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Main home sales could be taxed
The government is looking for ways to make new money from tax, especially if plans to axe the wealth tax go ahead
CAPITAL gains on sales of the main home could be taxed.
The idea is under consideration by the government. At present, profits on home sales are only taxed for second homes.
The measure, which could hit millions of ordinary home owners, could make up for the loss of revenue if the ISF wealth tax is axed, another measure being looked at as part of a package of fiscal reforms. The idea of taxing home sales has now been mentioned by President Sarkozy, as well as by the finance and budget ministers.
However UMP Party MP Jérôme Chartier, who has been asked to look into closer convergence between the French and German tax systems, is proposing a modified version of the changes: raising the ISF threshold steeply so only those with possessions worth at least four million euros would be concerned (compared to €800,000 now) and taxing sales of homes worth more than €1.2 million. He also suggests putting up land tax on second homes.
Public finance watchdog the Cour des Comptes will present a detailed report on how the French and German systems compare by the end of next month. Budget Minister François Baroin is holding a parliamentary working group meeting on the issue today.
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