Posted on 07/04/2012 3:10:25 PM PDT by bruinbirdman
Approximately 200,000 Britons own second homes in areas such as the Dordogne and other parts of France, particularly those serviced by budget airlines.
Now, however, holiday home owners find themselves in the sights of President François Hollande as he seeks to tax the better-off to reduce France's large budget deficit.
On Wednesday (July 4th), the French government announced it was to increase taxes on foreign-owned second homes. Tax on rental income would rise from 20 per cent to 35.5 per cent, and capital gains tax on property sales would rise from 19 per cent to 34.5 per cent. The extra in each case is being labelled a "social charge".
A Treasury source said on Wednesday night: "We will need to study the details. But we will of course challenge any proposal which breaches European single market laws and anti-discrimination rules."
It is understood that President Sarkozy proposed a similar tax increase last year which was also challenged by the British Government.
David Cameron infuriated the French last month by promising Britain would "roll out the red carpet" to wealthy French citizens and companies who wanted to emigrate and pay their taxes in Britain.
Holiday home owners already pay two other taxes to the French government: the taxe fonciere, which is paid by the house owner and the taxe d'habitation, which is paid by those who live in it.
The tax rises are part of a wider package of increases that are intended to raise €7.2 billion (£5.8 billion) to meet a budget deficit target of 4.5 per cent after the government of Nicolas Sarkozy left the French exchequer with an expenditure black hole.
An additional €2.3 billion (£1.8 billion) will be raised from a levy on those whose net wealth is €1.3 million
(Excerpt) Read more at telegraph.co.uk ...
Doesn’t Johnny Depp, Barbara Streisand and other well known America hating Hollywood elites have 2nd, 3rd, 4th homes in France?
This is wonderful and im so happy to watch it happen. The Obama organizers who put together his french version of the “Hope” campaign won. Now France, and Britons who own homes in France, can enjoy what they were so happy for us to have.
Enjoy yourselves A-holes.
If they do have homes in France they, being good socialists, will be happy to pay.
I am not at all sure this fellow is as clever and willing to change stripes to save himself as Francois. He strikes me as much more of a Marxist ideologue. If so, mes amis ... you are all royally fucqued.
Time for you libs to pay up. :)
They will have to reverse course in 6 months or the Euro and about half a dozen governments will be going out of business.
They won’t get much from rental income taxes. When I went to Paris in 2008, we rented a nice appartement across from the Jardin de Luxembourg for a week. Of course, we had to pay in euros, cash.
Imagine the blowback if Obama purposed to tax any home or second home over $500,000 a surcharge of 10 percent tax...because they rich...
Since most limo libs and hollyweird types are living in such homes I think it’s a great idea..../s
So have we.
LLS
Obamunism is spreading worldwide.
Okay, I know this will shock folks, but I think France may be on to something there. I’d tweak it just a bit though.
Since Democrats in the U. S. never think taxes are high enough, I think Congress should double the taxes on registered Democrats.
There. That ought to fix things. Forget about the “rich”, just tax folks who always advocate for higher taxes.
Then everyone will be happy...
Countries like France can afford to commit political and economic suicide every century or so. Their neighbors and the US are always there to pick them up when they come to their senses. Who picks up civilization when the USA commits suicide?
I like Americans in general. But I think you people have to start taking your democracy, and your votes for president in particular, more seriously.
Your recent choice for president has, basically, put the entire free world at risk. For the good of western civilization, please don't make that mistake again. The USA isn't France. You can't afford to be. Neither can civilization.
Seriously. Watch for some former Soviet Bloc country with a big lake to suddenly become the new ‘in’ place for the lib elite. Hell, perhaps IN Russia.
I’m totally serious. If not there, then somewhere outside France with a similar vibe or one that can be created to have one.
Ze frogs kicked out the sanest politican they’ve had in Sarkozy and replaced him with these doofus. Ya reap what ya sow.
Possibly the mootest of moot points in history. Property values in France have been dropping like a rock, and the socialist government is unlikely to stop that trend.
Possibly the mootest of moot points in history. Property values in France have been dropping like a rock, and the socialist government is unlikely to stop that trend.
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