Yep Mandy - thanks for that! Also the really important reminder about decalaring all non-French accounts - nightmare style fines Here we go…
Fines for failure to report accounts opened, used or closed abroad
In application of the provisions of the second paragraph of Article 1649 A of the CGI persons domiciled or established in France, are required to declare, at the same time as their income tax declaration any accounts opened, used or closed abroad in accordance with the terms and conditions set by decree ( CGI, III, article 344 A and CGI, ann.III, article 344 B ) and commented on at BOI-CF-CPF-30-20 .
Pursuant to Article IV - 2 (IV) IV of the CGI , the breaches of the reporting obligations provided for by the second paragraph of article 1649 A of the CGI and by article 1649 A bis of the CGI entail the application of a fine of €1,500 per account or undeclared advance.
Where the offense relates to the non-declaration of a bank account held in a State or territory that has not concluded an administrative assistance agreement with France with a view to combating tax evasion and tax avoidance access to banking information, the amount of the fine is increased to € 10,000 per undeclared bank account.
When the balance of the accounts not declared at 31 December of a year exceeds 50 000 €, the fixed penalty is replaced by a tax fine of 5% of the amount held in the account abroad (CGI, art 1736, IV )
The fine is applicable to each year in respect of which a declaration was to be filed.
And…just in case anyone loses the plot (!) 2042-K is simply an automatically generated form as opposed to the manual form 2042. Both identical - apart from the ‘K’ - Yawn. :-