Hello! My parents were retired long term residents of France. They both passed away this year and we are trying to sort out their affairs. We would really like to find an English speaking tax accountant to help tie up their very simple tax returns. My mum always did it and it was pretty straightforward I believe. I have all the figures and income mostly involves pensions and interest on savings. Thank you!
Hi, welcome, sorry for your loss and also for tax return yes, it is fairly straightforward if for pensions and interest, though I wonder how you would file for them.
If you read through the tax return threads you will find guides and posts saying which income goes in which boxes of the return. Or just list here the pensions and their source / type (no need for the amounts) and the sources of the interest - uk or france, and people can say which boxes to put them in.
Hello
A friend uses Fiscaly and is very happy with them.
I am doing deceased parents’ tax returns from UK, on paper as recommended here. As power of attorney I sold all father’s investments in uk a month before he died. They were untouched for c30 years (opened pre move to France.) So never had an income. Where do I declare the sale on tax form, as sold when he was still alive?
You have to work out the capital gains or losses as well. And then put this in Form 2074 (which you can download if you don’t have it) to calculate your total capital gain or loss.
And then transfer the result to Form 2042-C.
The most common boxes on Form 2042-C are:
- 3VG: Net taxable capital gain (plus-value nette).
- 3VH: Net capital loss (moins-value nette).
I think there might be a cut off date for the share value so you don’t have to find the 30 year old purchase costs and the value in euros on that day. You might have to look that up.
Thank you so much, Jane. Again to my rescue. They weren’t shares. Investment portfolios and isas. Opened before computer records so can only trace the original investments back as far as the computer records go. Will do that, now I know which forms to print. This is the succession of all nightmares! If I employ an accountant, it will take another 3 months just to pay them and set it all up.
If investment portfolios then can’t whoever runs the portfolio give you the necessary info? They presumably give you a consolidated tax report each year?
This is about the abatement fir length of time held. @George1 may know more than 1 do.
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Thank you all. Will use whatever is on the portfolio dashboard. No idea what these investments on the tax declaration will unleash.
Given the length of time the abatement will be very important and probably worth you visiting the tax office if possible to ensure you have done it right. They are usually helpful.
Apologies if the next comment is too basic but make sure you work the gain out the right way - convert to euros at purchase and compare to euro value at sale (you can use banque de france, ECB etc data) - given gbp/euro trend can make a very big difference to the numbers. Do not work in gbp and convert the end result to euros…
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Jane, it’s very unlikely I would ever know more than you - it’s usually far less!
Very interesting to read about this type of abatement.
From personal experience of losing my OH and having to tie up and resiliate his business I can only stress that going to the ImpĂ´ts in person is the way to go with any important problems. They were absolutely great, did all the outstanding TVA estimations that Iwas entitled via a refund, sorted out the general tax return and placed everything to do with the business in the closed drawer. We had always had an accountant to take care of the books and the wages for the employees but because that became so expensive with social charges, OH in the end began to cut the work load and ended up working for just himself and preferred that but I refused to continue to pay any accountant to help me and got it freely from the Fisc in town. Way to go for you too!
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I agree, but the OP is in the UK so might be hard to achieve. However if @Hubert still has access to his parent’s online impôts personal space one can send a message saying what has been done.
Also the important thing is to get something in, anything!, and preferably by the deadline, as there is a corrections perios later in the year when stuff can be changed.
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When declaring foreign income from recently cashed stocks isas, do I need to provide any paperwork to pay tax on capital gains? So overwhelmed.
Assuming you are in France, I would arrange a meeting at the local tax office, take all your information with you and get them to fill in the declaration with you.
Hubert I would keep electronic or paper copies
The beauty of the major isa providers is that if you still have online access or reports they will clearly show the initial cost of the shares or funds to match against the sale price
The only watchout is if they are really old holdings (pre 2018) you might be able to go for different maybe better tax treatment. Getting proof of that might be just too hard so settle for the default sale price - cost price = gain
The tax office can also help if you should choose the default tax on the gain or if there are better options or ask them online as you are in the uk
Good luck - do it stage by stage - you will get there.
Thank you Paul. They are from the 1990s. Some forgotten and undeclared!