Holiday home owners in the French Riviera will not be hit with a new ?super tax? as proposed by the government last week. MPs have failed to back the plan, instead opting to increase taxes for all property owners who sell and make a profit on their second homes.
New capital gains tax will be added to the current 19 per cent from 2013
The Assembly decided on Friday that second home owners in ?high pressure? areas such as the C?te d?Azur, Paris and Lyon will not pay a new ?super taxe d?habitation?, which could have equated to about 20 per cent of the taxe d?habitation bill.
Rather, all owners who sell a second property in France will be forced to pay extra on capital gains ? the profit between the purchase and selling price - from as early as 2013.
So, that equates to an extra two per cent on a capital gain of 50,000 euros, increasing by one per cent for every 50,000 euros thereafter, reaching a maximum of six per cent capital gains tax for anything in excess of 250,000 euros. These increases are on top of the standard capital gains tax of 19 per cent.
UMP president of the Finance Committee Gilles Carrez had warned that such tax increases would kill an already fragile real estate sector in France, and critics argue that the amendments have done nothing to reassure the market now.
Cassandra Tanti
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