The French Government has
finally reduced the length of time before your house in exempt from capital
gains tax.
The French government has
announced a change in the capital gains tax system on second home sales in a
bid to boost the French property market.
The taper relief system is to
be changed so that from 2014 the required time of ownerships before a property
is completely exempt from capital gains tax will be 22 years, down from the 30
year system which was ratified in September 2012.
This is a clear U-turn
by the government, reverting to a system which was planned when former
President Sarkozy was in power.
The changes in taxation
were a prime cause of the reason for French home sales to drop at the start of
2013. Last year's property tax changes put off many foreign buyers off buying
French property and now with Hollande's changes we may hopefully see some of
these buyers return to the market.
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