What is the Italian capital gains tax rate?

Italy applies a flat 26% substitutive tax (imposta sostitutiva) on capital gains from the disposal of qualified financial instruments including shares, bonds, derivatives, and investment fund units. This rate replaced the earlier 20% rate from July 2014 onwards.

Are all shares taxed at 26% in Italy?

The 26% rate applies to "non-qualified" shareholdings (generally less than 20% of voting rights or 25% of share capital in unlisted companies, or less than 2%/5% in listed companies). Gains from "qualified" shareholdings held before 2019 may have been subject to different rules; from 2019 onwards all qualifying participations are taxed at 26%.

Do Italian government bonds (BTP) benefit from a lower rate?

Yes. Capital gains on Italian government bonds (BTP, BOT, CCT, etc.) and certain white-listed foreign government bonds are taxed at 12.5%, not 26%. This calculator uses the standard 26% rate — use the rate selector if your instruments qualify for 12.5%.

Can capital losses offset gains in Italy?

Yes. Capital losses from qualifying financial instruments can offset capital gains of the same category. Losses can be carried forward for up to four tax years. Enter your net gain after offsetting any carried-forward losses to get a more accurate estimate.

How is Italian CGT collected?

Most Italian brokerage accounts operate under the "regime del risparmio amministrato" (administered savings regime), where the broker withholds and remits the substitutive tax automatically. If you hold assets directly or use a foreign broker, you must declare and pay the tax in your annual tax return (Modello Redditi/730).

Is this calculator suitable for crypto gains in Italy?

From 2023, Italian cryptocurrency capital gains are taxed at 26% when total annual gains exceed €2,000. This calculator can estimate the tax amount, but the €2,000 exemption threshold and specific crypto rules require additional consideration. Consult a commercialista for crypto-specific advice.

Italy Capital Gains Tax Calculator

Name: Italy Capital Gains Tax Calculator
Availability: InStock
Author: Nham Vu

Enter your purchase price, sale price, and any costs to calculate your Italian capital gains tax at the standard 26% substitutive rate.

Investment Details

Tax Rate

Most financial instruments are subject to the 26% imposta sostitutiva.

Acquisition Cost (purchase price + buying fees)

€

Total amount paid to acquire the investment including commissions.

Sale Proceeds (amount received)

€

Total proceeds from the disposal of the investment.

Selling Costs (optional)

€

Brokerage commissions or transaction fees paid on the sale.

Prior Capital Losses (carried forward, optional)

€

Unused capital losses from prior years (up to 4 years carry-forward).

Fill in your investment details and click Calculate

Summary

Enter your purchase price, sale price, and any costs to calculate your Italian capital gains tax at the standard 26% substitutive rate.

How it works

Enter the acquisition cost — the total purchase price including any buying commissions.
Enter the sale proceeds — the amount received from the disposal of the investment.
Optionally enter any selling costs such as brokerage commissions.
The tool calculates the net capital gain as proceeds minus acquisition cost minus selling costs.
The 26% imposta sostitutiva is applied to the net gain.
Your tax owed, effective rate, and net proceeds after tax are displayed.

Use cases

Estimate CGT before selling Italian shares or ETFs.
Calculate the tax impact of selling bonds or government securities (BTP, CCT) at a gain.
Compare pre-tax and after-tax returns on an Italian investment portfolio.
Plan the timing of disposals to account for capital gains tax.
Model the tax saving from offsetting gains with prior-year capital losses.
Understand the net proceeds from selling units in an Italian investment fund.
Estimate CGT on gains from crypto assets classified as financial instruments in Italy.
Verify broker withholding tax amounts against your own calculation.

Frequently Asked Questions

Last updated: 2026-07-23 · Reviewed by Nham Vu