"Plus-valu" complications!

[lulu43]

Can anyone help me?

I sold my UK house 3 years and bought a house in France with the intention of renovating it and moving to France permanently.  Unfortunately, my elderly parents both became ill and I have been unable to pursue this project and now live with them.

I have recently sold my house in France and have been informed by the notaire that I must pay "plus-valu" at 16% on any profit.  As the French house is the only property that I own, is this correct?  Obviously I am a UK tax-paying resident.

Thanks.

[BJSLIV]

Obviously I am a UK tax-paying resident

If you are not tax resident in France any house there will automaticlly be treated by the French system as a maison secondaire. The exemption from CGT only applies to your main residence, which as you aren't living in France must be elsewhere. So you will be liable to the 16% tax.

[Panda]

Hello

On a slightly different note, can anyone confirm the amount you may have to pay to the previous owner of a house if you sell in under 2 years and have made a substantial profit.  I would like to know the percentage you have to make in order for this clause to come into play and the percentage of the profit you then have to pay to the previous owner.

Thanks

[Panda]

 

Forget the question I found it through searching... Rarely invoked clause only really applicable in cases where profiteering is suspected.  I know that the house I am in now was subjec tto such an investigation when sold to me so was interested in getting opinion on it.

[Gastines]

I suppose the best way to look at any tax on profit is that at least you are making a profit.
I don't think most people mind paying their fare share,what bugs us is that the majority of it,after collection, seems to go to the dodgers and scroungers and M.P's.

Regards