Studio PonchioSTP
Capital gains: no more spreading on operating assets from 2026
The 2026 Budget Law removes the five-year spreading option for operating assets; it survives only for the sale of a business or a business division.
From the 2026 tax period, capital gains on operating assets are taxed in full in the year they are realised: planning for disposals has to be rethought.
What has changed
Article 1, paragraphs 42 and 43, of Law no. 199 of 30 December 2025 rewrote Article 86, paragraph 4, of the TUIR (Italian income tax code). For tangible and intangible operating assets held for at least three years it is no longer possible to spread the capital gain in equal instalments over up to five tax periods: the gain is taxed in full in the year of realisation, for transactions carried out from 1 January 2026.
What can still be spread
Spreading survives for capital gains arising from the sale of a business, or of a business division, held for at least three years. A sole trader selling a business held for more than five years may also still opt for the tassazione separata (separate taxation regime) under Article 17, paragraph 1, letter g), of the TUIR.
What to do now
Transactions planned across the year end need to be reviewed, because the cash-flow impact of a disposal is now immediate rather than deferred. Instalments already running on earlier gains continue under the original schedule, but the loss of the option for new transactions affects deferred taxation and must be reflected in financial statement estimates and in the calculation of tax advances.
- Law no. 199 of 30 December 2025 (2026 Budget Law) – art. 1, paragraphs 42 and 43.
- TUIR – art. 86, paragraph 4, and art. 17, paragraph 1, letter g).