The interest of millions of small savers in the BTP Valore during the four placement days was very high. Orders exceeded 15 billion euros, with over 464 thousand investors choosing to subscribe to the Government Bond designed for small retail savers. It can be purchased until 1pm on Friday 24 October.
The reason for this success also lies in the 12.5% tax on interest. But let’s see immediately if in case you need to update your single substitute declaration to obtain benefits and bonuses, the Btp Value can affect the calculation of the ISEE indicator or if it is excluded.
What the law says
The BTP Valore, like all other government bonds, is excluded from the ISEE indicator. This is what was decided in the 2024 Budget Law. However, there is a maximum limit to be respected which is 50 thousand euros in total.
This means that if, for example, a saver invests 40,000 euros in the BTP Valore and 30,000 euros in other products guaranteed by the State, only 50 thousand euros will be excluded from the ISEE calculation while the remaining 20 thousand, or the part that exceeds the limit, will be counted as movable assets.
Government bonds excluded from ISEE
In addition to the BTP Valore, other financial instruments guaranteed by the State are also excluded from the ISEE securities assets up to a total of 50,000 euros, such as:
- the Btp Valore and the Futura which are government bonds indexed to inflation or designed for family savings;
- Green or Più BTPs which are new types of securities with environmental or widespread savings purposes;
- Bots, which are short-term Treasury bonds, usually last less than 1 year;
- CCTs which are Treasury credit certificates;
- the CcTeu which are variable rate securities.
Furthermore, postal savings bonds, including those transferred to the State, and savings books are also excluded from the ISEE calculation, always within the overall limit of 50,000 euros.
Because for ISEE purposes the exclusion of the BTP Valore is important
The formula to calculate the ISEE is as follows:
(Isr + 20% × Isp) / No.
The Isr is the indicator of the income situation, the Isp is that of the financial situation while N is the parameter of the equivalence scale which is calculated on the composition of the family unit.
As can be seen from the formula, a part of the ISEE depends on one’s assets, so those who have savings or investments can have a higher indicator and therefore access fewer benefits.
From 2025, however, thanks to the exclusion of the products indicated above up to 50 thousand euros, there will not be a higher ISEE even in the case of investments.
Those who invest in the BTP Valore, therefore, will have a double benefit. On the one hand you will have the security of owning a security guaranteed by the Italian State with a stable return and preferential taxation while on the other the certainty that it, up to a certain amount, will not affect the ISEE calculation.
This measure was designed to encourage family savings and at the same time not penalize those who decide to support the public debt by purchasing a government bond.
