The respective value of the beneficial interest and bare ownership of property varies depending on the age of the beneficial owner at the time of the transfer or the length of the beneficial interest if such period is defined.
In purchasing property, there are acquisition fees in addition to the price of the acquired asset. The acquisition fees include for the most part amounts due to the French Public Treasury (taxes and duties for the State and public entities) collected by the notary, but also those acquitted by the notary on behalf of the client and, finally, the notary’s fees. The Notary fees is a flat rate set by the French government.
Capital gains realized on the sale of a building or related rights (beneficial interest, bare ownership, etc.) by an individual on an occasional basis in the context of managing his/her private assets, are taxable under the capital gains regime for private individuals. Such capital gain is subject to taxation on revenues and social charge withholdings, as well as an additional tax if the gain exceeds €50,000. The capital gain is declared and taxed at the time of the transfer. The notary is responsible for declaring the capital gain and paying the corresponding tax on behalf of the seller.
In calculating the amount of gift duties, the French administration takes into account any prior gifts already received. The administration then applies a rate after deducting a tax credit. In certain cases, you can benefit from a reduction. The amount is usually payable in cash at the time the gift is registered.
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