ISF

[wilko]

Hi
In today's Sunday Times P6 . Wealth tax ISF. Any body got further details? Maison secondaires 750.000 euros attract ISF. What's the figure for only residence. Sounds like loads of fun.
Wilko

[Ju]

Excuse my ignorance but what is ISF?

[la vache!]

ISF - impôt de solidarité sur la fortune. Alexia will know more, but I thought this was payable on all houses, not just secondary houses, if they were worth more then 732,000€. There was something on French TV about it recently as a lot of long term residents of Belle Ille had to pay it as the value of their houses had increased so much, but they of course couldn't afford it as the value was only in their assets, they weren't rich themselves.

[Fraise]

Aaagh,this is something I read a bit about a few weeks ago .The article I read implied that all French property that was worth this amount was subject to an annual wealth tax-this applied to non residents as well.Don't know any more than that and I've spoken to a couple of people about it and they have never heard of it either.I have a nasty feeling it is out there though!!

[alexia s.]

Yes, Fraise, it's out there and it's nasty - if you don't declare & pay, the tax people have 10 years to find you.
Yes, Susan,it is payable on all houses, not just secondary houses, worth more than 732,000€ (I haven't checked the exact figure) - there is a 20% reduction you apply to the principal residence but that's it. You declare everything:real estate, furniture, cars, bank accounts, shares & bonds, life insurance, boats & helicopters of course, etc etc.
It isn't very much unless you are very, very wealthy and I always advise people to declare as soon as they think they might be aproaching the lower limit.

[Fraise]

I am right in thinking this is only on french held assets?I am thinking of non-residents here,I think it is Worldwide for French residents?

[aillis]

If you are registered as professional the limit is about 3 million€

[wilko]

Hi
Aillis could you elaborate?
Rgds
Wilko

[aillis]

Well its being registered with the local chambre de commerce it involves paying a lot more contributions social and pension not to be reccommended its better to avoid as long as possible but if you exceed the micro bic limit its compulsory