The latest event in the UK and Italy Tax and Legal Update 2017 series, organised in collaboration with the law firm Belluzzo & Partners, looked at developments in tax regulations and the British budget presented in November, with a particular focus on family businesses and the implications that Brexit could have for them.
The ambassador, Pasquale Terracciano, opened the event by observing that 2017 had seen a general strengthening of the economic recovery in Italy, emphasising how this process of recovery must be analysed in context, bearing in mind that the effects of the structural reforms carried out in Italy will take some time to be fully felt.
Flavio Mondello, an economist at the British Treasury, then gave an overview of the factors that shaped the autumn budget presented by the chancellor, Philip Hammond, on 22 November.
In the second part of the event, the lawyers Luigi and Alessandro Belluzzo, the founding partners of the firm, reviewed the regulatory interventions introduced in Italy this year in view of attracting investment and human capital. They focused particularly on the new regime of flat-rate tax for non-domiciled residents (those who establish their tax residence in Italy while receiving income from abroad), reductions in business tax, and the tax incentives for investment research and development, introduced with the Industria 4.0 package.
The final panel discussion, entitled “Family business – navigating the age of Brexit”, moderated by Umberto Marengo of the Economist Intelligence Unit, saw Alessio Rossi, head of Confindustria Giovani Imprenditori; Maurizio Bragagni, CEO of Tratos; and Luigi and Alessandro Belluzzo discuss the opportunities that the current context offers for family businesses, highlighting the importance of carefully planning generational passage, and the value of meritocracy to ensure operational continuity and entrepreneurial success for family businesses.
For further information please contact: stampa.amblondra@esteri.it
