ETF taxation · White-list share

VANGUARD LIFESTRATEGY 20% EQUITY UCITS ETFTax rate and white-list share

ISIN: IE00BMVB5L14Ticker: VNGD20 (Borsa Italiana) · V20D (Xetra) · V20D (Euronext AMS)Issuer: VanguardClass: EUR DISTRIBUTING
Effective rate on capital gains
19.20%
how much tax you pay when you sell at a profit
The share of «white-list» government bonds 50.40% is taxed at 12.5%, the rest at 26% → 12.5% × share + 26% × (1 − share) = 19.20%
White-list share: 50.40%
Validity semester
01 Jul 2026 – 31 Dec 2026
Source
Vanguard official tax document (Italian Law Decree 138/2011) — open the document ↗
Fund sheet
Declared index (Vanguard LifeStrategy 20% Equity UCITS ETF Internal Composite), TER 0.25%, replication, assets and listing venues — from Vanguard’s official files. Open the sheet →
Deep dive
Vanguard LifeStrategy: the most precise analysis (real data, charts you drive)
We analysed this ETF in depth: composition, costs, returns and taxation. Read the analysis →

Share classes of this fund

The white-list share is a property of the fund: it is identical across all its share classes (accumulating, distributing, currency-hedged). You are viewing the highlighted class. Accumulating or distributing: what changes →

IE00BMVB5K07VNGA20EUR ACCUMULATINGIE00BMVB5L14VNGD20EUR DISTRIBUTING

Where it shows up commission-free in Italy

According to the official lists published by the brokers (downloaded and cross-checked by us), these share classes of the fund appear tradable with zero fees:

IE00BMVB5L14VNGD20(class: EUR DISTRIBUTING)
  • Directazero on single buys from 2,500 €, agreement until 31 December 2026
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
IE00BMVB5K07VNGA20(class: EUR ACCUMULATING)
  • Directazero within the savings plan (buys)
  • Directazero on single buys from 2,500 €, agreement until 31 December 2026
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
Full terms, traps and method in the observatory: Free savings plans and zero-commission ETFs: the broker survey

Official lists verified on 3 September 2026. We record published terms — this is neither an invitation to open accounts nor a recommendation: lists change, the broker’s documents prevail. Trade Republic, Scalable Capital and Trading 212 publish no per-ISIN lists and don’t appear here.

Shares published in previous semesters

The issuer publishes a new share every semester. For a capital gain, the share of the semester in which the SALE took place applies — not today's.

SemesterWhite-list shareRate on the gain
H2 2026current50.40%19.20%
H2 202549.17%19.36%
H1 202248.10%19.51%

Values as published by the issuer in the respective documents. Rebalix reports them and recomputes the rate; this is not tax advice.

How it works

VANGUARD LIFESTRATEGY 20% EQUITY UCITS ETF has a mixed composition: the 50.40% white-list share lowers the effective rate to 19.20%, versus the full 26% of a fund holding no government bonds. This is the typical profile of balanced and multi-asset funds: the larger the government component, the closer the rate gets to 12.5%.

In Italy, ETF capital gains are taxed at 26%. But the portion of the fund invested in Italian and «white-list» government bonds enjoys the reduced 12.5% rate. The effective rate is therefore a weighted average of the two, based on the share of government bonds the fund holds — a share each issuer certifies every semester as the average of the last two reports.

Worked example

Amounts are purely illustrative: the computation applies this fund's effective rate. The same share applies to capital gains and distributions.

You sell with a €1,000 capital gain
€503.97 on the white-list portion (12.5%) → €63.00
€496.03 on the rest (26%) → €128.97
Tax:€191.96without the white-list share it would be €260.00
you save €68.04
You receive €100 in distributions
€50.40 on the white-list portion (12.5%) → €6.30
€49.60 on the rest (26%) → €12.90
Net in your pocket:€80.80without the white-list share it would be €74.00
you save €6.80

Frequently asked questions

What is the tax rate for VANGUARD LIFESTRATEGY 20% EQUITY UCITS ETF?

The effective rate on capital gains is 19.20%, computed from the 50.40% white-list share (12.5% on government bonds, 26% on the rest).

What is the white-list share?

It is the percentage of the fund invested in Italian and cooperating-country («white-list») government bonds. On that portion the capital gain is taxed at 12.5% instead of 26%. The issuer certifies it every semester.

When does the share count?

The share of the semester in which the SALE happens counts, not the purchase. The broker applies the withholding based on the issuer document valid in that semester.

Transparency noticeData extracted from the official Vanguard tax document (Italian Law Decree 138/2011), 01 Jul 2026 – 31 Dec 2026 semester. Rebalix recomputes the rate for information purposes only: this is not tax advice and ignores stamp duty and personal variables. The share of the semester in which the SALE occurs applies. Before filing, consult your broker, accountant or tax-assistance centre. open the document ↗
Spotted a discrepancy with the issuer document? Report it
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