inheritance tax

alexcal Image
09/22/2010 - 19:19

hi, i'm trying to calculate the amount of inheritance tax i am liable for on a property worth €50.000 left to me by my mother in sicily, the rates are available from internet but what i can't work out is if there is a threshhold amount before rates apply simililar to this country. it would be very helpful if someone could give me a rough idea of how much iheritance tax i should have to pay on this property. also, the above is a catastal value which i understand differs from the sale value - is inhertance tax calculated on catastal value or selling value? thanks



If you have inherited from your mother, you, and any siblings, have (as far as I understand) each of you an exemption of 1 million Euro. That (though I will happily be corrected by someone more expert) should exempt you from any liability to Italian taxation (on an inheritance of €50,000).

Yes I agree with the first reply, there is no inheritance tax for property passed to children under the threshold of 1 million Euro. If inheritance tax was payable it would be calculated on the catastal value. There will be small property charges imposed which should be less than 500 Euro in total.