A preferential rate of 12.5%, instead of 26%, for those who decide, by 30 June 2026, to revalue the investment gold in their possession (ingots, plaques or coins). According to a parliamentary proposal, this is one of the hypotheses being studied for the so-called gold tax that could be included in the budget. Assuming a membership of 10%, the measure would generate an estimated revenue of between 1.67 and 2.08 billion.
The objective of the measure, we read in the document, is “to facilitate the emergence and circulation of physical gold for investment, while at the same time guaranteeing an increase in revenue”. The proposal concerns taxpayers who, as of January 1, 2026, own investment gold “in the absence of documentation certifying the related cost or purchase value”.
Currently, the lack of purchase documentation entails, at the time of the sale, the application of the 26% rate on the entire value of the gold sold, rather than only on the capital gain actually realized, even in the absence of any speculative intent.
The proposal therefore aims to introduce an “extraordinary and temporary regulation” to allow “the realignment of the tax cost of investment gold held by private individuals, in the sole hypothesis of the absence of historical documentation certifying the original purchase value”, we read in the proposal.
Even in the absence of official data, according to some estimates, private gold in Italy could amount to around 4,500/5,000 tonnes, with an indicative equivalent value of 499/550 billion, considering the market price of gold currently at around 111,000 euros per kg. In the category of gold in private hands, which also includes gold contained in jewellery, investment gold can be estimated – we read in the proposal – in the range of 25-30% of the total and therefore would amount approximately to 1,200-1,500 tonnes.