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You will not be able to qualify as a first time buyer and therefore benefit from the first time buyer SDLT exemption as to qualify you must have never owned a home before anywhere in the world.
In addition, if you own still own the property in Italy when you purchase your new property (a new main residence) you would have effectively purchased a second home and you will need to pay the additional stamp duty charge. However, you can reclaim stamp duty on second homes, if you sell your original home within three years.
Hopefully I have answered your question in a straightforward manner however if anything remains unclear I will be happy to assist you further.
It may be quicker and easier to donate the Italian property first, however it is still possible to claim the refund if you sell/dispose of the property in Italy as long as you do within 12 months of the property being disposed of.