windturbines Posted February 18, 2007 Share Posted February 18, 2007 can anyone enlighten me on 'wealth tax'. from what i've read it sounds like I have to pay alot just because I have some world wide savings.. Link to comment Share on other sites More sharing options...
BJSLIV Posted February 18, 2007 Share Posted February 18, 2007 It only applies once the family assets are above 750,000 euros.Tranches de fortune nette imposableTaux d'impositionJusqu'à 750 000 € 0,00 % De 750 000 € à 1 200 000 € 0,55 % De 1 200 000 € à 2 380 000 € 0,75 % De 2 380 000 € à 3 730 000 € 1,00 % De 3 730 000 € à 7 140 000 € 1,30 % De 7 140 000 € à 15 530 000 € 1,65 % Au-delà de 15 530 000 € 1,80 % More at http://www.lesechos.fr/patrimoine/guide/FIS33.html Link to comment Share on other sites More sharing options...
smudger Posted February 19, 2007 Share Posted February 19, 2007 But if Sego gets in, it'll be much higher. Link to comment Share on other sites More sharing options...
powerdesal Posted February 19, 2007 Share Posted February 19, 2007 [quote user="windturbines"]can anyone enlighten me on 'wealth tax'. from what i've read it sounds like I have to pay alot just because I have some world wide savings..[/quote] If you are going to "have to pay a lot" I will be willing to help you reduce your tax liability to zero by taking the balance above 750,000 E off your hands - I wont even charge a fee [:D] Link to comment Share on other sites More sharing options...
Clair Posted February 19, 2007 Share Posted February 19, 2007 I'm willing to sacrifice myself for your financial peace of mind too... [Www] Link to comment Share on other sites More sharing options...
Nearly Retired (I am now) Posted February 19, 2007 Share Posted February 19, 2007 If your family assets comprise a 3 bed semi in a posher part of Britain and you have a small pension fund or savings paying maybe £5-£10k income a year, i.e. say, a total of half a million quid, then you'd be paying close to £3000 wealth tax every year. That's an awful lot of tax for a very ordinary situation in South East England transported to a life in France. Link to comment Share on other sites More sharing options...
allanb Posted February 20, 2007 Share Posted February 20, 2007 [quote user="Nearly Retired"]If your family assets comprise a 3 bed semi in a posher part of Britain and you have a small pension fund or savings paying maybe £5-£10k income a year, i.e. say, a total of half a million quid, then you'd be paying close to £3000 wealth tax every year.[/quote]How do you work that out?If £500,000 is roughly equivalent to €800,000 (which is on the high side), then the tax would be 0.55% on €50,000, which is only €275. And that's before deductions - I believe you can deduct 20% from the value of the house you live in. So if your €800,000 includes your house worth €300,000 or more, you wouldn't have any tax to pay. Link to comment Share on other sites More sharing options...
powerdesal Posted February 20, 2007 Share Posted February 20, 2007 [quote user="Nearly Retired"]If your family assets comprise a 3 bed semi in a posher part of Britain and you have a small pension fund or savings paying maybe £5-£10k income a year, i.e. say, a total of half a million quid, then you'd be paying close to £3000 wealth tax every year. That's an awful lot of tax for a very ordinary situation in South East England transported to a life in France.[/quote]Sometimes I really wish that I was "ordinary" Link to comment Share on other sites More sharing options...
Apero Posted February 20, 2007 Share Posted February 20, 2007 [quote user="powerdesal"][quote user="Nearly Retired"]If your family assets comprise a 3 bed semi in a posher part of Britain and you have a small pension fund or savings paying maybe £5-£10k income a year, i.e. say, a total of half a million quid, then you'd be paying close to £3000 wealth tax every year. That's an awful lot of tax for a very ordinary situation in South East England transported to a life in France.[/quote]Sometimes I really wish that I was "ordinary"[/quote]Ditto[B] Link to comment Share on other sites More sharing options...
Nearly Retired (I am now) Posted February 20, 2007 Share Posted February 20, 2007 I take it that you two don't live in and have no knowledge of SE England in any place say 50 miles from London. Semis round my way go for £400k and are full of young families often with a non-working mum - and no, I don't know how they do it either. I have heard some have interest only mortgages and are relying on an inheritance to pay it all off in the end.PS I didn't know about the 20% reduction for the house you live in - but still stand by my arithmetic and it's still a lot of tax. Link to comment Share on other sites More sharing options...
BJSLIV Posted February 20, 2007 Share Posted February 20, 2007 but I still stand by my arithmetic But unfortunately your arithmetic is wrong because you don't pay anything on the first £0.5 million. Link to comment Share on other sites More sharing options...
allanb Posted February 21, 2007 Share Posted February 21, 2007 Maybe you calculated the tax at the quoted rate on the whole value of the assets. This is wrong: each rate applies only to the corresponding slice of the value. So if the total is €800,000 (ignoring any deductions), the calculation is:- on the first €750,000: rate = zero, tax = €0- on the next €50,000: rate = 0.55%, tax = €275So it's not as bad as you thought.By the way, I don't claim any special knowledge of SE England. The "half-million quid" was your number, not mine. I rounded up the euros a bit to take the amount above the zero-rate limit. Link to comment Share on other sites More sharing options...
Nearly Retired (I am now) Posted February 21, 2007 Share Posted February 21, 2007 OK - it's nothing as bad as I thought. I didn't know that the first €750000 was exempt, nor that an allowance for your home was made. In this case it really is a wealth tax which can't affect too many people.I've learnt something new and maybe others have too - that's the beauty of fora such as this. To regain some credibility, I re emphasise that my arithmetic was correct - the assumptions were wrong. Link to comment Share on other sites More sharing options...
Suze01 Posted February 21, 2007 Share Posted February 21, 2007 [quote user="Nearly Retired"] In this case it really is a wealth tax which can't affect too many people.[/quote]Some ISF stats for the departements in the Aquitaine region for 2005 (from an article in Saturday's SudOuest):1st figure = No de declaration imposables2nd figure = Paiements recus (millions d'euros)Gironde 7781 - 53Pyrenees Atlant. 3898 - 21Charente Maritime 3656 - 19Landes 1662 - 11Dordogne 1640 - 9Charente 1326 - 8Lot et Garonne 1286 - 7Gers 650 - 3 Link to comment Share on other sites More sharing options...
Sunday Driver Posted February 21, 2007 Share Posted February 21, 2007 Charente and Charente Maritime are both in the Poitou-Charentes region.So much for journalistic accuracy.....[;-)] Link to comment Share on other sites More sharing options...
Suze01 Posted February 21, 2007 Share Posted February 21, 2007 To be fair, it was headed L'ISF dans les Departements rather than "in Aquitaine". Link to comment Share on other sites More sharing options...
Pierre ZFP Posted February 21, 2007 Share Posted February 21, 2007 I can see lots of complications here. What if:1. The value of your assets (say market value of house) drops below the threshold one year, do you get a rebate from previous year?2. Who determines the value?3. If your million euro chateau is in the joint names of yourself and OH, does that mean 0.5 mill each and therefore no tax? Ah the list goes on..... perhaps I should've been a tax lawyer..........Nah! Link to comment Share on other sites More sharing options...
allanb Posted February 21, 2007 Share Posted February 21, 2007 Sadly, my wealth is such that these questions are not relevant to me, and I don't know the answers. I'll make a guess on no. 1*, though; I expect the tax is assessed for each household (foyer). But I can't imagine that these are 'complications' : I would bet that all the answers can be found in the government's publications or websites. * edited: sorry, I meant 3. Not that it matters now. Link to comment Share on other sites More sharing options...
LesLauriers Posted February 21, 2007 Share Posted February 21, 2007 1. No.2. You.3. No. Link to comment Share on other sites More sharing options...
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