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12. Gifts Tax in France
- 12.1. Gifts Tax in France Introduction
- 12.2. Tax Allowances in France
- 12.3. Rates of French Taxation
- 12.4. Gifts of Real Estate in France
- 12.5. Gifts & Inheritance Laws in France
- 12.6. Procedures for Making Gifts within France
12.1. Gifts Tax in France Introduction
A 'gift' is called a donation and the 'gifts tax' called the droits de donation.
The definition of a ‘gift’ for the purposes of the tax excludes those gifts which may ordinarily be made in the course of daily life.
So,for instance, wedding and birthday gifts do not come within the gaze of the French tax authorities, provided the gift is reasonable by the living standards of the donor.
Such a gift may be in the form of cash, but it may equally take the form of the transfer of real estate, e.g. transfer of all or part of the family home to your children.
The government have recently announced a reform of inheritance and gifts taxes, which abolishes inheritance tax between couples, and substantially increases the inheritance and gifts tax allowances for children.
Accordingly, in the future, the use of gifts as a tax planning strategy is going to be less important, simply because of the generous provisions available under inheritance tax rules.
Next: Tax Allowances in France
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Finance & Taxation