Capital gains tax on second homes
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Brian Pike
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Capital gains tax on second homes
Can anyone confirm that new austerity measures passed by the French government over recent months extends the CGT period on second homes from 15 to 30 years before such property sales are fully exempt from CGT, and furthermore the 10% annual reduction in liability will not commence until the 16th year!
I understand this legislation applies to all property sales completed after March 2012.
I am hoping this was an 'in my dreams' moment so please enlighten me?
I understand this legislation applies to all property sales completed after March 2012.
I am hoping this was an 'in my dreams' moment so please enlighten me?
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redneckrover
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blackduff
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The original version was removed and the newer version is currently a full legal law. This starts in February of 2012 -I have a copy of the law in my salon.
This is changing tremendously for what it used to be. I cannot give you item by item but overall, the CGT will continue up to thirty years. The deductions are going to be much more strictive, such as deductions of work on the property has to be done by correct artisans, etc.. The amount which would reduce the CGT from inflation will no longer allowed to be a deduction.
I don't think that this will go away easily. Even Sarko's people put this for trying to help the budget for 2012. Look forward to the new TVA rates. It went from 5.5% to 7%. Remember this just went down to 5.5 about a year back. Pension ages will change and there's a bunch of other changes are shown on the front pages of the French newspapers today. Figaro had some of the newest.
Sorry that this is true but if we want to live here, we're going to help get the budget working. Otherwise we're going down the Greek without a paddle. (sorry for the bad pun)
Health Costs were in some of the new laws too.
Blackduff
This is changing tremendously for what it used to be. I cannot give you item by item but overall, the CGT will continue up to thirty years. The deductions are going to be much more strictive, such as deductions of work on the property has to be done by correct artisans, etc.. The amount which would reduce the CGT from inflation will no longer allowed to be a deduction.
I don't think that this will go away easily. Even Sarko's people put this for trying to help the budget for 2012. Look forward to the new TVA rates. It went from 5.5% to 7%. Remember this just went down to 5.5 about a year back. Pension ages will change and there's a bunch of other changes are shown on the front pages of the French newspapers today. Figaro had some of the newest.
Sorry that this is true but if we want to live here, we're going to help get the budget working. Otherwise we're going down the Greek without a paddle. (sorry for the bad pun)
Health Costs were in some of the new laws too.
Blackduff
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Brian Pike
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2012 French CGI legislation
Thanks Blackduff for confirming our worse fears.
I am surprised that nobody has cottoned on to what is going to happen! - unless of course all would-be sellers were hoping to keep the truth under wraps until they sell - as long as they complete by February 2012 latest!
What is surprising is the intent to ignore inflation - that is going to be very painful for many people - it may encourage immobeliers to slash their exorbitant charges as sellers slash prices to get to levels that re-create a buyers market - its going to be slaughter out there!
I am surprised that nobody has cottoned on to what is going to happen! - unless of course all would-be sellers were hoping to keep the truth under wraps until they sell - as long as they complete by February 2012 latest!
What is surprising is the intent to ignore inflation - that is going to be very painful for many people - it may encourage immobeliers to slash their exorbitant charges as sellers slash prices to get to levels that re-create a buyers market - its going to be slaughter out there!