The private writing of an interest-free loan between relatives is necessary to prevent the Inland Revenue from imposing a sanction for unreported entry. The non-interest bearing loan in fact, especially if granted between family members, is a very attractive solution for those who would otherwise have great difficulty accessing credit, but risks ending up under the attention of the tax authorities. The anti-money laundering regulations introduced by Italian tax legislation in recent years have in fact increased the attention and controls on revenue not declared by citizens, which could be illegal sources of income. For this reason, private writing becomes a necessary solution.
The non-interest bearing loan is a loan that does not provide for the recognition of an interest rate to those who pay the amount, unlike what happens with other forms of credit, such as personal loans. Because of this characteristic, an interest-free loan is usually granted between relatives, to help a person who may have been registered as a bad payer. It should not be thought, however, that in the absence of interest such a loan has no rule: between the creditor and the debtor, certain conditions are in any case established, which must be recorded by private agreement.
In particular, the private writing of a loan between relatives must contain the personal data of the parties and their tax identification number, the repayment methods of the amount lent (cadence of payments, payment instrument), the expiry of the loan, the reason for the financing and any other clause agreed between the parties. For example, although it is often a question of loans between people linked by consolidated relationships of trust, it is sometimes chosen to insert penalties , which are triggered in the event of default by the applicant, perhaps due to a delay in payments.
Drawing up the private writing of a non-interest-bearing loan with the correct information is not enough: it is then necessary to affix the signature on each page of the document and certify the date of the signature through the stamp of a Post Office. To be sure to avoid annoying tax fines, it is then necessary to register the private deed with the Revenue Agency or the two parties exchange the document via registered mail with return receipt . It is true that it could be sufficient that the purpose of the transfer on the current account with which the loan is made is very clear and that it specifies an occasional supply, but it is always better to take precautions and carry out all the necessary bureaucratic steps.
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