October 9, 2006
New Property Laws in Italy
Those who are considering to buy an Italian property will have to be conscious of the latest finance laws governing the buying and selling of residential property between private individuals.
The actual sales price can now be declared by the buyer in the notary act of sale but taxes are paid only on the re-valued cadastral value. Computation of the notary fees will be based on the real sales price but a twenty per cent discount will be given. A cadastre is a public register that shows the details of ownership and value of land mainly for taxation purposes.
“As the cadastral value is invariably much lower than the market value this system provides a sensible way of making the property market more transparent,” informed Steve Emmett of Italian Property Specialists Brian French & Associates. There is an incentive to declare the real price of the property in a situation where the vendor would like to sell within five years of purchase and will need to pay capital gains tax on the profit gained. Instead of paying 30 per cent, the person in this situation will pay 12.5 per cent on the gain.
Posted on: Italy
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