Wealth tax known as Impot Sur La Fortune ISF payable. The rate varies from zero per cent to 1.8 per cent depending on the value of the property. Interest on money borrowed to invest in French property . Maintenance and repair costs tax deductible. Returns must be filed on April 30 following the end of the tax year.
Tax is payable in instalments where income was earned in the previous year.
The first instalment is due in February and the balance is payable between September and December. On the first year of having a tax liability in France the tax must be paid at the end of the tax year. Withholding tax of 33.33 per cent payable on disposal. This tax can be offset against any income tax owing for the year. A special real estate tax return must be filed on disposal of French property.