (Superbonus) with tax recovery in 5 years, the equivalent paid by the bank is 100,000 euros;
  • if the cost of the works is 100,000 euros and the tax credit is 50% with tax recovery over 10 years (50,000 euros), the equivalent paid by the bank is 39,000 euros.

Credit transfer requests are not accepted for amounts of less than € 35,000.

Where, following verification of the amount of the credit by the Ernst & Young tax advisers, the amount is lower than the minimum indicated above, the Bank reserves the right not to proceed with the purchase of the credit and to apply the penalties provided for in the Information Sheet. .

Request for credit transfer: the documentation to be produced

Fineco reminds you that in order to request the assignment of the credit it is necessary to produce the following documents:

  • for all Superbonus interventions 110%, regardless of the date of incurring the expenditure, is compliance visa that thesworn statement specific for Superbonus;
  • for non-Superbonus interventions for which the signing of the credit transfer agreement and / or the incurring of all expenses has occurred from 12/11/2021 onwardsboth the certificate of conformity and the certification of appropriateness of expenses (different from that for Superbonus).

The documentation is necessary even if only one of the expenses was incurred starting from 11/12/2021, unless the customer decides not to transfer the expenses incurred from 11/12/2021 to the bank. The certification and the visa must cover all expenses incurred (before and after 12/11/2021) and not only those incurred after 12/11/2021.

While the compliance visa can be issued by EY for Superbonus interventions, for other interventions it must be requested from your accountant / CAF. The certification is instead to be requested from the technician / designer of the works.

Certification and compliance approval: cases of exemption

Fineco specifies that you are exempted from producing a visa and sworn statement if all the three conditions below are met:

  • the communication of credit transfer to the Revenue Agency was sent from January 1, 2022 onwards;
  • the intervention is carried out under the so-called “Free building” or the total amount of expenses for the construction of the intervention does not exceed the threshold of € 10,000;
  • the intervention does not concern the 90% deductions for the restoration of the facades. In this case it is always necessary to produce both the compliance visa and the congruity asseveration, unless the signature of the credit transfer agreement and / or the incurring of all expenses took place before 12/11/2021.

If, on the other hand, the intervention is less than 10 thousand euros or in free construction, but has provided for expenses prior to 1 January 2022, in the absence of further clarifications from the Revenue Agency, the bank considers it necessary to produce both the sworn statement of congruity that the compliance visa.

Conditions for the acceptance of credits

  • the Bank accepts the assignment of credit deriving from non-Superbonus 110% interventions only upon completion of interventions, therefore, it is not possible to transfer ordinary bonuses to SAL (Work progress status);
  • the documentation must be uploaded to the Tax Credits Platform;
  • it is possible to proceed with the total transfer of the credit deriving from 2021 or 2020 expenses (residual shares) only if the credit transfer agreement was signed before 18.00 on 20/01/2022.

Credit transfer to Fineco: times and deadlines

If you intend to deduct the entire credit, according to the current indications of the Revenue Agency and except for any extensions granted year by year, the assignment must be completed (by sending the relative communication to the AdE) by March 16 of the year following the one in which the expenditure was incurred which gave rise to the credit.

For related credits from expenses incurred in 2021 the transfer procedure can be processed within the deadlines set by the legislation (and except for any specific problems) only if:

  • the transfer contract was signed by 18:00 on 1/20/2022;
  • all the documentation relating to the credit, including any certification and compliance visa, was uploaded on the Ernst & Young Portal by 15/02/2022.

Practices that do not comply with these requirements will still be able to complete the sale after 16/03/2022 but the Bank will be able to purchase only the remaining shares. The portion of the credit pertaining to 2021 must in fact be deducted (in the case of tax capacity) in the Income Tax Return presented in 2022.

It remains understood that the insertion of new cases is suspended and that the processing of the cases entered before 13 April 2022 continues.

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About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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