saveyourfrenchtax.com
New website
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Welcome on our new website Save Your French Tax. We aim :
• to give you the relevant information to save your French tax
• to answer your questions on legal, tax and estate issues
• to remind you the tax deadlines you must comply with
• to assist you as legal and financial advisors.
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French tax news
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• A new tax agreement between France and the UK has been signed on the 19th June 2008 in London by Christine LAGARDE, French “Chancellor of the Exchequer” and Alistair DARLING. It will set up an intensification in good exchanges and investments between the two states.
It will also allow to avoid the double imposition and to prevent from tax evasion for income tax and capital gains.
This tax agreement should come into force in 2009, after parliamentary approval.
• The pay rate of the “Livret A” and the “Livret de Développemnet Durable (LDD)” (French savings accounts) rose from 3.5% to 4% on the 1st August 2008.
The interest related to these savings accounts are calculated every 15 days, on the 1st and 16th of each month. They add up to the capital and give interests as well. Finaly, these interests are exempted from income tax.
The maximum deposit on a “Livret A” is 15 300 euros and 6 000 euros for a LDD.
• The first tax notices will be sent by post starting from the second week of August. If you do not pay your income tax every month, you need to pay the tax due before the 15th September.
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Next French Tax dead line
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August-Sept 2008
Reception of your French tax notice with the amount of income tax to pay
15/09/2008
Deadline to pay your 2007 income tax returns
15/10/2008
Deadline to pay your 2008 land tax (“Taxe Foncière”)
15/12/2008
Deadline to pay your 2008 habitation tax
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Reduce your French Income Tax
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• Lighten your tax in improving your personal comfort.
To employ a person at home, assign your young children to a third party or to a day nursery, help a handicapped or dependant person can grant you a tax advantage.
• Save your tax in making works in your main home.
In your main home, some expenses related to energy saving and sustainable development (envionmentaly friendly expenses) can allow you a tax credit from 15% to 50% (of the amount of your expenses).
• Give to charity organizations
This act is promoted by the French tax administration, as a gift to a charity organization grant you a tax reduction. It is the most popular tax reduction in France, as more than 5 millions of households benefitted from it in 2005.
• Invest overseas in a newly built property
With the Girardin law, the tax reduction can reach 64% of the investment
• Invest in leaseback properties to be built or to be renovated
Until 2010, the French tax administration promotes the purchase of newly built leasebacks as well as the works that need to be done in old leasebacks.
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