Realist, not conformist analysis of the latest financial, business and political news

It’s A Significant Pity Polly Toynbee Sold That Place In Tuscany, Umbria, Wherever

For if she hadn’t this would be immensely fun to watch:

British expats living in Italy will be hit with vastly increased wealth tax bills on their properties back home, under post-Brexit rule changes.

They face paying thousands or even tens of thousands in extra duties every year on their UK properties, because of fresh changes to Italian tax laws which were first introduced in 2012.

These changes have now taken effect and in some cases will cause annual bills to increase by as much as ten times.

Italian tax law states that all Italian residents must pay a 0.76pc annual levy on the value of overseas properties.

For years a quirk in the continental rule book meant the Italian tax authority calculated these bills using Britain’s outdated council tax system, which uses property valuations dating back to the early 1990s.

But the annual wealth tax will now be based on the properties’ true, modern-day market value, now that Britain is no longer part of the EU.

Toynbee Mansions is, or at least was last time I heard, worth some £5 or £6 million. Quite possibly more by now because that was a few years back.

Call if £50 grand among friends as her tax bill. Which would be, close enough, about the post-tax amount of her salary from the Guardian. Which would be fun, wouldn’t it? Might change her view on wealth taxes upon those without the income to pay them really….

Spotter, Felipe Grey

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Spike
Spike
7 months ago

The article says “Italy has introduced a number of favourable measures to entice foreigners to settle and bring fresh investment to struggling parts of its economy” and this twist should neatly un-entice Brits. The Italian property market weakens while Italian legislators virtue-signal.

jgh
jgh
7 months ago

For my home that rate would be close enough exactly what my current Council Tax is. As a replacement for Council Tax, Bring. It On.! 🙂

Snarkus
Snarkus
7 months ago

elites dont have to follow the rules the rest of us are saddled with. Wont affect her. Always an out for the entitled

Felipe Grey
Felipe Grey
6 months ago

Hi Tim. Thanks for the attribution. Hadn’t realised she had disposed of the PollyVilla in Tucany though. Shame :-/

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