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What are the laws and tax regulations regarding reporting

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What are the laws and tax regulations regarding reporting foreign inheritance for foreign expatriates resident in Italy? I am a UK citizen resident in Italy. My late father died in the UK last December, and I am the sole beneficiary of his will.

Hi and welcome to JustAnswer. I’m Mo Barrie, Qualified Accountant and Tax Expert. I’m currently reviewing your question and will respond to you shortly.

Thank you for your patience.

Customer: replied 11 days ago.
Well, I am still being patient several hours later.......

I apprciate your patience.

What is the total amount of your dad's estate?

Customer: replied 11 days ago.
It came to about £312K, and hence an excepted estate in the UK.

This is under the UK threshold - 325,000.

No IHT to pay.

Customer: replied 11 days ago.
Please opt out. You are not an Italian specialist.
Customer: replied 11 days ago.
Also, I already knew that. This is not about UK )

Ok. As you wish.

Customer: replied 11 days ago.
After wasting three hours of my time waiting. Bye.
Hello,
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Thank you!
Tetyana-moderator

Hello!

My name is***** have a degree in Accounting and Administration, I am specialized in tax/financial consulting and today I am going to help you with your query.

Dear client, I am very sorry for the loss of your father.

Even so, I assume that your father was also a British citizen and that he passed away in his home country. But unfortunately, there is very little international legislation that clearly sets out the rules to be applied in cross-border inheritances. On the contrary, the internal laws of each country try to capture as many competences as possible, which generates duplicities and bureaucratic clashes because each country intends to keep a part (in tax matters) it is more a question of sovereignty.

It is important to note that foreign wills are accepted in Italy, regardless of the place where the document was made, the location of the assets, the nationality, residence or domicile of the testator. But, these must be authenticated by an Italian notary and must be translated, note that this incurs additional costs).

According to the European Regulation 650/2012 on International Successions, the law of the country of the testator's habitual residence at the time of death will apply to the inheritance, but other aspects also come into play, such as the total value of the inheritance, whether it includes real estate, the residence of the heirs, in this case, their residence in Italy.

That is why I recommend that you seek the services of a lawyer specialized in international inheritance, to guide you through the procedure and avoid double taxation or extra expenses due to not being well informed.

It is very difficult to budget an international inheritance, as it will vary greatly depending on the decisions of the countries involved and their internal bureaucratic processes. But in general, the costs can be high and with high provisions of funds.

I hope this information has been helpful for you, if you have any other questions do not hesitate to contact me, I will be happy to help you.

Thank you for trusting JustAnswer

Customer: replied 10 days ago.
Thank you for this, which is helpful.To be honest, I had not thought of the will when it came to Italy, and getting it translated etc. I only thought about hiring an Italian accountant to do the tax filing.Are you an Italian lawyer, as a matter of interest?

No dear client, sorry, I am not a lawyer.

But it is important that you contact one with experience in international inheritance to help you with the whole process. If you need help in hiring a lawyer, you can give me your location and I will be happy to help you find one near your location.

I hope this information has been helpful for you, if you have any other questions do not hesitate to contact me, I will be happy to help you.

Thank you for trusting JustAnswer

ExpertNina,
Satisfied Customers: 19
Experience: Expert
ExpertNina and other International Tax Specialists are ready to help you
Customer: replied 10 days ago.
But are you from Italy then? The thing is, this website has a shortage of actual Italian lawyers/accountants. So, I was just wondering, that's all.

Yes, I am from Italy, but I haven't lived there for many years. My specialization is in the accounting and financial area.

Of course, I understand you. it is complicated to find and above all to trust a professional. if you need help with anything else, do not hesitate to contact me.

thank you very much!

Dear customer, it is a pleasure to serve you. If you wish, you can mark me as a favorite expert for future inquiries. If you would like to ask me another question in the future, you can add me as a favorite expert. You will have the option to do so on your "My Questions" page or you can request me by name on the site if you wish. My name is @NinaC0418

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Customer: replied 9 days ago.
OK. Thank you very much.
Customer: replied 5 days ago.
Are you able to answer questions on Italian tax and accountancy? Do you have experience of that?

Hello, dear customer.

Yes of course, can I help you with anything?

Customer: replied 5 days ago.
OK. That is great. I was not sure which country you were actually able to provide tax/accounting advice about. I can ask a new question if need be.

I have a degree in Accounting and Administration, I am specialized in tax/financial so I will be glad to help you with any consultation you may need.

It's a pleasure to serve you. If you wish, you can mark me as a favorite expert for future consultations. You will have the option to do so on your "My Questions" page or you can request me by name on the site if you wish. My name is @NinaC0418.

Thank you for trusting JustAnswer

Customer: replied 5 days ago.
Just asked you a new question. Please look for it.

Ok perfect, thank you very much for contacting me. I saw your question.

As soon as i have a clear answer for you, i will let you know. I will be analyzing your inquiry.

Thank you for trusting JustAnswer

Customer: replied 5 days ago.
Thank you so much. It will be very helpful. Some of it is kind of sensitive, so I feel awkward to even approach an accountant here.

I understand you perfectly. In these personal cases it is difficult to trust any professional.

I will be happy to help you. I will answer your inquiry shortly, please let me investigate some details first.

Thank you very much!