Super Ace 2021: new features and how to use them

Article 19 of the Support Decree has “strengthened”, on a transitional basis, the ACE rules by providing for a remuneration coefficient of 15 per cent for increases in assets up to 5 million Euro (instead of the ordinary 1.3 per cent), while the ordinary rules remain applicable for increases exceeding this amount.  

The basis of calculation is represented by the increase in net equity compared to that existing at the end of the previous tax period. Basically, the basis of calculation is equal to the difference between the Ace base at 31 December 2021 and the ACE base at 31 December 2020. In particular, the increases relating to cash contributions by shareholders, waivers of receivables by shareholders and profits allocated to reserves (excluding unavailable reserves) are taken into account in the calculation, but without applying the pro rata temporis rule, i.e. payments made near the end of the financial year are also considered in full. 

With reference, however, to the way in which it can be used, the ordinary ACE rules continue to apply, i.e. a benefit in the form of a tax-free income which reduces the IRES or IRPEF taxable base, or, as a novelty for 2021, it is possible to benefit from a tax credit calculated by applying the IRES or IRPEF rates to the 2021 notional yield. Said tax credit may alternatively be:

With regard to the timing of use, the law provides that the tax credit may be used from the day following the day on which the cash contribution is paid, the credit is waived or the day following the resolution to allocate the profits to reserves. However, the same rule provides that in order to use the credit, a prior communication must be sent to the Revenue Agency, which can be sent only from 20 November 2021 until the ordinary deadline for filing the tax return. This operational aspect certainly makes the use of the benefit less immediate.

Lastly, the rules provide for mechanisms for the forfeiture of the tax benefit to be taken into account. In particular, the tax benefit will be forfeited if, within two years from 2021 (i.e., in the 2022 and 2023 tax years), the shareholders' equity decreases for reasons other than the emergence of losses (i.e., the allocation of capital to shareholders for any reason).

For operational clarity, a numerical example of the calculation of the “Super ACE” benefit is provided below:

Assume that in 2021 an Srl has allocated Euro 150,000 of its 2020 profits to reserves and, in the same year (at any given date), it records a shareholders' payment of Euro 100,000, we will have:

The Srl may, therefore, decide to benefit from the IRES savings when paying the 2021 IRES balance (ordinary situation) or “anticipate” the use and opt for the transformation into a tax credit that can be used for compensation in the F24 form or transferred to third parties.