CGT on primary residence

[stan]

Quick question....... I have read that no CGT is payable on a primary residence provided it is a primary residence right up to the date of sale. If we were to move back to the UK, a couple of months before the house was sold (ie after the cooling off period of a compromise de vente), but to return for the "sale day" meeting at the Notaire`s.....would we be liable to pay CGT, given the fact that we had moved out and were not living in it, right up to sale day.

If anyone can clarify this postion, I would be most grateful.

[Sunday Driver]

Current tax office rules allow you to move out of a property and into another whilst retaining your principal residence exemption on the old empty property for up to two years.  This concession was introduced to take into account the current slowdown in the French property market.

 

[stan]

Thanks Sunday Driver, appreciated.

[parsnips]

[quote user="stan"]Quick question....... I have read that no CGT is payable on a primary residence provided it is a primary residence right up to the date of sale. If we were to move back to the UK, a couple of months before the house was sold (ie after the cooling off period of a compromise de vente), but to return for the "sale day" meeting at the Notaire`s.....would we be liable to pay CGT, given the fact that we had moved out and were not living in it, right up to sale day.

If anyone can clarify this postion, I would be most grateful.

[/quote]

Hi,

      In fact, provided you have been tax resident in France for at least 2 years at any time , and your house remains unlet, you are exempt from french CGT under a special exemption for EU non-resident citizens, no matter how long it takes to sell; reference to quote to the notaire-CGI,art.150 U,ll-2°.