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No idea

Your UK licence is valid in Italy until its expiry.  If you want to surrender it early, thats your choice, but itwill cost you.  You need to go to your doctor and sort out a eye test certificate which is obligaory.  Go to your local motirizzazzione and tell them you want to convert your licence and they will sort it out.  Licences cost more in ITaly than the UK and depending on your age have to be renewed more often.   Id hang on to you your UK/EU licence for as long as possible. 

Be aware that if any UK licence was obtained by exchange for another countries licence e.g. Canada to UK, then there may be a problem. Friends of ours went through the process with ACI and spent an age trying to exchange a UK (prev Canada) for an �������� licence. Finally they were told it could not be done as there was no agreement with Italy and Canada. Obviously this may not be the situation here, but best people know about it.

Like Modicasa said - your UK licence is valid in almost all countries in the EU and there shouldn't be a problem to drive with it until it expires.