Studio Legale Bottino

The “dichiarazione di successione” must be made by the heirs within 6 months from the date of death. They must complete a form in which all the assets will be included, apply to Ufficio delle Entrate (Tax office) of the town where the deceased was resident. If the deceased was not resident in Italy, the declaration of succession must be presented to the relevant Tax Offices in Rome.�
Finally, the Professional will be able to complete the procedure by registering the new owners at Ufficio del Catasto. A registration tax must be paid, calculated on the value of the assets.

ITALIAN INHERITANCE TAX
The heirs will be requested to pay the Inheritance Tax when they present the above mentioned declaration to the competent office.
The Italian inheritance tax was abolished in 2001 but it has been recently re-introduced by the government.�
The new Italian Inheritance Tax is now levied at three different flat rates, on the whole or part estate of the Deceased with reference to the beneficiaries entitled, as follows:
– 4% where the Estate or part of the Estate devolves to the Deceased’s spouse or children, with a nihil rate band up to € 1,000,000 each (which at current exchange rates is equivalent to an exempt slice of £ 657,800 for the spouse and each of the children) (the so called “Franchigia”).
– 6% where the Estate or part of the Estate devolves to brothers or sisters (subject to an exempt amount of Euro 100,000 each) and to other relatives of the Deceased up to the 4th degree (without any “exempt amount”),�
-8% where the Estate or part of the Estate devolves to unrelated parties. Where the Estate or part of the Estate devolves to one or more disabled children, the exempt amount is increased to Euro 1,500,000 (£ 986,800 at the current rate of exchange).

– where the Estate includes a business or a substantial shareholding in a company, whatever their amount, they are not taxed on death if they pass to the children of the Deceased, and the said children undertake to continue to carry on the business or control the company for at least 5 years.

4. For this purpose puts account noted that pursuant to art. 48 of Italian international law Law No. 218/95 “The will is valid, as to form, if it is considered that the law of the State in which the testator has disposed, or by the law of the State of which the testator, at the time of the will or of death, was a citizen or the law of the State in which he had domicile or residence.”

Avv.Carlo Bottino

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