France - Tightening the tax screw a few more notches

We have mentioned changes to French taxes which may affect UK resident owners of holiday homes in France in previous editions.  They introduced social taxes on rental income, and extended capital gains to non-resident individuals, coming into force on 18th August. Deadlines approach on 30th September, 15th November and 31st December.

The new deadline on 15th November is for payment by non-French tax residents of the “exceptional” Wealth Tax introduced on assets held on 1 January 2012, for  those already liable to pay that tax.

A reporting deadline of 31st December 2012 was announced on 15 September for Trusts with settlors, beneficiaries or assets situated in France, for purposes of Wealth tax assessment.

More changes are threatened for 2013.

The law and practice referred to in this article or webinar has been paraphrased or summarised. It might not be up-to-date with changes in the law and we do not guarantee the accuracy of any information provided at the time of reading. It should not be construed or relied upon as legal advice in relation to a specific set of circumstances.

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