According to recent statistics circulated by the Italian Chamber of Commerce in the UK, the number of Italians living in this country has increased from 16,462 residents in 2009 to 51,217 today.
Italians living in the UK should urgently consider the implications of the new EU rules on Wills and successions. Time is running out, as the new rules will come into effect on 17 August 2015.
Currently, Italians who live in England may elect that their whole estate be governed by English law.
From 17 August, this election (which is provided for by Italy's private international law) will be superseded by the new EU rules.
As the UK decided not to adopt the new rules, there is a concern that Italian domiciliaries may find that their estate may be governed in part by English law and in part by Italian law, which may lead to practical difficulties and could have an impact on their UK inheritance tax planning.
With over 65 Italian speaking lawyers in the UK and Italy, Withers is ideally placed to advise Italians with complex succession issues. Our firm prepared the national report for England & Wales commissioned on behalf of the European Commission and members of our firm have acted as experts both before the EU Commission and the House of Lords, giving us unprecedented exposure to the genesis of the new rules and their practical implications for our clients.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
