Capital Gains 2013 changes for sellers

[pknuts]

Hello. I wonder if anyone can help me. Re new changes recently brought in. We have owned our little house for 10/11 years and it is a loved holiday home, unfortunately we now need to sell because of health reasons.. The CGT has increased to 19% and now there is a social tax for non-residents also of 15.5% =34.5%. Is this subtracted from the CG in one go or is the 19%CGT deducted first and the social tax afterwards? Also, does anyone know what tax allowances if any are currently available on the sale? Information very appreciated. Thank you,

[NormanH]

When you see the Notaire one of the assistants will go through this with you.

Lots of things are allowed against the gain such as fees for purchase and some building works carried out by

Remember that if you had a low income and are over 65 you may be exempt from the added value part, unless that rule has also changed.

http://www.pap.fr/argent/impots/les-cas-d-exoneration-de-plus-value-immobiliere/exoneration-lors-de-la-vente-de-la-residence-secondaire-a12484

This page may help you with a few tips

http://www.notretemps.com/argent/impots/residence-secondaire-taxe-exoneration,i21267

[nomoss]

[quote user="pknuts"]Hello. I wonder if anyone can help me. Re new changes recently brought in. We have owned our little house for 10/11 years and it is a loved holiday home, unfortunately we now need to sell because of health reasons.. The CGT has increased to 19% and now there is a social tax for non-residents also of 15.5% =34.5%. Is this subtracted from the CG in one go or is the 19%CGT deducted first and the social tax afterwards? Also, does anyone know what tax allowances if any are currently available on the sale? Information very appreciated. Thank you,[/quote]

The CGT on the sale is calculated taking all the buying costs, including taxes, into consideration, so I think it might be logical to calculate the social charges on the net gain and deduct them from it before calculating the CGT.

However, as Norman says, the Notaire will do the sums at the time of the sale,

Re. allowances, this link might be helpful as a guide http://www.frenchpropertylinks.com/essential/capital-gains-tax-in-france.html