We have owned our property since October 2002, about 11 and a half years, but continued to live in the UK in rented property.
We are now both retired and in receipt of UK state pensions and are considering selling our French holiday home and buying another.
I understand that there is a reduction on a sliding scale on Capital Gains Tax of the full amount(18% or 19%?) after the first 5 years of ownership- is this 2% in total or 2% a year- it's not clear.
As we don't own property in the UK are we still liable to pay UK capital gains tax as well as the French CGT?
And do we have to use a financial representative (how much would this cost) to pay French CGT?
All help much appreciated.
Plus value changed a couple of years ago and to be exempt on a second home you need to have owned it for more than 30 years now (rather than 15 previously). Follow Steve's link to get an idea of what it'll cost you. The notaire deals with the plus value when you sell the property ;-)
A couple of links that may help
Table showing the rates that apply :> http://argent.boursier.com/impots/analyses/plus-values-immobilieres-on-y-voit-desormais-plus-clair-pour-2014-1112.html
A simulateur :> http://www.pap.fr/argent/calculettes/calcul-plus-value-immobiliere
It's not just the tax, there is also the social charges (CSG ?) to pay as well.
The notaire will do the calculation and will withold that amount from the money he receives from the buyer.