Put the milk and yeast in a small bowl and whisk together.
Whisk the sugar and eggs together in a separate bowl until well incorporated and light. Stir in melted butter, Marsala wine and vanilla extract.
Place the flour and salt into the bowl of a free-standing electric mixer fitted with a dough hook.
Add the yeast and milk mixture, along with the whisked egg mixture, and knead for 10 minutes on a very low speed.
Cover and leave to rise in a warm, draught-free place until it more than doubles in size, which will take about 2 hours.
Meanwhile, soak the raisins in the orange juice or brandy.
Grease a 18cm/7in deep cake tin. Line the base with baking paper and make a 10cm/4in collar with double thickness baking paper to line the sides of the tin.
Tip the dough out on a floured surface, mix in the soaked raisins and candied peel and lightly knead for 3–4 minutes. The dough will be soft and sticky, so oil your hands well to handle it.
Roll the dough into a ball and place into the prepared tin. Cover and leave it to rise for 45 minutes to 1 hour, or until doubled in size again.
Preheat the oven to 180C/160C Fan/Gas 4.
Brush the top of the panettone with the beaten egg and sprinkle over the almonds.
Bake for about 55 minutes, or until well risen and golden-brown. Transfer to a cooling rack. Dust with icing sugar before serving.