News for Italian Taxpayers!
A resident in Italy has asked the Italian Revenue Agency about the tax implications for inheritance and donation tax for money received from a foreign resident father.
The father, residing in the UK, wishes to donate several million euros, currently held in Switzerland, to his son, living in Italy.
The Italian Revenue Agency stated that, according to Article 2 of the donation law, the tax is not due if the donor is not resident in Italy at the time of the donation and the funds are not located in Italy. Therefore, the gift will not be subject to donation tax or registration. Here you can find the Italian text of the Italian Revenue Agency doc. no.310
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