Thursday 7 May 2015

Trickery, well not far short

Dear Val,

I have just seen Steve Trinder’s post earlier this week about Capital Gains Tax off-setting in France.

I’m afraid it’s even worse than Steve says.  Not only must all the right invoices be produced but you now also have to produce corresponding proof of payment via your bank account.  A receipt will not suffice.  Worse still, the payments on your bank statement must match precisely the amount of each invoice.  Thus, a downpayment followed by two stage payments will be disallowed unless there is a separate invoice for each payment.

And it’s all retrospective, so if you have 20 years worth of legitimate invoices with receipts but no corresponding bank statements then you lose.  All you can claim is a blanket 15% off-set, which is very small consolation in some cases, I can tell you.

It’s hard not to see it as trickery.

With best wishes,

Rupert

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