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Second home sellers in France urged to beat CGT deadline

Posted by: In: Real Estate 16 Apr 2014 Comments: 0 Tags: ,

Owners selling second homes must complete by the end of August to take advantage of a 25% reduction in Capital Gains Tax, while buyers can gain from low prices and favourable exchange rates for some, say market experts

Owners of second homes in France have around four months to sell their properties and take advantage of a Capital Gains Tax reduction, says a leading market commentator.

Meanwhile, foreign buyers should take advantage of the 1.8% annual fall in prices, especially those with currencies that are performing well against the Euro, say currency experts.

The 25% reduction in Capital Gains Tax (CGT) finishes at the end of August, says Richard Way, Editor at The Overseas Guides Company, which publishes the France Buying Guide.

“As part of an initiative to kick-start France’s slow property market, last year President Hollande introduced a 25 per cent discount on the rate of CGT levied on second homes, valid on transactions completed between September 1st 2013 and August 31st 2014. With a little over four months of the discount period left, vendors are reminded that time is running out to wrap up a sale, especially as much of France traditionally goes on holiday in July and August.

“Vendors that do make …read more

Source: OPP



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