In light of the latest Brexit developments regarding the first agreement between the European Commission and the British government and pending the European Council of 15 December 2017, which will sanction the official passage to the second negotiating phase, it is necessary to ask ourselves about new possible scenarios and repercussions in cross-border relations between the United Kingdom and Italy.
In the two countries, after Brexit, a new phase of dialogue will now open, which could have a significant impact on businesses and entrepreneurs and therefore it becomes essential to organize activities and assets in line with the new tax and legal regulations, above all with a view to evaluation of business opportunities.
This is what emerged today at the workshop “The implications for Family Businesses in the wake of Brexit – UK and Italy Tax & Legal Update 2017” organized by the Italian Embassy in London and by Belluzzo & Partners, at the Embassy in London, for a comparison of the latest updates relating to cross-border tax and legal regulations between institutions and the business community.
The Italian Ambassador in London Pasquale Terracciano opened the initial session, which was attended by Flavio Mondello, Her Majesty's Treasury, speaking on the theme "Fiscal and economic policies in Italy and the UK".
Luigi Belluzzo and Alessandro Belluzzo, equity partners of Belluzzo & Partners, followed, who brought their contribution with an analysis of the British public budget, announced at the end of November, and with an update on the Italian "non-dom" legislation, aimed at to compatriots and foreigners who intend to transfer their tax residence to Italy by benefiting from incentive measures.
"The Budget presented by the United Kingdom is not aggressive but testifies to the British government's willingness to invest more and more in innovation" - commented Alessandro Belluzzo, equity partner of Belluzzo & Partners, inviting you to read better - "the small prints of this document , which contains much more than the past, highlighting how a Budget was designed for Brexit".
"Today Italy is really attractive for foreign investments thanks to the fiscal measures introduced in recent years, from the flat tax of 100.000 euros to the law on the return of brains to the one on golden visas", - declared Luigi Belluzzo, equity partner of Belluzzo & Partners. Referring to this last measure, Belluzzo underlined the need for "some small interventions to make it more usable for the many who are interested".
As well as providing an update on the repercussions of the ongoing changes in the post-Brexit tax and business landscape, the workshop was also an opportunity for entrepreneurs themselves to evaluate business opportunities in the UK.
This was the objective of the final round table, entitled "Family business: navigating in the age of Brexit" which was attended by Maurizio Bragagni, CEO of Tratos Ltd., and Alessio Rossi, President of the young entrepreneurs of Confindustria.
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