Foreign bank accounts, Brexit – and some charge cuts

It is always a good idea to review your tax planning once a year. As tax regulations and rates change, your current arrangements may be out of date or not working as effectively as you originally expected. If your personal circumstances have changed you may also find you need to adjust your tax planning.

So, let’s look at the key changes and considerations for 2019. PAYE has finally started in France, we have a new social charges rate for some taxpayers and tougher measures for not disclosing foreign accounts. And, of course, there is Brexit…

What hasn’t changed

Let’s start with what has not changed since last year.

The income tax rules and rates remain the same, though the income bands have been indexed for inflation. The 30% ‘flat tax’ continues to apply to investment income.

The key social charges are also unchanged from last year, and so are 9.7% for employment income, 9.1% for pension income and 17.2% for investment income. But there are two new rates which may affect you if you are retired – see below.

2018 saw the introduction of the reformed wealth tax Impôt sur la Fortune Immobilière (IFI), which only applies to real estate assets. This remains in place and the rates and thresholds are the same, but it may only last this coming year. After the gilets jaunes protests the government set up a committee to analyse whether it should revert ...

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