Italian Supreme Court defines fiscal value for business usufruct

The Italian Supreme Court (Corte di Cassazione), through ordinance no. 19776/2026, has clarified the fiscal valuation of business usufruct for direct taxes. The ruling establishes that the fiscal value must be calculated based on the historical cost, specifically the actual amount negotiated and paid by the parties.

This determination is distinct from the parameters used for registration tax (imposta di registro), which relies on predefined legal criteria and age-based calculations for life interests. For direct taxes, the taxable base and deductible quotas are determined by the real consideration agreed upon in the contract, following the principles outlined in Legislative Decree no. 147/2015.