Sancho

http://www.ilfattoquotidiano.it/2014...estero/883197/

Does anyone know anything about this ?

37100

http://it.ibtimes.com/articles/62620...e-che-fare.htm

clint

There is an article here http://www.finanzautile.org/bonifici...e-20140216.htm about it it certainly needs looking into so off to AE site to see what they got to say

cardi

Time to rearrange finances and scrap Currency Fair. You should be able to get any money back if it is not from investments but only in next year's tax return and if you can prove it. Do you feel lucky?

clint

This is the relevant bit from Agenzia delle entrate http://www.agenziaentrate.gov.it/wps...ovv+151663.pdf

interesting statement from AE

"DISPONE
L’articolo 9 della legge 6 agosto 2013, n. 97, reca nte le “Disposizioni per l’adempimento degli obblighi derivanti dall’appartenenza dell’Italia all’Unione europea – Legge europea 2013
"

So far I have not found anything about this European law mentioned above

Capo Boi

Potential for quite a lot of hassle here even for the most law abiding, tax paying expat Italian resident. In essence an attempt to tighten up on the taxation of worldwide income particularly on anyone not declaring rental income either overseas or in Italy, pension income received overseas and transferred into Italy etc. Another reason to give up residency if at all possible. I'm sure there will be lots of debate in the coming weeks on constitutional issues and the practicality of enacting.

modicasa

As long as you are not transferring sums due from financial activities - shares, dividends, mortgages, rents - then you only have to sign a autodeclaration once a year which will exempt you. Important to fill in the causale carefully on bank transfer though.

clint

That's my understanding too but better safe than sorry so I am triple checking as OH pension is exempt from taxation over here as covered by DT

Margaret M

OK, so we pay tax here on our UK Private Pensions, but transfer the money in dribs and drabs, not all at once. Can we therefore self certify that we are exempt?

clint

I phoned my bank and they knew nothing about this

Capo Boi

This is my take. As an Italian resident you really want to make sure that your pension income is received gross ie tax free in The UK. This will considerably simplify matters. This gross income is then subject to the Italian tax regime regardless of whether it is actually taken into the country or not. For Italian residents it is the Italian tax system that prevails not the UK or elsewhere. I think this is where lots of confusion arises. Whether tax at 20% is withheld or it is possible to (temporarily) receive the sum gross, ultimately the amount involved is subject to Italian tax at the relevant rate and taking into account any deductions that may be involved.

modicasa

It looks like it might all be declared unconstitutional - but until then it seems that the best thing is to make sure that any money coming in from abroad is a gift or savings.

Also, until now I have seen nothing that says that it is or is not applicable to both residents and nonresidents.

Capo Boi

I'm thinking as well that it will be ruled unconstitutional and against EU regs. I take your point about non residents. I've not seen anything formal either but almost certainy illegal to impose on non residents under EU law.

Margaret M

Our pension income is received gross in the UK and taxed here, so I think we are complying. I do think it would be grossly unfair to deduct 20% from money we have already declared and paid tax on. We declare our full pension income on our tax return, not just what we transfer over.

Capo Boi

Margaret, looks to me that you are doing everything above board and correct. Since you declare your pension income and are taxed in Italy on it then you should be covered (should be able to carry on as before receiving all of your pension gross and then subsequently being subject to Italian tax) if you make the annual declaration stating that you declare your pension income in Italy. As it stands a hassle but should be no more than that for you. For anyone not declaring pension income....could be big problems. As I said above for an Italian resident, the UK tax regime is of secondary importance? If UK tax has been deducted the gross income (not net) still has to be declared in Italy. After that the double taxation rules may or may not apply if income was indeed received net of UK taxes.
Sounds to me that you can sleep easy Margaret. Can't believe that there won't be drastic changes to the proposals though.