View more on these topics

Boost for holiday homeowners as France triples IHT threshold

British citizens who own holiday homes in France are set to benefit from legislation that raises the inheritance tax threshold by 300 per cent.

The French IHT threshold is increasing from euro 50,000 to euro 150,000 per parent for each child.

Leggett Immobilier executive director Trevor Leggett says the change will bring big benefits for homeowners.

He says: “These changes will be of interest to British homeowners in France as they will benefit non-residents as well as residents. Any French asset, no matter where you die in the world, is taxed in France and the IHT threshold there has just been raised threefold.”

Scottish Life International technical manager Gerry Brown says many properties which would have been subject to French IHT will now be exempt.

Brown says: “Say you leave the property to three children equally, then each child will have an exempt amount that has been upped by euro 100,000 which is quite a substantial increase.”

He says that UK residents will also benefit from the reduction of administration, legal processes and the related costs.

Brown says: “It eliminates the hassle factor of filling out all the forms and agreeing things with the appropriate revenue authorities in France and engaging the services of a French lawyer to sort it all out. There would be a lot of incidental costs involved.”

Recommended

Atkins to leave Premier Mortgage

Premier Mortgage service head Steve Atkins has resigned. He joined PMS a year ago as part of a succession plan for managing director John Malone and says he plans to take some time out to rethink his career.

Royal Liver hits out at ABI online and telephone protection guidance

Progress from Royal Liver has hit out at the Association of British Insurers’ guidance for online and telephone protection business, particularly for not addressing the issue of wet signatures.The guidance, published on Tuesday, urges insurers to send the completed application form to the client to check but it does not mention wet signatures.Progress IFA market […]

UK gilts: Shaken and stirred

Mike Riddell, fixed income portfolio manager at Allianz Global Investors, reviews the performance of the UK government bonds market post-Brexit and assesses its future prospects, as well as giving his outlook for global fixed income markets and yields movements. In addition, he provides a brief analysis of the impact of Brexit and the Bank of […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment