UK tax resident looking to transfer approx €100k into French bank account - French tax implications?

[Gary D]

My wife and I are both UK tax resident.

We recently sold our apartment in Belgium and the money from the sale is currently held in a Belgian account.

We want to close the Belgian account after transferring the money into our French account as we have a secondary residence in France.

If we make this transfer, is there any French tax that we should be aware of?

Thanks in advance for any help.

Gary.

[idun]

As no one has answered, then I have a question. If this was profit, could there not be UK tax implication of capital gains, as you are UK residents.

I don't see what it has to do with the french to be honest.

[nectarine]

You're UK tax resident, so all tax affairs are dealt with there. The money from your Belgian house - well if there's capital gains on any profit then that's for the Belgian authorities to deal with (same as CGT on French 2nd home is dealt with by notaire for France).

So this is just 'net' money into a French bank account, same as a transfer in to bump up the account. Tax has already been paid elsewhere, if appropriate, so I don't believe there is any tax implication for you. However, due to money laundering regs and all that, you may be asked when you deposit the money what the source is.

[parsnips]

[quote user="Gary D"]

My wife and I are both UK tax resident.

We recently sold our apartment in Belgium and the money from the sale is currently held in a Belgian account.

We want to close the Belgian account after transferring the money into our French account as we have a secondary residence in France.

If we make this transfer, is there any French tax that we should be aware of?

Thanks in advance for any help.

Gary.

[/quote]

Hi,

    To answer the question you have asked - there is no french tax which could be applied to that transfer of capital, even if you were french resident.

[Gary D]

Thanks everyone - I was beginning to think no one would answer.

 

Yes, we will be paying CGT in the UK when the time comes, and amazingly there was no CGT to pay in Belgium as we had owned the property for more than 5 years.

 

I was just worried that I might have overlooked something and been stung with a vague tax after the money arrived in France.

 

Thanks again

 

- Gary.