Wednesday, 31 March 2010

Wednesday, 31 March 2010

Taxing news

Gîte owners Please note – a little publicised law was passed in France at the end of last year – and according to article L. 324-1-1 & D. 324-1-1 of the tourism code, anyone offering furnished accommodation for tourists must make a declaration to the maire in the commune where the property is situated. Previously those offering Chambre d’Hôtes have been required to register. Since there are tax breaks that are enjoyed by gites and holiday rentals, notably deductible costs of 70% as opposed to 50% and a much higher income allowance of around 70,000 €uros instead of 32,000, it might be the case that these benefits will only be available in the future if you have completed and registered these forms. You can download the PDF file by clicking on the following link :- https://www.formulaires.modernisation.gouv.fr/gf/cerfa_14004.do Financial Planning On the 15th February 2010, a new UK HM Revenue & Customs (HMRC) statutory instrument came into force, creating a new type of trust known as Qualifying Non-UK Pension Schemes (QNUPS) - which should not be confused with Qualifying Recognised Overseas Pension Schemes (QROPS). Both schemes create significant opportunities for British expatriates to save local taxes in the country in which they are tax resident as well as UK inheritance tax (IHT). Allez-Français have a formal Introducer arrangement with a leading firm of International Independent Financial Advisers, and they will be holding a seminar on how best to arrange your financial affairs in May. Please e-mail me for an invitation at allez-francais@wanadoo.fr U K Budget 2010 While Chancellor Alistair Darling’s last Budget under the current administration contained few direct tax increases, it was nonetheless a budget designed to increase tax revenue. Darling pointed out that 60% of the tax increases will be paid by the top 5% of earners, saying that those who are better off should pay their “fair share”. Although he failed to mention personal income tax allowances in his speech, they have been frozen, a move described in the press as ‘classic stealth tax’. While British expatriates may have been relieved to have escaped the UK tax regime, the situation is not much better in other European countries and we could see more tax rises or stealth taxes coming our way. The UK budget and its ‘tax raid on the middle classes’ is a good example of why it is worth reviewing your financial planning to see what steps you can take to legitimately lower your tax bill. The IHT measures will hit thousands of expatriates as it extends beyond residency and is charged on worldwide assets. As an expatriate you may however be able to use one of the new QROPS or QNUPS pension arrangements to free your investable wealth from this tax, as well as some local taxes. These options will be discussed at the seminar outlined above. See our highly acclaimed website http://www.allez-francais.com/
Filed Under:

0 comments:

Post a Comment