French capital gains arises on the sale of a French asset, such as a second home in France or shareholding in a Société Civile Immobilière (S.C.I). Tapering relief may be applied leading to a full exemption after 30 years of ownership.
French capital gains tax is known as plus values. The calculation is complex and various rates may apply including a rate for social contribution, prélévements sociaux.
Costs, such as for reconstruction or enlargement of a property, may be added to the purchase price to reduce the amount of tax due. Alternatively, 15% of the initial purchase price may be added provided the property is sold more than five years after acquisition.
The rates of capital gains tax and for the social contribution are reviewed regularly by the French government.
Trousset Fawcett are leading cross border and French law solicitors based in the heart of London, UK. We offer specialist services relating to French capital gains tax. To discover more about our French capital gains tax solicitor service, please see below.
As French capital gains tax solicitors, the services we provide cover your tax journey from beginning to end, which may involve:
Whether there is a gain or not, a tax warrantor must be appointed on a sale of French property. They act as guarantor for the amount of capital gains tax due to the French tax authorities. The amount of tax will be deducted from the proceeds of sale.
We do not advise on matters relating to the UK’s capital gains tax laws.
If you are looking for French legal services, we also advise on French property law, French wealth tax and French inheritance tax. To hear more about our areas of expertise and what we can offer you, please contact us online or call on +44 (0)203 773 22778.
For French legal advice by a French solicitor or notary public service, contact Trousset Fawcett. We offer a truly specialist legal service for clients based in England and Wales. Enquire with us today.