french income tax

[tonygo]

My wife and I are planning to retire to France in March 08 (I will be 65 yrs old)
Our french property will be paid for and therefore we will be classed as french residents for tax purposes
Total income approx will be 16000 euros pa, consisting of UK state and occupational pension.
Can anyone tell me how much approx I would have to pay in french income tax.
many thanks

[giantpanda]

Originally Posted by tonygo

My wife and I are planning to retire to France in March 08 (I will be 65 yrs old)
Our french property will be paid for and therefore we will be classed as french residents for tax purposes
Total income approx will be 16000 euros pa, consisting of UK state and occupational pension.
Can anyone tell me how much approx I would have to pay in french income tax.
many thanks

Hi!

to do a correct estimation, it would be basically necessary to have more information.

French allowances are income type dependant.

Also it you pay income tax in GB, according to the case you may have to continue paying there ( eb. civil servants ).

If one of your income were to be a " private capital life insurance ", then again that would have to be specified, with the age at which it was 1st paid.

Now if you have financial income ( share or interest, that could change the matter , because you would be subject to CSG ( Contribution sociale Généralisée ) unless the interest was very low.

Now all in all if your gross income was just pensions or others which can be considered as such, you would pay no French income tax, even if you paid GB income tax.

But you are just under the limit, since the taxation is Euro 55, will is not collected.

Yours,

giantpanda

[giantpanda]

Originally Posted by tonygo

My wife and I are planning to retire to France in March 08 (I will be 65 yrs old)
Our french property will be paid for and therefore we will be classed as french residents for tax purposes
Total income approx will be 16000 euros pa, consisting of UK state and occupational pension.
Can anyone tell me how much approx I would have to pay in french income tax.
many thanks

Hi!

Are you aware, that a a French fiscal resident, your succession matters will be done according to French law, which can in certain cases crearted some surprises ( exception would be housing outside France, which would be liable to the law of the land.)

Yours,

giantpana

[tonygo]

Thanks for the reply giantpanda. Income is entirely made up of state pension and small private pension. The french house would be our only home and yes inheritance is also causing some consternation!!!!: confused:

[frenchtoast]

If you hire an accountant, he could do all the math work for you. Taxes can be complicated. For myself, I just set aside extra money for taxes, so that no matter what it comes out to I have some left over.

[giantpanda]

Originally Posted by frenchtoast

If you hire an accountant, he could do all the math work for you. Taxes can be complicated. For myself, I just set aside extra money for taxes, so that no matter what it comes out to I have some left over.

Hi!

If you hire an accountant, that is going to be rather costly in France.

By the way, I have quite an ellaborate French Income Tax program, and that was the result.

Yours,

giantpanda

[Eileen Marie]

Hello GiantPanda,

I'm interested in the French Tax programme you mentioned as I need help with French taxes. Would you mind giving me the name of the programme and where I can get it. Many thanks.

[giantpanda]

Hi!

The name is " Clickimpôts Plus ". This is principally for individuals. In one version it will also cater for ISF.

ClickImpôts

However, I would like to warn, that if you do not understand the basics of French income tax, it will not help you much more, that the one available on the State site.

Unfortunately they do not do a trial period ( at least in the past).

Yours,

giantpanda

[Eileen Marie]

Hi,

Thanks for the name of tax program...I will check it out.

Regards,
E.M.

[parsnips]

Originally Posted by tonygo

My wife and I are planning to retire to France in March 08 (I will be 65 yrs old)
Our french property will be paid for and therefore we will be classed as french residents for tax purposes
Total income approx will be 16000 euros pa, consisting of UK state and occupational pension.
Can anyone tell me how much approx I would have to pay in french income tax.
many thanks

If this is your approx total income then your tax would be approx:

16000-1600(allowance)=14400x0.055-625.57=166.43 , however a device called the "decote" would mean you would pay no tax.(based on 2007 tax rates)
In fact up to approx 19000€ there would be no tax, which would cover bank interest etc; which you may have forgotten to mention above.
With a simple situation like yours using an accountant would be throwing away money for nothing. When the time comes to do your declaration you can get help on this forum.

Before I get replies saying I have not used the official formula, the above is a simplified form used in the "Le Particulier" tax guide which gives equivilent results