duffer

Hello all,
I will be gifted some money in the UK to my UK account. I want to bring this money into Italy and invest it in the short term, 2-3 years until I have decided what to do with it, e.g. buy property in UK or Italy.

Just have a couple of questions before I start making some serious enquiries and get the ball rolling -

1. Is there a gift tax or any tax liability for the money that will be gifted?
2. I was thinking to invest the money in Italy via unit trusts/investment funds. What is the capital gains tax liability?

Many thanks in advance.

Stay safe everybody.

modicasa

Im no money wizard, but Id be inclined to put it in a euro account with UK bank. Things are too volatile here at the moment.

duffer

Thanks Modicasa, I am just looking at where to keep the money, Italy or the UK, from a tax liability point of view, if capital gains tax in Italy is less than the 20% in the UK.

modicasa

As far as I know there is no cgt on gifts in Italy. It depends where you are resident (fiscally) as if you are resident in ITaly, you will have IVIE to pay on any bank account held outside Italy.