The Fiat 500-based, Abarth 695 Tributo Ferrari, is possibly the closest we’ll ever get to a baby model from the company with the Prancing Horse logo. And now, almost a year after its world premiere at the 2009 Frankfurt motor show in Germany, Fiat has confirmed UK availability.

Only 152 examples of the Abarth 695 Tributo Ferrari will be available in right hand drive form in Britain, each carrying a steep price tag of £29,600, which comes to around €35,500 or US$46,900 at today’s exchange rates. That’s roughly what you’d pay for a BMW 135i Coupe M Sport (£30,675) in the UK.

Those select few buyers get what Fiat describes as a Ferrari inspired design with a unique Scuderia Red finish complemented by racing stripes, carbon fiber mirror caps, 17-inch Corsa Grey wheels, additional air inlets / outelts and quad tail pipes.

The hot hatch’s interior has also been upgraded with carbon fiber bucket sport seats from Sabelt that weight 10 kg or 22 lbs a piece less than the standard seats, a flat-bottomed black leather steering wheel with red leather inserts, carbon trim and a new instruments specially made by Jaeger

Under the skin, the Prancing Horse-branded mini sports a pumped up version of standard Abarth 500’s 1.4-liter turbocharged four-banger with 180-horsepower at 5,500rpm and 250Nm of torque at 3,000rpm, hooked up to a five-speed automated manual gearbox.

Fiat says its can accelerate from 0-62mph (100lkm/h) in seven seconds and has a top speed of 140mph (225km/h), while returning 43.3mpg UK (36.1 mpg US) on the combined cycle.

Completing the mechanical upgrades are the four-pot Brembo discs and recalibrated dampers.

Those interested can place their order through Abarth’s 17-strong UK dealer network.