Tax Planning in Italy
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Tax Planning in Italy
To purchase property in Italy it is necessary to have a “Codice Fiscale”, a tax code. This must be applied for at the local tax office even if you are not a full time or tax resident.
Purchasing property in Italy brings with it several tax obligations, of which we provide a very brief guide however we strongly recommend to retain appropriate legal representation once you have decided to go ahead with your purchase of your Italian dream home:
V.A.T. – While this is normally included in the price it is important to be aware that new properties are taxed at 10% on the sales price unless they are considered “luxury homes”, which are taxed at 20% of the purchase price.
Registration, Inventory & assessment and Mortgage taxes are all usually fixed taxes of € 168 each.
Local tax – Local property tax applies in Italy and is are generally lower than UK rates, between 0.4% and 0.9% of the government established value of the property, fixed by tables. Some municipalities charge an additional tax for the services provided to residents in the area (services like rubbish collection, keeping the streets clean, etc) – these are normally low rates.
Income tax. As a non-resident, property owners in Italy are subject to income tax on income generated in Italy, (for example rental income) and ranges from 23% to 43% of the income however associated property expenditures can offset the tax. If you chose not to rent out your property however, you will be liable to pay Notional Income Tax, which is generally low, ranging between 0.08% and 0.09% of the rateable value of the property.
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