new tax on bank balance??

01/02/2012 - 20:19

Happy new year to allHaving just arrived back in the uk from christmas with my in laws in torino, and new year at our house in le marche, I am trying to find out a bit more about discussions had at both locations regarding a 'tax' on balances held in italian banks of more than 5000 euro. Assuming that when money arrives in an account this is post tax, how is this going to work?


The tax is already in place   the bollo you pay on your bank account will remain, but will be abolished for those bank accounts that have a median of lessthan 5000 pa.  If you have over that amount you will continue to pay the bollo on your account for a total of around 35 euros pa. - 

In reply to by Ram

Thanks for that, I know that we currently pay this bollo, but I was under the impression that this was yet another charge/tax on top of this and potentially higherMaybe I just misunderstood things, boo

Just another stupid, ill thought-out tax that does absolutely zero to address the reality of the black economy.  Those who already pay tax just pay more and more.  Those who don't are hardly going to keep it all in the bank.  It seems to me that the only way they can actually hit everyone, is to tax fuel even more - but then there are all kinds of downsides to that.  Still, it's impossible to avoid unless you like red fuel.

All the press has been because the govt is lowering the limit on cash transactions (1000 euros) and this includes pensions.  This means that lots of pensioners now have to open bank accounts for the first time in their lives in order to get their money - as pensions will be paid direct - (remember when this happened in the UK) - Obviously this is the reason why the bollo is being cancelled for accounts with low balances, they will also be free accounts by law, so the banks dont profit from pensioners (in theory).  On the other hand, business accounts will now pay a bollo of 100 euro per year.