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Wed Jul 4, 2012, 06:50 PM

Francois Hollande announces French tax grab on holiday homes

Source: Telegraph

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."

Read more: http://www.telegraph.co.uk/finance/personalfinance/offshorefinance/9377307/Francois-Hollande-announces-French-tax-grab-on-holiday-homes.html

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Arrow 35 replies Author Time Post
Reply Francois Hollande announces French tax grab on holiday homes (Original post)
dipsydoodle Jul 2012 OP
Taverner Jul 2012 #1
dipsydoodle Jul 2012 #3
dkf Jul 2012 #4
Taverner Jul 2012 #12
jpak Jul 2012 #32
Taverner Jul 2012 #5
IamK Jul 2012 #8
itsrobert Jul 2012 #9
Taverner Jul 2012 #11
Taverner Jul 2012 #13
IamK Jul 2012 #14
DonCoquixote Jul 2012 #19
CreekDog Jul 2012 #29
jpak Jul 2012 #33
Taverner Jul 2012 #10
Lucky Luciano Jul 2012 #16
Taverner Jul 2012 #17
DonCoquixote Jul 2012 #18
leftynyc Jul 2012 #25
Lucky Luciano Jul 2012 #28
alarimer Jul 2012 #2
Yo_Mama Jul 2012 #6
dipsydoodle Jul 2012 #20
kemah Jul 2012 #24
Comrade_McKenzie Jul 2012 #7
uppityperson Jul 2012 #15
ProgressiveProfessor Jul 2012 #21
harun Jul 2012 #22
kemah Jul 2012 #23
Rabid_Rabbit Jul 2012 #26
FiveGoodMen Jul 2012 #31
pa28 Jul 2012 #27
taught_me_patience Jul 2012 #30
T_i_B Jul 2012 #34
Prometheus Bound Jul 2012 #35

Response to dipsydoodle (Original post)

Wed Jul 4, 2012, 06:51 PM

1. They use the services but they don't want to pay for them?

 

Tax them all!

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Response to Taverner (Reply #1)

Wed Jul 4, 2012, 06:54 PM

3. I assume you missed this bit

"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."

That's what pays for services.

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Response to dipsydoodle (Reply #3)

Wed Jul 4, 2012, 07:57 PM

4. They don't want rich people owning vacation homes in France I guess.

 

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Response to dkf (Reply #4)

Wed Jul 4, 2012, 10:20 PM

12. Smells Like Laffer Spirit

 

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Response to Taverner (Reply #12)

Thu Jul 5, 2012, 07:15 PM

32. LOL!!!

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Response to dipsydoodle (Reply #3)

Wed Jul 4, 2012, 07:58 PM

5. Right now, every single government needs to raise taxes

 

We here in the US need sharp increases in the income tax - even for middle class families!

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Response to Taverner (Reply #5)

Wed Jul 4, 2012, 09:38 PM

8. agreed.. 70% income tax on anyone or family making over $35,000 per year... n/t

 

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Response to IamK (Reply #8)

Wed Jul 4, 2012, 10:04 PM

9. I hope you're being sarcastic

$35K in Southern California doesn't buy much.

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Response to itsrobert (Reply #9)

Wed Jul 4, 2012, 10:11 PM

11. California is not the rest of the USA

 

Perhaps an adjustment should be made for California...

I live here, and yes, that would hit me hard.

But it would neutralize the discrepancy between CA salaries and everywhere else salaries.

But for the rest of the US (not including NYC, Miami and Chicago) anyone making over $35K is doing better than most.

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Response to itsrobert (Reply #9)

Wed Jul 4, 2012, 10:22 PM

13. Why? California isn't the majority of the US

 

And most Americans make around $35K

I don't but maybe I should...

If we can create a society which serves us in ways the $35K cannot - then why the fuck not?

Why not create our national identity?

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Response to itsrobert (Reply #9)

Wed Jul 4, 2012, 10:27 PM

14. move on with your Bourgeoisie self...

 

Last edited Wed Jul 4, 2012, 11:10 PM - Edit history (2)

I grew up on a mink ranch outside of Boron CA.. We used to mine Borax for extra money and eat sage brush stew everyday and night...I lived in a shack made out of wine bottles and opened cans of tuna. We never made a dollar over $7500 in the 80s...I still have fond memories of Mr. Bippy and Madame Daisey, my first 2 minks. They are now a cell phone case. It can be done, you just don't want to pay your fair share....

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Response to IamK (Reply #14)

Thu Jul 5, 2012, 02:26 AM

19. Boron is not LA

and not everyone is a farmer. The last time someome tried to make eveyone in the nation farmers, Pol Pot tranished the left for years.

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Response to IamK (Reply #14)

Thu Jul 5, 2012, 05:14 PM

29. How much sage did you smoke?

I mean er eat?

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Response to IamK (Reply #14)

Thu Jul 5, 2012, 07:18 PM

33. 20 Mule Team BS

yup

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Response to IamK (Reply #8)

Wed Jul 4, 2012, 10:09 PM

10. Yes, and I know that would hit me

 

But the majority of American citizens are making ~$35K per year

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Response to IamK (Reply #8)

Wed Jul 4, 2012, 11:35 PM

16. Nonsense. Yes, let's all be reduced to eating sagebrush stew.

Let's compete with Cambodia for worst quality of life! Yay!!

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Response to Lucky Luciano (Reply #16)

Wed Jul 4, 2012, 11:38 PM

17. JFC you just don't get it, do you?

 

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Response to Taverner (Reply #17)

Thu Jul 5, 2012, 02:24 AM

18. actually

The mink farmer went to one extreme talking about houses of wine bottles and tuna cans, the other person went to another. Yes, the middle class will need to sacrifice some, but as is, they are already the most squeezed, especially with their wages. You will not sell middle class taxes until you attack the hyper bloated at the top, whose wealth , if taxed at a european, or even a clinton era rate, would do wonders.

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Response to IamK (Reply #8)

Thu Jul 5, 2012, 11:23 AM

25. That's ridiculous

That wont even rent you a studio in NYC. Try over $1 million and I'd cap that at 40%.

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Response to leftynyc (Reply #25)

Thu Jul 5, 2012, 04:24 PM

28. The rummage through the garbage for some

empty wine bottles and tuna fish cans and build yourself a house for crying out loud.

Sheesh...got some whiners here!





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Response to dipsydoodle (Original post)

Wed Jul 4, 2012, 06:52 PM

2. Good for him!

We could use a little socialism like that!

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Response to dipsydoodle (Original post)

Wed Jul 4, 2012, 08:12 PM

6. I don't think foreigners should be taxed at higher rates than residents

It seems counterproductive to me.

A lot of these "foreigners" are middle-class people, not rich people.

I suspect this will have a net negative outcome.

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Response to Yo_Mama (Reply #6)

Thu Jul 5, 2012, 05:08 AM

20. Most are middle class

Just people who bought dilapidated farmhouses etc cheap'ish and then devoted themselves to restoration in such a way that some rooms could be let out for holidays. Yes - tax income to France ,at best, will probably just say the same for now and then decrease. On the capital gains side it pre-assumes a capital gain which may not necessarily follow - prices will doubtless drop anyway as a result of this.

I can understand Hollande's motives but as is the case with his election promise not to reduce the size of their public sector he may have sought insufficient advice on the subject.

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Response to Yo_Mama (Reply #6)

Thu Jul 5, 2012, 10:52 AM

24. I belive they will taxing second homes the Brits use as bread and breakfasts,

Second vacation homes should be taxed at a higher rate. Here in Texas we have the homestead act, your primary home is taxed less then any other homes you have. If it is good for Texas of all places, it should be fair for all.

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Response to dipsydoodle (Original post)

Wed Jul 4, 2012, 08:26 PM

7. Hollande is my favorite leader in the world right now. nt

 

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Response to dipsydoodle (Original post)

Wed Jul 4, 2012, 10:49 PM

15. Taking it back to Jan 1 2012? Reading article it looks like it is costing British gvt to subsidize

France. I don't think foreigners should be taxed differently than French.

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Response to dipsydoodle (Original post)

Thu Jul 5, 2012, 08:26 AM

21. This won't be in effect until the EU challenges are resolved

They could easily block this kind of taxes.

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Response to dipsydoodle (Original post)

Thu Jul 5, 2012, 09:41 AM

22. Vive Hollande!!!!

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Response to dipsydoodle (Original post)

Thu Jul 5, 2012, 10:50 AM

23. Well we know have an opportunity to prove that taxing the rich will work in fixing this economy

I can not wait to see the results. I firmly believe that the results will be beneficial to the majority of the French.

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Response to dipsydoodle (Original post)

Thu Jul 5, 2012, 11:29 AM

26. So it is legal

 

to have different taxes for foreigners? Seems a little unfair.
I can see Romney's new slogan now 'More taxes on Mexicans to pay for road improvements'

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Response to Rabid_Rabbit (Reply #26)

Thu Jul 5, 2012, 07:08 PM

31. I don't know

State colleges often have higher tuition rates for out-of-state students.

Wouldn't this be along the same lines?

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Response to dipsydoodle (Original post)

Thu Jul 5, 2012, 12:08 PM

27. See. You can do austerity in two ways.

Unfortunately, high taxes on the top bracket and taxes on assets in this country will never be considered. Any such discussion would get you kicked off the table reserved for very serious people.

Good for Hollande. Good for France.

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Response to dipsydoodle (Original post)

Thu Jul 5, 2012, 05:20 PM

30. I'm interested to see how this turns out

I suspect that it will be an utter failure... capital will flee France for more accomodating EU nations.

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Response to dipsydoodle (Original post)

Fri Jul 6, 2012, 07:27 AM

34. If it get's this dickhead then great

http://www.guardian.co.uk/politics/2009/oct/09/taxpayers-alliance-director-tax

The Taxpayers' Alliance, a campaign group that calls for tax and spending cuts and claims to represent the interests of taxpayers, has admitted one of its directors does not pay British tax.

The Guardian has learned that Alexander Heath, a director of the increasingly influential free market, rightwing lobby group, lives in a farmhouse in the Loire and has not paid British tax for years.


There are Brits who move overseas specifically for tax avoidance. No point in denying that.

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Response to dipsydoodle (Original post)

Fri Jul 6, 2012, 10:10 AM

35. Extra taxes from foreigners and fewer taxes to the horrid Brits.

That sounds pretty clever if it works.

Me, I love the Brits.

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