Need an Italian / UK tax specialist recommendation

[MiniMetro]

Hello everyone
Please could someone recommend a lawyer or accountant to me that has knowledge of Italian and UK tax laws.
I need to bring some inherited money over from Italy to the UK and want to find ways of minimizing the tax exposure.
Thanks in advance

[maths]

There should basically be no UK taxes leviable on bringing to the UK any inheritance arising under an Italian will.

Presumably any Italian inheritance tax equivalent will be leviable in Italy and payable prior to being allowed to remit to the UK any net inheritance.

[MiniMetro]

It is, unfortunately, significantly more complicated than that.
The deceased was UK tax domiciled so I fear that the additional life insurance sum will add to the UK estate which was already over the IHT threshold, therefore, it will be taxed at 40 Percent.
I really need a Italy/UK tax specialist to sort this out for me.
Can no one point me in the right direction to one?
Please !!

[maths]

No doubt someone will have a suggestion for you. I'm, for what it's worth, am a little mystified as you refer to the deceased being UK domiciled but also to an inheritance from Italy.

Where any life assurance policy was settled on trust under which the settlor had no interest then the life policy proceeds payable on death are not then subject to UK IHT.

If the life policy was held by the life assured (ie not settled) then proceeds on his death will prima facie fall within the UK IHT charge. However, this may not be the case if the UK/Italy double tax IHT treaty is of application; in particular, if the person. was also Italian domiciled.

[MiniMetro]

Thank you so much for taking the time to reply.
Unfortunately, i don't really understand the technical jargon like 'settlor' etc
Sorry!
Probably the reason why I need a specialist to sort it out for me !

Ok, for clarification purposes from my end.
The deceased was born in Italy but moved to the UK in the late 50s and permanently lived there, so from that point of view was absolutely UK domiciled for tax purposes.
Some years (decades) ago, a life insurance policy was taken out.
As far as I know, this policy had no value to the deceased whilst alive. It's only value was to the heirs of the estate upon death.
The UK estate has been finalised and IHT has been paid.
This life insurance policy has come to light some time after the UK estate was wound up.

Are you saying therefore that the money will NOT be taxed as part of the deceased's UK estate? (Because it would be taxed at 40 percent as the estate is already over the IHT threshold)

Hope that clarifies things from my end? !

[maths]

Was the life policy taken out with a UK based insurance company or an Italian insurance company?

In the UK, X may take out a life policy and when X dies the life insurance company pay out a death benefit. If on X's death the life office paid X's executors then IHT would be due at 40%.
If, however, X had during his lifetime transferred the policy to a trust (for the. benefit of say his wife/children etc) then on his death no IHT would be due.

[MiniMetro]

X took out a life insurance policy in Italy with an Italian company

[maths]

On the face of it the policy will form part of the policyholder's estate for IHT and the UK/Italy IHT agreement is unlikely to alter this.