Wealth tax may be replaced – but not for 2017
President Macron is proposing to replace the French ISF wealth tax with a version based only on bricks and mortar property – but not just yet.
This new tax, it is proposed, could be called instead Impôt sur la Fortune Immobilière, or tax on property wealth, instead of the current name Impôt de Solidarité sur la Fortune.
The idea is proving unpopular with the property sector, but could be good news for some. Be that as it may it is not applicable this year and the ISF remains payable in full if you had enough wealth on January 1, 2017.
If you had wealth valued at €1.3 – 2.57m after the various allowable deductions then declarations should be made along with income tax (if you have missed the deadline for your area because you were in the first group of departments, 0-19, then it would be advisable to rectify this as soon as possible as you could build up late payment penalties).
If you have wealth above this then you have until June 15, or July 17 for people resident outside France (including Monaco).
For more about the French wealth tax – who has to declare, understanding the forms, what is included and exempt etc. – our annual guide is available, priced €9.50 at this link.
