Suspended - 20% tax on overseas transfers into Italy.

The witholding tax of 20% on overseas transfers into Italy has been suspended.

Breaking News: 20% witholding tax on transfers from abroad into Italy.

As of February 1st 2014 banks in Italy will be obligated to withold 20% of the amount relating to transfers coming into personal accounts from abroad.  The 20% will be witheld at source, by the bank, and unless an exclusion has been applied for it will be up to the tax payer to prove that the money is not 'income' from financial transcations abroad.    

Investing for a higher income

Investing for income, rather than capital appreciation, is as old as investing itself but its relevance becomes more noticeable in times of low bank interest rates. (Or historically low as the media likes to keep reminding us).  

Minimum reporting threshold for funds held abroad - clarified!

If last year was the year for confusion about how to report assets held abroad then, at least, in 2014 they are offering some further clarity. 

More daylight robbery - Increased bollo from 2014

In 2014 the imposa di bollo on securities and deposit/bank accounts in Italy will be removed.

Property rentals in Italy - Goodbye cash 2014!

From 2014 owners of properties in Italy, which they rent, will be expected to have the rent paid only through trackable methods of payment. 

Breaking news for NON Resident UK Home Owners

Non UK residents will have to pay capital gains tax (CGT) on residential property sales in the UK from April 2015, reversing the current rule, George Osbourne announced in his Autumn Statement yesterday.