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inheritance and capital gains tax


cassie

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2 questions

a) do the inheriting children have to pay  any tax on property/savings etc. after the death of the last parent? 

 What is the difference if the parents bought the property "en tontine"?

b) is there any c.g.t. on selling your principal private residence?

 

Thanks

dennis

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[quote user="dennis"]

2 questions

a) do the inheriting children have to pay  any tax on property/savings etc. after the death of the last parent? 

 What is the difference if the parents bought the property "en tontine"?

b) is there any c.g.t. on selling your principal private residence?

 

Thanks

dennis

[/quote]     

  a) each child has a tax free allowance of 151950€, on the next 7699€-5%, the next 3849€-10%, the next3647€-15%, then on the next 511565-20%---after this are rates of 30,35, and the top rate-40%, but I assume anybody paying these will have an accountant!       For cash and investments, the tax-free element can be virtually doubled by using french life assurance plans.        If the parents buy in tontine the surviving parent gets the whole property in full ownership at the first death, but this means that the children are taxable on the whole value at the surviving parents death. The only advantage (where the children are common to the marriage) is that the surviving parent does not have to consult the children if he/she wishes to sell, for example.

 b) No, provided you can prove at the time of sale that you are french resident (by producing french tax assessments) and are living in the house,(  or have done within 12 months) by producing utility bills or again tax assessments sent to that address.

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