wealth tax ?

[Daytona]

I understand there is a "wealth tax" which applies to non residents as well as residents. This will include property. I believe it is levied on value above 720,000 at 55bp.

Anyone know if this is correct ?

thanks in advance
daytona

[A_Redman]

LAST EDITED ON 23-Jan-04 AT 09:39 AM (GMT)

The wealth tax applies to people who the French view as "Having there centre of economic interest in France" . They tend to attack people who own business or huge houses in France but live say 184 days a year in for instance the Antilles . If own property ,work and live in the UK then you do not fall in the net.

Page 62 of the English Language guide to tax that you can download from the French Tax site has a table of the rates which start at 0.55 per centon the excess over Euro 720,000 and peak at 1.8 per cent on the excessover Euro 15 million.

Sorry at least one error in the original posting even if you are resident outside France if your property in France is valued at in excess of Euro 720,000 then the property value does fall into tax but not your entire wealth.