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Download PDF CGT Planning When You Leave The UK - 2013/2014 Edition

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Don't go empty handed...

A parent can put money into a personal pension for a child. Business Tax Planning Extracting profits from a company There are various options for extracting profits from a company: Salary: the salary can be deducted from the taxable profits of the company and can also be set at a rate that makes this efficient from a national insurance point of view. Dividends: no national insurance is payable on dividends and the income tax rate on dividends is lower than for other income sources.

However, the company cannot claim corporation tax relief on dividends.

CGT Planning When You Leave The UK - 2013/2014

Bonuses: where payable, an annual bonus must be declared before the company year-end, even if the amount has not been finalised. Benefits in kind: tax-efficient benefits in kind include a company mobile phone and a low emission company car. Pension contributions: where pension contributions for a director shareholder are made by the business, provided their total remuneration package does not exceed the market rate salary for their role, the business can claim a tax deduction for the cost against its profits.

Accounting dates for sole traders and partnerships Over its entire lifetime, a business will pay tax on the whole of the profits made from start to finish, regardless of the date to which accounts are drawn up. Business structures If you have interests in a number of businesses, consider appropriate structures. Investment Tax Planning Tax-efficient investment vehicles can be a useful tool in tax planning. By election, it is possible to carry back an SEIS investment to the prior tax year. By election, it is possible to carry back an EIS investment to the prior tax year.

Dividends paid on EIS Shares are taxable. There is no provision to carry back the investment to a prior tax year. Dividends are exempt from income tax provided VCT investments held for 5 years. Yes — if the shares are sold within three years, or if the company loses its SEIS status within that timeframe. Yes — if the shares are sold within three years, or if the company loses its EIS status within that timeframe.

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Yes — if the shares are sold within 5 years. Capital gains tax CGT relief Tax free capital growth: gain on disposal of shares is tax free, provided shares held for 3 years. Tax free capital growth: gain on disposal of shares is tax free, provided shares held for 3 years. Tax free capital growth: gain on disposal of shares is tax free, provided shares held for 5 years.

Deferral of Capital Gains The tax due on a gain on any asset can be deferred by rolling the proceeds into SEIS shares and then be completely exempt from capital gains tax. The tax due on a gain on any asset can be deferred by rolling the proceeds into EIS shares reinvestment can be up to 12 months before or within three years of generating the gain. No deferral relief. Loss relief Loss relief against income or capital taxes of the year of disposal if the investment fails.


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Let us remove the stress of money management and maximise your savings, pensions or investments. Get in touch with our team today for an initial, no-expense consultation. What are the compliance requirements for tax returns in France? Residents The taxpayer and spouse, if applicable, are required to file a joint French tax declaration reporting total taxable income received by the family unit spouses plus dependent children in the previous calendar year with their local tax office by the deadline in the year following the tax year.

Non-residents Non-residents are subject to income tax in France on their French-source income only. Tax Rates What are the current income tax rates for residents and non-residents in France? In France, rates are voted at the end of the year for the year gone by.


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Non-residents For compensation, the income tax withholding rates for non-residents are 0, 12 and 20 percent, depending on the amount of net compensation, as outlined below. Table of coefficients Status Coefficient Single, divorced, or widowed persons with no dependents 1. When an individual spends more than days in a year in France, residence is presumed. What if the assignee enters the country before their assignment begins? What if the assignee comes back for a trip after residency has terminated? Communication between immigration and taxation authorities Do the immigration authorities in France provide information to the local taxation authorities regarding when a person enters or leaves France?

Filing requirements Will an assignee have a filing requirement in the host country after they leave the country and repatriate? De minimus number of days Are there a de minimus number of days 2 before the local taxation authorities will apply the economic employer approach? Not applicable.

Reducing Capital Gains Tax

Residents of France are subject to tax on their worldwide income, for example: Earned income including salary, wages, bonuses, allowances, etc.. Under certain conditions, assignment-related allowances may be exempt in France. Fringe benefits are taxable as employment income, generally at their actual value. Taxable fringe benefits include such items as a car, meals, housing, and the payment of utilities bills by the employer.

Special valuation methods exist for housing and private use of company cars. Non-commercial activities such as activities performed by individuals in the legal and medical profession. Dividends, although at reduced amounts, interest are included on the tax returns and taxed according to the graduated rate scale or flat rate taxation at the option of the taxpayer.

Net rental income is taxed at normal progressive rates. Rental losses up to EUR10, excluding mortgage interestexpenses may be deducted from other income Capital gains on securities are taxable irrespective of the amounts of gross proceeds. If net losses result, they may be carried forward for 10 years for use against subsequent capital gains of a similar nature. Capital gains on real estate and personal property are taxed differently.

A rebate is also applicable after two years of detention of the shares. Are there any concessions made for expatriates in France? If so, how? However, there are a number of exclusions: 1 under the impatriate regime please see above 2 residents who are citizens of tax treaty countries and countries with reciprocity agreements , who travel outside France on business may benefit from a tax-free expatriation indemnity paid by their employer for work performed outside France. Are investment income and capital gains taxed in France?

Capital gains from the sale of securities are taxed applying the French profgressive rates and brackets. Capital gains, and also other investment income, including rental income, are subject to additional surtaxes of The surtaxes are assessed via the same tax bill as the French personal income tax.

The gain generated from the sale of a principal residence is free of tax. For other properties, resident French taxpayers are taxed at 19 percent plus Some rabate can be applied depending of the number of years of detention of the property. Non-resident taxpayers leaving outside of the EU are taxed at These special conditions and exemptions also apply to citizens from other countries that have a double taxation treaty with France that contains a non-discrimination clause.

This withholding is considered to be a pre-payment of income tax to be deducted from the final tax liability, and refundable if applicable. However, this last provision above does not apply to households whose previous year reference income is less than EUR 50, single taxpayers, divorced or widowed or EUR 75, taxpayers filing jointly. Interests received since January 1st, , are subject to the following taxes and levies: The interests are taxed according to the graduated ordinary income tax rates.

However, this last provision above does not apply to householdswhose previous year reference income is less than EUR 25, single taxpayers, divorced or widowed or EUR 50, taxpayers filing jointly. Non-qualified plans For non-qualified plans, taxation takes place at exercise and the acquisition gain is treated as salary for income tax and social security purposes Non qualified RSUs are taxable at delivery of the shares. Principal residence gains and losses Capital gains on the sale of real property located in France are generally taxable whether or not the owner is domiciled in France.

Capital losses Capital losses on the sale of securities can be deducted from capital gains of the same nature in the same year or carried forward and set off against future gains for up to 10 years. Gifts Gifts are, in principle, not subject to capital gains tax in France. If so, please discuss? None in particular. Are there capital gains tax exceptions in France?

Pre-CGT assets Not applicable.

Trustee Investment Plan

Deemed disposal and acquisition Not applicable. The following items of expenditure may be deducted from taxable income. Employee social security contributions are generally deductible from gross employment income. Compulsory pension contributions and a portion of the CSG surtax are deductible from taxable employment income, within certain limits.

Mandatory employee social security contributions paid to the home country scheme are generally deductible for income tax purposes. A standard 10 percent deduction to account for professional expenses limited to EUR 12, on income is applied to the employment income of each member of the household.