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UNITA’ IMMOBILIARI TENUTE A DISPOSIZIONE (AVAILABLE REAL ESTATE UNITS): real estate properties that are not used as main residence. For Irpef purposes the recalculated cadastral revenue is increased by one third, unless the use of these properties has been given for free to a family member, thus becoming his/her main residence.

USUFRUTTO (USUFRUCT): this is the right to use a property belonging to another person (and to exploit its possible benefits), without however being able to change its destined use.

USUFRUTTO LEGALE (LEGAL USUFRUCT): the right to use a property belonging to another person (and to exploit its possible benefits), recognized directly by law, for example to parents who manage the property of their under-age children. For tax purposes income subject to legal usufruct must be declared together with other income, while income not under usufruct must be declared – in the case of a minor – with separate form, in the name of the minor but filled in by the parent exercising parental authority. The following are not subject to legal usufruct:

• property purchased by a son or daughter with the profits of his/her own work;

• property left or donated to a son or daughter in order to begin a career, craft or profession;

• property left or donated upon the condition that the parents exercising parental authority power or one of them will not have the usufruct;

• property given to the son or daughter as an inheritance, legacy or endowment and accepted in the interest of the son or daughter against the will of the parents exercising parental authority (if only one of them was in favour of acceptance, the legal usufruct is his/her exclusive right);

• survivorship pensions paid by any party.

UTILE (PROFIT): positive economic result of a business or of autonomous work over a determinate period of time (usually the solar year).

UTILI PRODOTTI ALL’ESTERO (FOREIGN INCOME): income deriving paid out by foreign companies or entities. Tax must be paid on the dividend, gross of any deductions that may have been made abroad and in Italy as a down payment. It must always be included in the income tax return since it is not possible to opt for a definitive payment as it is for dividends from an Italian source.