Alex Lalvani

Thanks so the Italian government is incorrectly promoting this as a tax on all worldwide income including rental property abroad.

Hi, any news HMRC? I spoke to an Italian accountant but am none the wiser.

Thanks, sorry I'm not totally sure I understand your reply. Let's say I earn £10,000 in property income which is above my personal allowance in the UK (i.e. I have more than £13,000 of other income). If I pay 20% UK tax that would be £2000 in tax but Italy is saying I should only pay 7%, do I claim the rest back in Italy? Thanks

Hi, I own 2 rental properties in the UK and I am planning to retire to Italy under their 7% flat rate tax scheme which is described as follows 'In 2019, a new tax treatment for pensioners got introduced, adopting art. 24-ter in the Italian income tax code. Basically, a pensioner who has not been a resident of Italy in the 5 years prior to moving here can claim a flat 7% taxation on ALL of the foreign income sources, not just the foreign pension received. The 7% flat tax applies to all foreign income sources, including: Pension Income Interest Income Dividends Rental Income Royalties Capital Gains Severance Payments' As you can see it states that all international property income is taxed at a flat 7% in Italy. As there is a double taxation treaty with Italy should I still be paying 20% tax in the UK under self assessment ? Thanks

Hi, I am in the process of divorcing my wife, we hold 2 rental properties in joint names with identical values. If we transfer them to owning one each rather than both jointly is any CGT due? I found an article which suggests not '2. Spouses exchange interests in multiple properties so that each become sole owners of individual properties. Gains are only charged to the extent that either party receives consideration valued above the amount that they give. This is the case provided the property does not become the residence of the transferee within six years of the transfer. If the properties have the same value, if there was to be a split in the ownership, there would be no tax on this transaction as there is no exchange of value.' Is this article correct and does it matter when you separated prior to divorce? Thanks