Glossary entry

Italian term or phrase:

Franchigia spettante

English translation:

(Total) deductible amount of expenditure

Added to glossary by Lara Barnett
Apr 25, 2023 16:42
1 yr ago
18 viewers *
Italian term

Franchigia spettante

Italian to English Bus/Financial Law: Taxation & Customs inheritance tax statement
Statement showing proportions of an estate to each family member. For each family member is an identical list, including the following amongst the entry rows.
As stated in earlier question, this particular entry phrase shows a high amount in the adjacent values column, in comparison to the other entries on the list.

Totale valore quote non esenti
Beni tipo DN (denaro, gioielli, mobilia) 0,00
Donazioni che hanno fruito di franchigia 0,00
Passivita e altri oneri
Attivo neto
Franchigia spettante..... ***** 1,000,000.00

Proposed translations

9 mins
Selected

(Total) deductible amount of expenditure

Total value of non-exempt units
DN-type assets (money, jewellery, furniture) 0.00
Donations benefiting from exemption 0.00
Liabilities and other charges
Net assets
Total deductible amount of expenditure..... ***** 1,000,000.00
Note from asker:
Thank you.
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4 KudoZ points awarded for this answer.
4 hrs

available (IT) threshold

Donazioni che hanno fruito di franchigia 0,00 : gifts qualifying for the threshold (relief or exempton) : 0.00

Otherwise, the high threshold in Italy (and the UK) would explain the 'high amount' in trhe adjacent column.

The UK 'nil-rate' inheritance tax band through which gifts pass IMO isn't very well explained in g/hits but 1. interacts only indirectly with the threshold and 2. is a 'nil-rate' multiplier (!) that triggers other reliefs. 'The £1 million *taxed at 0%* which was promised only ultimately becomes potentially available on the death of a surviving spouse or civil partner ...' I can't tease the NRB out of the Italian context as a 'translation', but maybe someone else can.

Example sentence:

UK: In basic terms, the nil rate band (NRB) is an amount of your estate which can be passed on to your beneficiaries free from inheritance tax (IHT) after death.

UK: The basic Inheritance Tax threshold applies to any lifetime transfers and any gifts made in the 7 years before someone dies.

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8 days

(Payment) exemption entitled to (commercial) or deductible entitled to (insurance)

Usually the term franchigia in the insurance sector means the threshold above which the insurance company will start paying (the amount under the franchigia will be paid by the insured person) and in the commercial field it can indicate the exemption threshold from a payment due (nothing to be paid below the franchigia).
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