Hi We are looking into selling a uk property and would like to know if it is possible to complete form 2048-IMM-SD yourself without using a Notaire. Also our gain is likely to be around €40,000 euros. Does this make a difference.
We have been reading lots of information regarding this on this group but the last discussions seem to be in 2024. Therefore we were wondering if anybody has recent experience/knowledge of this.
Many thanks
Are you French resident?
Sorry forgot to mention we are French resident
Hi Tracy
We sold off a “mansarde” last year and, in the event, the gain was too small to have to report. But I did look into the 2048-IMM form at the time.
There’s been debate before on this forum about whether it is necessary to go through a notary. The conclusion was that it isn’t, although I might be tempted to anyway, in the hope of reducing the chances of any comeback from the French tax office.
As you probably know, there are 2 elements to any charge that is payable: tax and prélèvements sociaux.
As regards the tax side of things, you should get a tax credit for any CGT paid in the UK.
As regards the prélèvements sociaux, if you do use a notary, make sure they realise that if you have an S1, you’re exempt from CSG/CRDS and only liable to the prélèvement de solidarité (7.5%). If they object, show them this part of the form:
Of course it could be that you’ve owned the property so long that no tax or prélèvements sociaux are due. The tax liability tapers away completedly after 22 years of ownership. And the liability to prélèvements sociaux after 30 years.
But to answer your question, yes, you can bypass the notary and do it yourself.
Another point to bear in mind is that you will have to calculate the gain according to two different sets of rules: once for HMRC and then again for the French tax office. The calculation will not be the same.
Many thanks for the information. We are not in receipt of S1 yet so will only benefit from a small reduction in tax/social charges due to owning property more than 5 years.
Don’t like the look of the form but I will negotiate it like doing my first tax return here - to begin with it was horrendous but with some time and patience I succeeded, hence getting as much info as possible before making final decision whether to sell or not.
May I ask what is the threshold to report the gain, and if no requirement to complete form 2048-IMM-SD do you still report on tax return?
The transaction itself was for less than €15 k so we didn’t have to report it in form 2048-IMM.
Whether we should have reported it in our main tax form is another matter. I suspect not but am
not sure!
You would definitely need to report your capital gain, though, both in form 2048-IMM and in the main tax form:
