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Proposed French property tax 'won't generate much revenue'

Date : (News Section: France)

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Proposed French property tax 'won't generate much revenue'
The proposals by the French government to increase the level of capital gains tax (CGT) and income tax on rental income derived from foreign-owned properties in the nation will have little financial benefit.

Marcel Van Peteghem, partner (conveyancing and succession) at Anglo French Law LLP, explained that because the tax will only apply to a "relatively small" number of people, it will not generate a substantial amount for the government.

He stated the funds it brings in will be "minimal", particularly when "the added administrative costs and collection by well-paid civil servants" are taken into account.

Mr Van Peteghem stressed people buying a property in France with the intention of moving there do not need to worry about the planned changes to taxation.

Questions have been raised about whether the proposed alterations will ever come into force; with several commentators pointing out non-residents cannot be expected to pay a social charge, as they won't get any of the benefits.

Speaking to the Telegraph earlier this month, president of the Centrist Alliance party Jean Arthius suggested the European Union may strike the measure down for this reason.
 
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Article by +Peter Mindenhall on behalf of Propertyshowrooms.com

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