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Rush to sell second homes in La Rochelle


Jazzer
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According to France 3 there is a rush to sell second homes in La Rochelle, to try and beat the new tax regime from February. An amendment to the new regulations having been made to charge from February and not August as originally announced. Many sellers are reducing sale prices.12% of homes in Poitou Charentes are 2nd homes. Occurs to me that this could be self defeating.
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Hi, Wools, how goes it?

I don't think my signature line is the full quotation and I don't want some clever so-and-so like you coming along to point out that I haven't got it quite right.

It's turned cold here this evening.  Is it cold where you are?

Apologies OP, we're off topic....it's Wooly's fault; he WOULD try to lead people astray.

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[quote user="sweet 17"]

Hi, Wools, how goes it?

I don't think my signature line is the full quotation and I don't want some clever so-and-so like you coming along to point out that I haven't got it quite right.

It's turned cold here this evening.  Is it cold where you are?

Apologies OP, we're off topic....it's Wooly's fault; he WOULD try to lead people astray.

[/quote]

Been lovely here, a tad colder perhaps. Went to Nantes IKEA and airport and now snuggling down to chicken thighs (that is NOT the nickname of my lady friend by the way!!).

Sweets, you have a muche better degree or two than I do.

Back to topic, I don't think there will be that much of a sell off except for those who were trying to make a profit. Most seem to want to keep their second places a good few years. Bloody silly tax anyway.

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[quote user="Christine Animal"]

[quote user="Ysatis "]Sorry to butt in, but what is the new tax?[/quote]

After February 1st 2012 30% of the profit made goes to the government!  Unless you have owned the property for more than thirty years instead of the present eleven (I think it's eleven).  Daylight robbery.

 

[/quote]

It's actually 15 years at present, Christine.

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Yes, CGT.

But I think I said a load of rubbish earlier on, about the 30 %.  Here it is Ysatis, work it out for yourself, or I hope someone else will explain it!   [:'(]

http://www.demain-ma-maison.com/aufildeleau/plus-value-immobiliere-residence-secondaire-les-particuliers-les-impots-hors-residence-principale-abattements-2012/

If you sell before five years, it will be 32.5% after 1st February 2012.  I hope I've got that right!   [:D]

 

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The remarks in this thread go totally against what my property mole on the ground in 85 tells me. French people are taking their second homes off the market because of this tax. The sentiment seems to be that when they get rid of Sarko then this silly legislation will be reversed.

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[quote user="Benjamin"] ... French people are taking their second homes off the market because of this tax. The sentiment seems to be that when they get rid of Sarko then this silly legislation will be reversed. [/quote]

That doesn't seem to be the case here in 56 where I live in a very touristy area. The estate agents I speak to very frequently - as we are house hunting for a résidence principale - are all completely overloaded trying to value and market the number of properties that owners wish to sell. And there are 8 estate agencies in our small town plus 2 who operate franchises by phone and internet.

Sue

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As Rabbie said it's unlikely that there is any profit on a French house being sold, but if you want to find out how to avoid the tax, just ask your local MP [only applies to UK residents or perpetual tourists] he will explain first hand how to dodge any tax on a second property. [:D] 
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[quote user="Ysatis "]Sorry to butt in, but what is the new tax?[/quote]

It's not a new tax, just a change in the number of years you have to hold the property to qualify for total exemption.

Up till now was 15 years, then a  different thing was mooted for a few weeks with a notional calculatiohn based on inflation.

Now it has settled down to 30 years.

I posted several times as the rules kept changing, to bring people up to date ..

Keep up at the back ..[:)]

I don't know if the present exoneration  for retired people on a low income will still apply.

As for a change of President, I would have thought it unlikely that anyone from the left would look more kindly on taxing wealthy second home owners in a climate where a more equitable balance is being demanded between tax on labour and tax on capital, even by the right..

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[quote user="NormanH"]

As for a change of President, I would have thought it unlikely that anyone from the left would look more kindly on taxing wealthy second home owners in a climate where a more equitable balance is being demanded between tax on labour and tax on capital, even by the right..

[/quote]

Your analysis NormanH  is, of course, spot on.

But reasonablness and clear thinking are not necessarily to the fore when you think someone is going to shaft you. [;-)]

 

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I am about as far from being a socialist as its possible to be but on the basis that governments need cash I dont see a tax on profits on second homes as particularly horrendous.  Over the long term some allowance for inflation would be fair but otherwise theres not a lot to complain about.

Within the next 10 years or so I can see any gain as somewhere between unlikely and negligible so the amount of tax involved will be even less so.  30% of zero does not amount to a whole lot of cash.

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