In 1949, the duke of Westminster gave the property of the Institute to Duke Gallarati Scotti, who was the Italian Ambassador. Belgrave Square, built in 1825–30 by a conglomerate of Swiss-born bankers, Thomas Cubitt and architect George Basevi, is in the centre of London and centrepiece of late Georgian London’s most fashionable development. The north and east sides of the Institute were built first, later followed the more elaborate west and south sides. The square’s name derives from one of the Earl’s subsidiary titles.

Today, the Italian Cultural Institute is host to many conferences and concerts, and provides a venue for a heterogeneous British and Italian public, consisting of professors, scholars and university students. The Institution is home to significant personalities of the Italian and British cultural sector as well, including T.S. Eliot, who held a lecture here on Dante in 1964, and Primo Levi, known for his speech 'From the Lab to the Writer’s Desk' in 1986. Others who worked with the Institute include Umberto Eco, Italo Calvino, Mario Soldati, Antonia S. Byatt, Achille Perilli, Luciano Berio, Fabio Mauri, Carlo Maria Giulini, Luciana Serra, Graziella Sciutti, Alberto Zedda and Sylvano Bussotti.

By promoting the work carried out by the Italian Embassies and Consulates, the Italian Cultural Institute elevates Italy as a production and conservation centre of culture. Along with the organisation of cultural events in such fields as arts, dance, music, cinema, theatre, fashion, design, photography and literature, the Institute also provides opportunities to study the Italian language and culture, thanks to courses, libraries, educational and editorial material. It also maintains the necessary relationships to assimilate Italian artists and institutions on an international level.

The Italian Cultural Institute promotes collaboration between universities, academies and learned societies from Italy and the UK. It also supports the organisation of major Italian cultural events in the UK and cooperates with various Italian departments in British universities. The Institute’s enquiry office provides information on all aspects of Italian cultural and social life, and organises and promotes lectures, symposia, exhibitions and concerts. Members of the Institute receive regular information on its activities; room hire for private receptions; invitations to special events which are not open to the public; special offers for cultural events and activities; free access to library facilities; and free loan of Italian videos.