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Any advice capital gains??

Posted: Thu 26 Aug 2010 18:10
by Lostweekend
I dont know if anybody can help with this, we have owned our house for 7 years and lived here permanatly for the last 3 years, we have no property in the uk and as such this is our primary (only) residence, we have no official status here thought we did have Carte Vitals when we first arrived other than that we just arrived and stayed. we are looking at selling this property and purchasing another. As I understand it we should not be liable for capital gains tax as this is our only home. Is this the case and will I need to prove in any way (and how) the primary home situation??
Any help would be great but I expect a trip to the notaire may be on the cards. still at least its sunny.

Posted: Thu 26 Aug 2010 18:32
by sue and paul
If you are a tax resident here and not in the UK, then that says that you are resident here more than 6 months of the year - ie it is your primary residence. If you are not registered in the tax system, then i dunno...

Posted: Thu 26 Aug 2010 21:12
by john
As Sue rightly says,if you are registered for tax here (as opposed to the UK) then you are deemed a resident fiscale,and,as I understand it,if that's the case ,and if this property is your primary residence,then you are not due to pay any plusvalue (CGT). But,if any of these things do NOT apply,then,as Sue also says, I dunno!

Posted: Fri 27 Aug 2010 09:59
by russell
If, during the first four years, you were living in the house for less than six months each year then you will certainly be liable for the capital gains tax in that period. Unfortunalely, given the current state of the market, I guess that will be most of the gain :cry:

Russell.

Posted: Fri 27 Aug 2010 10:42
by Lostweekend
russell wrote:If, during the first four years, you were living in the house for less than six months each year then you will certainly be liable for the capital gains tax in that period.

Russell.
Really ? I have been searching and gathering info and this is the first i've heard of this !

Its all a bit confusing and how would you go about proving this.
Thanks for all the replies.

Posted: Fri 27 Aug 2010 12:35
by john
Lostweekend wrote:
russell wrote:If, during the first four years, you were living in the house for less than six months each year then you will certainly be liable for the capital gains tax in that period.

Russell.
Really ? I have been searching and gathering info and this is the first i've heard of this !

Its all a bit confusing and how would you go about proving this.
Thanks for all the replies.
I seem to remember the Plusvalue rules for non-residents changed markedly about 3 yrs ago. There used to be a sort of "sliding scale" depending on how long you'd owned/lived in the property,which may be what Russell is alluding to,but that is rather different now.

I think,as you said in your first posting,the best answer is to pay a visit to your local notaire,and get it straight from the horse's mouth,LW.

Posted: Fri 27 Aug 2010 12:45
by blackduff
Here's a good post on the Total France forum.

http://www.totalfrance.com/france/forum ... ins+houses

This might help. Pomhorn has posted too about the capital gains for non-residents.

If the OP is filling taxes in France, and they are residents officially, they will be handled differently than expats living with a second home.

Blackduff