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Brexit chaos: British expats in Italy facing massive wealth tax bill after rule change
BRITISH expats living in Italy face being slapped with a huge wealth tax bill under new post-Brexit rules.
Ursula von der Leyen: EU vaccine programme is ‘on track’
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Under Italian tax law, residents must pay a 0.76pc annual levy on the value of overseas properties. The Italian tax authority previously calculated these bills using the UK's old council tax system, which uses property valuations dating back to the early 1990s. But since leaving the EU, the annual wealth tax will now be based on the properties’ modern-day market value.
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This means people could face paying thousands or even tens of thousands of pounds on properties that have shot up in value over the past 30 years.
Alessia Paoletto of advice firm Withers, told the Telegraph: “These rules have been in place for a number of years but they are changing because Britain is no longer part of the EU.
"We hope there may be some reliefs against it as this is going to affect a lot of people, but right now it is happening so people will have to watch this space.”
In some of Britain's most affluent areas, including Kensington and Chelsea, in London, properties worth more than £3million fall within council tax band G.
British expats living in Italy face being slapped with a huge wealth tax bill under new post-Brexit (Image: GETTY)Back in 1991, they were worth £240,000 on average.
This means the annual wealth tax bill could be more than £20,000 under the new rules.
Italy started to entice British people to buy property in the Mediterranean country after realising it would bring investment and a boost to the economy.
Some of the schemes have included offering the chance to buy up properties in need of renovation from as little as €1 (86p).
READ MORE: EU unity crumbling: Germany set to designate France 'high risk'
There were nearly 30,000 Britons living as residents in Italy in 2017 (Image: GETTY)Trending
However, people were required to spend a certain amount of time and money in the country in return.
There were nearly 30,000 Britons living as residents in Italy in 2017, according to the latest data from the Office for National Statistics.
Italy has also become known for attracting wealthy “non-doms”.
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British expats will face new bills under post-Brexit rules (Image: EXPRESS)These are people who move from country to country for tax purposes.
There are some new laws that allow non-doms to avoid taxation on their worldwide wealth in Italy.
This includes them opting to pay an annual €100,000 flat-rate tax for a period of up to 15 years.
Simon Goldring of McDermott Will and Emery, warned against people in the UK doing this.
Italy started to entice British people to buy property after realising the investment potential (Image: GETTY)Trending
The British expats who retain properties back home would be caught out.
Mr Goldring said: “This could provide a ‘get out’ to the change in the way the property wealth tax is calculated.
"But will only be a viable option for the truly rich."
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The eu will make it hard for anyone from the U.K. - they simply don’t get it- they punish us because we’ve left to make sure other countries don’t do the same. All they are really doing is hurting their citizens. How much money do French and Spanish businesses make from U.K. people who’ve retired there, ( not to mention, Greece, Hungary etc). have holiday homes there? Covid has crippled them already - how can they entice people to stay or visit when the vaccine rollout is so poor? If Ursula had spent time, money and planning on a decent rollout instead of trying to punish the U.K. further- we would all be happier. I don’t think I will ever visit the eu again- and I’m not on my own
Dear Malamute- we knew what we voted for- we wanted our own rules by our own people, our own borders, our own decisions over crime and terror, our own finances and judging by the amount of companies from the Eu opening over here- others may be in agreement. If it’s such a mistake why the heck have 4.9 million Eu citizens clamoured for residency? Another half a million to be decided and countless others who won’t bother? If this country had done so badly the mep’s from the Eu 27 wouldn’t be lining up at the trade agreement meeting telling Brussels and UDL they made a mistake bullying us. Look it up before you comment. They, the Eu, are still trying every trick in the book to punish us.
Well said- it’s no often the other side of the coin is shown
If people moved their for tax purposes and then get taxed they will simply move somewhere else.
When these people live in Italy they spend their money supporting the local economy. So I suspect the losers in this will not the British Expats but the local Italians who own small family businesses, shops and cafes etc who will see their customers up sticks and leave
when is it going to collapse? ha ha ha ha ha ha :)
"thinking ,thinking man" lol :D
The EU leaders are so ridiculous that they will ride the boat to the sea floor rather than admit they are wrong and plug the leak.
They have been stringing this out for years not to upset their very nice gravy train. ( Even MEP's rake in over £7,000 a month with around £250 a day expenses).
Would you rock the boat?
Reading a thread to understand individual comments is a great asset, it prevents one appearing an idiot. LoL.
Why is Italy part of the EU it is mind boggling - Italy is a beautiful country, great climate, wonderful culture/history, abundance of great food, delicious wines, excellent cheeses, smart beautiful and friendly people, with massive tourist potential - they do not need the EU. edited
Read the comments of the Italian leaders and learn something- they are in desperate need of covid funds- remember Boris giving out billions? To partake of this fund Italy has to sign on the dotted, basically giving up sovereignty to the Eu because they are in so much debt- and between a rock and a hard place- and still no vaccine as Ursula argues with everyone
Simples- they were living above their means, heavily into debt and the Eu punish them daily
It is a relatively modest tax on second homes. Britain should do something similar edited
Exactly a £200.000 house would cost £1500
Well, remainers wanted to feel more european, enjoy thier taxes
I think you will find it’s Covid that has caused a lot of the bother- the eu are certainly smarting as we left and rolled out a brilliant vaccine programme and they floundered. But Macron spitefully closed the border to teach us a lesson- the French lorry drivers who couldn’t get home for Xmas won’t be forgiving him
I'm afraid to say its not covid related. UK goods exports to the European Union fell 40.7% in January, according to the Office for National Statistics (ONS), while imports tumbled 28.8%.
The figures show the biggest drop since records began in 1997, and are the first since new trading rules between the UK and the EU came into force.
The ONS said temporary factors were likely to be behind much of the falls.
When the figures come through for Feb-Mar, we'll know for sure if its just teething issues or "Systemic in the Brexit deal". But I think our brexit PM & his Brexit Government do know already, but hope Covid will be the "Scapegoat". Either way, its not good, brexit is not good at all. Anyway lets not let it spoil our Easter weekend.:)