Having searched the archive and not found anything specific I thought I would ask whether anyone has thoughts or expertise about whther setting up a trust would be a legal and sound way to take assets outside the scope of the Monti wealth tax on w
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.
Thanks Ram, It is becoming obvious that there is no 'one size fits all' solution due either to the over complex legislation in the first place or that local Communes can adjust the legislation to suit themselves. This appears to result in fear all round resulting in most resorting to a Commercialista to prevent any nasty surprises or worse still trying to avoid their responsibilies through other means. Once I have invested my money and got my advice I will return to this subject for the benefit of others that want to suppliment their incomes by letting part of their house out for holiday use. I hope that I will also learn to relax which is the whole point of moving to this beautiful country in the first place!!!!!!!!!!!
Thanks for your thoughts Penny. I had not thought of restricting the period when the house could be available for let. Presumably if it is available for 12 months of the year the rules will be quite different. I will start asking locals for commercialista recommendations.
Thanks to all that have contributed to my question. I am very slowly getting to grips with my Italian language skills and thoroughly enjoying the experience. I will not be providing Bed and breakfast. Just a three bedroom top floor apartment with its own cooking facilities and hopefully a pool in time. Any rent would not reach 75% of total income. If I have understood correctly, this means that I will not need to apply for registration or be VAT registered. As it would appear that I can not set off any initial capital expentiduture against future rental income, is there a % limit of annual expenditure that can be set off each year or does this depend upon the locality? I will be looking up Commercialistas in my area with ex pat experience. Thanks to all once again
Thanks Flip. I had not considered avoiding any tax obligations. I just need to find out what they are. Do you know of any Commercialistas with UK expat expertise in the Modena area?
Comments posted
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.
Thanks Ram, It is becoming obvious that there is no 'one size fits all' solution due either to the over complex legislation in the first place or that local Communes can adjust the legislation to suit themselves. This appears to result in fear all round resulting in most resorting to a Commercialista to prevent any nasty surprises or worse still trying to avoid their responsibilies through other means. Once I have invested my money and got my advice I will return to this subject for the benefit of others that want to suppliment their incomes by letting part of their house out for holiday use. I hope that I will also learn to relax which is the whole point of moving to this beautiful country in the first place!!!!!!!!!!!
Thanks for your thoughts Penny. I had not thought of restricting the period when the house could be available for let. Presumably if it is available for 12 months of the year the rules will be quite different. I will start asking locals for commercialista recommendations.
Thanks to all that have contributed to my question. I am very slowly getting to grips with my Italian language skills and thoroughly enjoying the experience. I will not be providing Bed and breakfast. Just a three bedroom top floor apartment with its own cooking facilities and hopefully a pool in time. Any rent would not reach 75% of total income. If I have understood correctly, this means that I will not need to apply for registration or be VAT registered. As it would appear that I can not set off any initial capital expentiduture against future rental income, is there a % limit of annual expenditure that can be set off each year or does this depend upon the locality? I will be looking up Commercialistas in my area with ex pat experience. Thanks to all once again
Thanks Flip. I had not considered avoiding any tax obligations. I just need to find out what they are. Do you know of any Commercialistas with UK expat expertise in the Modena area?