Financial Repression Tracker

Rules that steer savings into government debt or hold returns below inflation, country by country.

Steer · Tax incentives

Inheritance and gift-tax exemptions for public debt

What it is
Exclude qualifying government obligations from the taxable estate or grant gift and inheritance relief tied to their ownership.
Why it counts
Estate-planning incentives favour government securities over other stores of wealth and can reward long holding periods.

When it was in force

  • Italy: 1990 → now, in force; the rule may be older than the cited document
  • Ireland: 2003 → now, in force; the rule may be older than the cited document

2 examples

  1. Italy

    1990 → nowIn force

    The rule may be older than the cited document · As cited: 1990-present (re-enacted by Legislative Decree 139/2024)

    Public debt securities, including Treasury bills, are excluded from the taxable estate under the cited regime.

    Legislative Decree 346/1990, article 12(1)(h)-(i), as reproduced in Legislative Decree 139/2024Primary source
    “i titoli del debito pubblico, fra i quali si intendono compresi i buoni ordinari del tesoro”

    normattiva.it (opens in a new tab)Checked: quote matched on the page by script

    Italy today: index 49.2

  2. Ireland

    2003 → nowIn force

    The rule may be older than the cited document · As cited: 2003-present statutory consolidation; earlier predecessors

    Certain government securities qualify for inheritance or gift relief for qualifying non-domiciled, non-ordinarily-resident beneficiaries, subject to ownership conditions.

    Capital Acquisitions Tax Consolidation Act 2003, section 81Primary source
    “certain Government securities and units held in certain unit trust schemes are exempt from Capital Acquisitions Tax (CAT)”

    revenue.ie (opens in a new tab)Checked: quote matched on the page by script

    Ireland today: index 44.0

Examples and their dates reviewed .