Capital Gains Tax

[XLeblanc]

We currently have a house in Creuse and have lived there for four years now. Recently we bought a new house in Brittany which we sign for on May 9^th. Our intention was to sell our existing property in Creuse later when we have the outstanding work completed.

 

As the work progresses however I am becoming more and more loathed to sell the house. The problem I have is that along with the house there is a huge barn and four and a half acres of land. Due to work commitments and living in Brittany I would not be able to cope with the land but would like to retain the house as a holiday house.

 

This brings me to my question. If I split the barn and house and sold the barn off along with the land what would my liability for capital gains tax be?

 

I have not increased the value of the barn much apart from the architect’s drawings and the planning consent to convert it into a large house and a four bedroom Gite.

 

Cheers

[Will]

You need to talk to a notaire or tax specialist who can give you an estimate, based on the original purchase price, and a current valuation of both the whole property and the bit you wish to sell. There are too many variables to be able to give an answer here.

Don't forget that as a French resident you will be liable for an 11% CSG/CRDS/PS charge as well as 16% capital gains tax.