Italian/UK inheritance tax

[Ernesto]

Hi
Wondering if someone could give me some guidance please.
My 90 year old father is resident and domicile in Italy.
He has assets there and in the uk.
I'm trying to work out what his liability will be and whether he can be charged IHT in both countries. I'm aware there are treaties between the two countries regarding double taxation but can't find any details online.
Be grateful for any replies.
Ernesto

[maths]

Even if father domiciled only in Italy he is entitled to a nil rate band (£325,000) to offset against any UK assets. His Italian assets will not be subject to Italian death tax (if any).

What are his UK assets and what are their values?

[Ernesto]

Hello Maths
I wondered if you could help me please. Posted on here a while back but sadly didn’t pick up on your response , so apologies for that.
I have recently reposted but have copied the text below rather than redirect you. Would you be able to give me a few pointers please. I know I will need to get professional assistance to implement any plan in the future. Thanks

My 90 year old father is an Italian born Citizen who lived in uk for 40 years. Moved back over 10 years ago and and as far as I am aware he is non domiciled for UK tax purposes although this may later be challenged.
He has considerable property and liquid assets both in UK and Italy and sadly has made no tax planning whatsoever. A uk property worth 2.6million and liquid assets of about 1 million.
I have LPA in both countries and for now have consolidated all liquid assets into an off shore account. Ie Isle of Man...
I am trying to mitigate UK inheritance tax as am facing a tax bill of around 800k....ouch
Father is currently well but have ruled out gifting the property as I feel it’s a gamble on his time. I was wondering if I could buy the property from my father with funds that he would gift me outside the UK. It would be a simple transaction but wondering how it would be viewed by HMRC. Be grateful for any advice from a tax specialist in this field.
I should add I am UK born and resided here all my life. I have however been informed that I am also an Italian national being the son of Italian parents.
Thanks in advance.