French Capital Gain Tax discount for 2013 to be reduced

Another change to the French property tax rules.

The French Senate has adopted an amendment to the 2013 French Tax law reducing the rate of the exceptional discount from 20% to 15% on the capital gains tax levied on the sale of a second home or a land to build in 2013.

Introduced by Senator Marc Francois, the amendment aims to help the government to avoid the loss of 285 million euro in tax revenue. According the amendment, the reduction in the allowance will moderate the cost to the French government of the  property tax discount without undermining the incentive to boost the French property market.

Overseas buyers  are still enjoying the best French mortgages rates for many years and with rates predicted to remain stable over the course of the next year, the future looks bright for those seeking to buy a property in France