Non-UK residents keen on fulfilling Tax Monitoring obligations in Italy as UK bank accounts close after Brexit

Comments Off on Non-UK residents keen on fulfilling Tax Monitoring obligations in Italy as UK bank accounts close after Brexit 26

UK resident financial intermediaries are now closing UK bank accounts in the name of non-UK resident taxpayers (who are resident in Italy) as a result of the United Kingdom exit from the EU (so called “Brexit”).

As a result, former UK residents are now transferring their funds to Italian bank or other Italian financial institutions, which are setting more strict controls over the origin of financial assets held outside of Italy.

This phenomenon also implies an important check on compliance for Italian tax monitoring purposes (Form RW) for all taxpayers who were considered Italian tax residents during an observation period of 5 years prior to the close of the UK bank account and the transfer of the funds to an Italian financial intermediary.

To this regard, compliance letters are being sent by the Italian tax authority to all taxpayers deemed responsible for possible tax infringements, who are invited to regularize their position via a spontaneous declaration, allowing them to pay a relatively low amount of penalties (around 0,60%) instead of a full penalty ranging from 3% to 15% of the undeclared amounts.

Feel free to contact us for any further information.

Tagged with: ,

Similar articles

NEWS

News Archives

July 2024
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031  

Privacy Policy

Contatti

Studio Tributario Associato – Battaglia Cesari Zangrillo
Indirizzo: Via Po, 102
CAP: 00198 – Roma
Email: info@studiobcz.it
Telefono: +39 06 87811744
Fax: +39 06 92594608