Nerc Concierge

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4 years ago this happened. Happy 4th birthday Hugo 🥳🥳🥳🥳

French tax authorities have confirmed UK Residents, owner of 2nd homes in France, will no longer benefit from EU exemption on social levies.

Exemptions:
As a non-resident, you cannot benefit from the exemptions related to the main residence.
However, a specific exemption may be granted to you for your residence located in France.

For this you must:

-Be a national part of a Member State in the European Union or of another State party of the agreement on the European Economic Area which has concluded an administrative assistance agreement with France with a view to combating fraud and tax evasion;
-Have been fiscally domiciled in France for at least two years at any time prior to the sale.

It applies within the limit of one residence per taxpayer and of € 150,000 in net taxable capital gain, to disposals made:

-No later than December 31st of the fifth year following the transfer of your tax domicile outside France.
or
-Without any time limit, when you have free disposal of the property at least since January 1 of the year preceding that of the transfer.

The exemption cannot be applied when the property is held through a legal person, for example an SCI.

Determination of capital gain and Levies.

The base for the capital gain is determined under the conditions of ordinary law (see block 2 “taxed capital gains”).

The taxation of capital Gain:

After deduction of allowances, capital gains realized by individuals and partnerships are subject to the levy at the single rate of 19%.

Capital companies are subject to the levy at the rate of 33.33%

Social contributions:

After deduction of allowances, capital gains realized by natural persons or natural person associates of companies belonging to partnerships are subject to social security contributions at the overall rate of 15.5%.

It is made up of the CSG (8.2%), the CRDS (0.5%), the social levy (4.5%), the additional contribution "solidarity autonomy" to the social levy (0.3%) and the solidarity levy (2%).

In addition, these capital gains are, where applicable, subject to the tax on high real estate capital gains and to taxes on the sale of land that has become constructible.

Procedures:
The procedures to be carried out are identical to those of common law (see block 2 "taxed capital gains")

In addition, you must have recourse to a tax representative if you are not domiciled in a State of the European Economic Area (excluding Liechtenstein) and the amount of the transfer exceeds € 150,000.

The representative can be:

-A company or body already permanently accredited by the tax authorities;
-A banking establishment in France;
-The purchaser of the property if he has his tax domicile in France;
-Any other person having his tax domicile in France.
The accreditation must be granted by the tax administration prior to the publication of the deed of sale (the property tax inspection of the public finance centre of the location of the building

Savoie Mont Blanc release!
The presidential address on 24 November mentioned the very possible need to wait until January 2021 to see skiing restart in optimal conditions. This is a great disappointment for all the players in the mountains, who have been engaged since September alongside the government authorities to adapt the operation to the most demanding health constraints.
Pending the decisions that will definitively set the framework and the timetable under ten, taking into account the favourable developments of the epidemic indicators that we hope to confirm in the coming days, holidaymakers, secondary residents and owners will still be able if the containment was lifted on December 15, enjoy during the Christmas and New Year holidays a stay in the resort, with or without the possibility of skiing.

Autumn is here