inheritance trust tax!

[chirpy]

I have heard that anyone with trusts should declare to Paris tax office  by Friday or face huge fines!If this was 1st April I would have a good laugh but in case it affects any of our rich readers thought I would post this message.Article is apparently  in Money mail section  of The Daily Mail

[Jazzer]

Strangely enough I had an email yesterday form Pryce Warner and they say:

URGENT NEWS FOR EXPATS IN FRANCE

British Expats in France may face a fine of up to £8000 on undeclared inheritance trusts

A new law is set to come into force tomorrow (Friday 15th June 2012) that will require all Expats to inform the Paris tax office of any inheritance trusts that they are named in or they have set up for relatives in the UK.

This includes even basic life insurance policies put into trusts to avoid being included for IHT.

Anyone not compliant by Friday could have to pay the fine. However, the new regulations do not affect those with holiday homes in France, unless the property forms part of a wider inheritance trust.

The penalty extends to even the smallest trusts (£1000 or less) but for those with a trust worth over £200 000, they will face a fine of £8000 or a 5% charge. This means Expats with trusts worth over £500 000 could be forced to pay up to £25 000 if they do not inform the taxman by Friday.

Those who do beat the deadline will still have to pay a tax bill, of between 0.25 % and 0.5 %, if their total wealth exceeds €1.3million (£1.05million).

French property, shares and a variety of other assets are included in the wealth estimate, including self-invested personal pensions (SIPPs).

The charges only apply after five years of full residency.

I do not know anything about the company other than that they have taken to sending me regular emails.

[NormanH]

See also

http://services.completefrance.com/forums/completefrance/cs/forums/2745899/ShowPost.aspx