I have no idea
Submitted by Fillide on Tue, 01/29/2013 - 08:59
In reply to A newbie all over again! by Annec
Here is something from the Agenzia delle Entrate (Italian tax office) stating their position on Trusts in relation to IVIE. (You may have to cut and paste if the link doesn't work). The site linked to can probably assist you, in English. http://www.mpotrustee.it/trust-e-applicazione-dell%E2%80%99imposta-sugli...
Looking at the link and a
Submitted by Panner on Tue, 01/29/2013 - 14:34
In reply to A newbie all over again! by Annec
Looking at the link and a very rough translation it looks like a trust would be looked at and if the property is still available to you/held for your benefit the trust is likely to be ignored. If you are letting the property out then it might be excluded - but may depend on the terms of the lease. You need to get the advice of a good commercialista or wait until someone is able to consider the Italian rules in a bit of detail. If the property has been your principle private residence for UK tax purposes since you acquired it there would not be any UK Capital Gains Tax on its disposal. However, watch the Italian tax position if sold whilst Italian resident for tax purposes.
Dear Panner, Thanks for
Submitted by rachel68 on Tue, 01/29/2013 - 22:36
In reply to Looking at the link and a by Panner
Dear Panner, Thanks for more help! You mention 'if you are letting a property then it might be excluded' from IVIE charges. Under what circumstances would this letting have to be? I have a long term let investment flat in the UK which will be my sole means of pension in 20 years time. It has been let out for years now. I had always envisaged his would be liable to IVIE as well as our family home which is also let out whilst we are renting. I can't imagine why these would be exempt so am curious (ever hopeful!) to know further about your information that certain let properties are excluded from IVIE. Thanks!
Monti Wealth tax
Submitted by StephenBrown Modena on Tue, 01/29/2013 - 19:50
In reply to A newbie all over again! by Annec
Thanks for the link and other comments. I was going to put the UK property into trust for the benefit of my two children. It used to be primary residence but let for last 4 years. Now living in accomodation provided as a result of my work. I need the income from it which I am 'happy' to pay uk tax upon plus supplimentary italian income tax up to Italian basic rate. I will certainly discuss with a Commercialista but I wanted to ensure that uk property did not feature as part of my assets...hence the trust option. Sadly do not speak Italian yet and the link does not provide a translation. I will ask around for some help with this. Many thanks for thoughts.
Hi Rachel68 It was based on
Submitted by Panner on Wed, 01/30/2013 - 05:45
In reply to A newbie all over again! by Annec
Hi Rachel68 It was based on my very rough translation of a bit of the directive relating to IVIE. There is reference to to leased property where the freeholder is not caught. However, I have not got a full (or proper) translation of the directive to look at whether this extends to the short term residential lettings. Unfortunately you will need advice from a good commercialista who knows about it in depth.
Leasehold property
Submitted by Fillide on Wed, 01/30/2013 - 08:06
In reply to Hi Rachel68 It was based on by Panner
The clip I linked to was a precis of a part of the Agenzia clarification on IVIE, and really only talks about Trusts. I take the reference to 'nudo proprietario' to cover the freeholder (in the case of a UK leasehold property), and in that case the freeholder is not responsible for IVIE. If you owned a leasehold property in the UK, and were an Italian resident, you would be responsible for the IVIE, irrespective of whether it was rented out to another party. I'm sure there are cases awaiting determination, and further clarifications will no doubt emerge. As Panner says, even without the complicating issue of a Trust, you need to go through it with a commercialista.
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