The tax treatment of privately owned assets of historical and artistic interest

Resumo

Italy is the country with the highest concentration of assets of historical and artistic interest. Based on the definition of cultural heritage considered, it is estimated that Italy holds between 60% and 75% of all artistic assets existing across all continents. In Italy, the ownership of assets of historical and artistic interest does not solely entail advantages and pleasures. Indeed, holders of such assets are subject to specific obligations, including, but not limited to, preservation, maintenance, prohibition of demolition, the State's right of pre-emption in the event of sale, and the obligation to make the assets accessible to the public. In compensation for these obligations, the tax legislator has provided favorable treatment for both direct and indirect taxation. In recent years, however, the traditional tax benefits granted to private owners of historical residences have been progressively reduced, while incentives for assets owned by public entities or non-profit institutions have increased. An emblematic example of this trend is the Art Bonus, which encourages private participation in the preservation and restoration of public cultural assets. This legislative evolution appears to reflect a certain distrust toward private ownership of assets of historical and cultural interest, often considered an "undeserved" form of wealth. The objective of this scientific contribution is to illustrate the fiscal treatment reserved in Italy for private historical residences, highlighting its critical aspects and potential reform perspectives. The current fiscal framework underscores the need for a change in tax legislation to better balance public and private interests, thereby more effectively promoting and enhancing all assets of historical and artistic interest, while ensuring greater compliance with the obligations of conservation and protection of cultural heritage in the interest of the entire community.