Credit transfer: the new procedure explained by the revenue agency


Emma Potter

The latest circular issued by the Revenue Agency, n. 6/E of 8 March 2024, marks a significant turning point in the management of transfers of tax creditsthose linked to building interventions. In particular, it introduces a clear and detailed procedure for the refusal of already accepted credit assignments, both in the case of incorrect acceptance and due to a mutual cancellation agreement between the parties.

This new opportunity offers taxpayers greater control and flexibility over their tax choices, responding to a widely felt need in the construction and real estate redevelopment sector.

The circular accompanies and clarifies the operational methods for exercising the right of refusal, introducing a specific communication model to be sent to the Agency via certified email, signed digitally or with a handwritten signature of the transferor and transferee.

Operational details of the circular

Circular no. 6/E of 8 March 2024 marks an important update in the procedures for managing the transfer of tax credits, responding to specific needs that have emerged in the context of deductions for construction interventions. The most innovative aspect concerns the possibility of refuse credit assignments already accepted.

According to the provisions of the circular, to request the refusal of an already accepted credit transfer it is necessary to use a specific form provided by the Revenue Agency. This document must be carefully completed and signed by both the transferor and the transferee, with a digital or handwritten signature. The procedure involves sending the completed form via certified email to the address (email protected)thus ensuring the traceability and security of communication.

The process applies to two distinct scenarios: first, where the assignment was accepted in error by the assignee, who actually wanted to reject it; and secondly, when both the transferor and the transferee, after having accepted the transfer, jointly decide to cancel such operation.

The circular clarifies that any refusal communications previously sent using different methods must be resubmitted following the new instructions, to ensure uniformity of the procedure.

Practical implications for transferors and transferees

The changes introduced by circular no. 6/E of 8 March 2024 have significant practical implications for both assignors and transferees of tax credits. The possibility of refusing already accepted credit assignments introduces a level of flexibility, allowing the parties to correct errors or second thoughts in an effective and safe manner.

For transferors, this means having the possibility of recovering tax credits in the event of refusal by the transferee or by mutual agreement for the cancellation of the transfer. This allows for better management of one's financial and fiscal resources, possibly being able to opt for a new transfer of credit at more advantageous conditions or for the direct use of the tax deduction.

For transfereesHowever, the legislation offers a way out in the event of incorrect acceptance or a change in the conditions that led to the acceptance of the transfer. This is particularly relevant in an ever-changing market, where valuations and strategies can rapidly change in response to new tax incentives or investment opportunities.

The Revenue Agency's attention to these dynamics demonstrates a sensitivity to the needs of the market and operators, facilitating a more dynamic environment that is adaptable to the various needs of taxpayers. This approach not only simplifies administrative procedures but also promotes greater efficiency in the construction and building redevelopment sector, encouraging investments and environmental sustainability.

In summary, the new provisions represent an important step forward towards greater simplification and flexibility in the management of tax deductions for building interventions, with tangible benefits for both individual citizens and businesses.

Conclusion: a turning point for the management of credit transfers

The introduction of new procedures for refusing credit transfers already accepted, as outlined in circular no. 6/E of 8 March 2024 of the Revenue Agency, represents a significant turning point for all operators in the construction sector and for Italian taxpayers.

With this measure, the Agency responds to a real need for greater flexibility and security in tax credit transactions, allowing for more dynamic and informed management of one's tax options.