The transfer of tax credits for investments in the Income 2022 models

Tax credits for investments in new capital goods, referred to inarticle 1, paragraphs 1051-1063, Law 178/2020and in the South, referred to inArticle 1, paragraphs 98 to 108, Law 208/2015they can be transferred to the partners of the partnership and to the collaborators of the family business.

In relation to the tax credit for investments in the Southwith the response to question no. 85/2020the Revenue Agency confirmed the legitimacy of the award in consideration of principles governing the allocation of income for transparency pursuant to article 5 of the Tuirrecalling the resolution AdE 163 / E / 2003.

In circular 9 / E / 2021paragraph 5.6.3, the tax authorities have considered the same considerations, criteria, methods and timing for the attribution are valid of a tax credit from the transparent body and for the use of the credit by the partners of the partnership or the collaborators of the family business, in relation to the tax credit for investments in new capital goods.

As for the exposure in the Income SP and PF 2022 models, the recent Faq published by the Revenue Agency in the “declarative” section of its institutional website it provides some clarifications on the correct methods of indicating the tax credit for investments in the South, which, mutatis mutandiscould also be applied to the tax credit for investments in new capital goods.

In both cases, in fact:

  • the attribution of credit to shareholders or collaborators must result from transparent body declarationwhich must give formal evidence of this in the RU, indicating in particular the credit accrued by the institution in RU5 (and RS401 column 17 in relation to the Mezzogiorno credit only)the total amount of the credit transferred to shareholders in line RU10 bringing it back too in section VI-B (lines RU506- RU510) and indicating the amount attributed to the shareholders and the year of onset of the credit transferred;
  • the acquisition of the credit quota assigned to the partners or collaborators must be shown in the declaration of each shareholder or collaborator, in particular in the specific line RU3 then giving evidence in the section VI-A (lines RU501-RU505).

The cited Faq adds the following clarifications about the attribution of credit by the owner of the family business to his collaborators:

  • the business owner indicates in lines RU5 (and RS401 column 17 in relation to the Mezzogiorno credit only) of the Income PF 2022 model the amount of tax credit accrued, gross of the portion attributed to its collaborators and inserts in staves from RU6 to RU12 the amounts relating to the uses and / or residuals of the credit portion due to him, by crossing the box “see instructions” in line RU12 col. 1;
  • the employee of the family business reports in its declaration the share of the tax credit transferred to the line RU3indicating in the column 4 of section VI-A the tax code of the owner of the family business.

The paintings of the gods are therefore analyzed in detail Income 2022 forms to be filled in if the transparent entity is a partnership and the shareholder a natural person, respectively:

  • for the tax credit, investments in capital goods;
  • for the Mezzogiorno tax credit.

Tax credit for investments in capital goods

In that case for the the person who transfers the credit is required to complete only part RU, sections I, IV and VI-B.

Section I of Income model SP 2022 must be completed as follows:

  • line RU1 column 1 – credit code “L3, 2L or 3L” depending on the type of asset being invested;
  • line RU5 column 1 – credit accrued in relation to investments made in 2021;
  • line RU5 column 2 – “accrued” credit in relation to investments made by 31.12.2022, booked by 31.12.2021;
  • line RU5 column 3 – overall credit “accrued” in 2021sum of columns 1 and 2;
  • line RU6 – any portion of credit used in offsetting in 2021 by the partnership, in the event of partial transfer of credit to shareholders;
  • line RU10total amount of credit transferred to shareholders;
  • line RU12 column 2any residual credit to the company to be transferred to the Income 2023 model, equal to the difference between RU5 column 3 and the sum of RU6 and RU10.

The Faq cited specifies the need for cross box 1 in line RU12 in the case of a family businessin relation to the portion of its credit transferred to the subsequent tax period, specifying nothing for partnerships.

Furthermore, it is always necessary fill in section IV of part RU, indicating the total amount of eligible investments, broken down by type:

  • line RU130 – investments made in 2021;
  • line RU140 – investments made by 31.12.2022, subject to booking by 31.12.2021.

The partnership must also complete the section VI-B as follows:

  • lines RU506 – RU510 column 1 – credit code as RU1 column 1;
  • lines RU506 – RU510 column 2 – year of onset of the credit transferred;
  • lines RU506 – RU510 column 4 – amount of credit transferred by the declarant.

The instructions to the Income model specify thata line of section VI-B must be completed for each year of accrual of the transferred creditis thatColumn 4 must be completed only in the case of transfer of the tax credit pursuant to article 1260 of the Italian Civil Code“.

The partner (in this example a natural person) who receives the credit will indicate it in his PF Income form, filling in sections I and VI-A.

In particular to the section I:

  • line RU1 column 1 – credit code “L3, 2L or 3L“;
  • line RU3 – amount of tax credit received.

In particular to the section VI-A:

  • lines RU501 – RU505 column 1 – credit code received;
  • lines RU501 – RU505 column 3 – year of onset of the credit transferred;
  • lines RU501 – RU505 column 4 – tax code of the transferor (in the example the partnership);
  • lines RU501 – RU505 column 5 – the amount of credit received.

Tax credit for investments in the South

In that case for the subject who transfers the credit compilation is required both of part RU, sections I and VI-B, and of part RS “State aid prospectus”.

There section I of the Income SP 2022 model must be completed as follows:

  • line RU1 column 1 – credit code “C4”;
  • line RU5 columns 1, 2, B2, C2 and D2 – tax credit accrued in relation to costs incurred, respectively, in the current tax periods as at 31.12.2016, 31.12.2017, 31.12.2018, 31.12.2019 and 31.12.2020, if the use of the tax credit is was authorized by the Revenue Agency after the deadline for submitting the return relating to the 2020 tax period and within the deadline for submitting the 2022 income return for the 2021 period;
  • line RU5 column 3 – tax credit accrued in relation to costs incurred in the period 2021the use of which has been authorized by the Revenue Agency within the deadline for submitting the return, inclusive of the amounts indicated in columns 1, 2, B2, C2 and D2;
  • line RU6 – any portion of credit used in offsetting in 2021 by the partnership, in the event of partial transfer of credit to shareholders;
  • line RU10 – total amount of credit transferred to shareholders;
  • line RU12 – any residual credit to the company, equal to RU5 column 3 – RU6 – RU10.

The Faq cited specifies the need for tick the box in line RU12 “See instructions” in the case of a family businessin relation to the portion of its credit transferred to the subsequent tax period, specifying nothing for partnerships.

The partnership will also have to fill out section VI-B as follows:

  • lines RU506-RU510 column 1 – credit code as RU1 column 1;
  • lines RU506-RU510 column 2 – year of onset of the credit transferred;
  • lines RU506-RU510 column 4 – amount of credit transferred by the declarant.

The instructions to the Income model specify thata line of section VI-B must be completed for each year of accrual of the transferred creditis thatColumn 4 must be completed only in the case of transfer of the tax credit pursuant to article 1260 of the Italian Civil Code“.

In the end the company that transfers the credit must complete line RS401 – “State aid” prospectus taking care to indicate in particular:

  • in column 1 the aid code “51”;
  • in column 17 the total amount of the aid due as referred to in line RU5 column 3.

The partner (in this example a natural person) will indicate the credit received in its PF Income model, in sections I and VI-A.

In particular in section I:

  • line RU1 column 1 – credit code “C4”;
  • line RU3 – amount of tax credit received.

In particular to the section VI-A:

  • lines RU501 – RU505 column 1 – credit code received;
  • lines RU501 – RU505 column 3 – year of onset of the credit transferred;
  • lines RU501 – RU505 column 4 – tax code of the transferor (in the example the partnership);
  • lines RU501 – RU505 column 5 – the amount of credit received.

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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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