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GUILLAUME BARLET flags up a brief warning about the French wealth tax
KEY POINTS
- The effect of inflation has effectively reduced the point at which wealth tax bites.
- Be aware of the rules on determining French residency status.
- If resident worldwide assets are taken into account.
- Household assets are relevant in determining liability.
- The ‘fiscal shield’ does not apply to non residents.
- Property held in a company can still be liable.
First introduced in 1981 and removed in 1988 before being re-established in 1989 the French wealth tax (impôt de solidarité sur la fortune or ISF) is a highly debated fiscal measure and often a political leverage in French affairs.
This tax used to target the very wealthy (mainly those with immoveable assets) but in recent years the threshold has not been raised in line with inflation. In...
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