Investments: the grand bazaar of the tax reform

Great novelty, the levy one-time lump sum (PFU) of 30%, also called flat tax, will have consequences that vary according to the placements and situations of the taxpayers.

a Lot of uncertainties still loom on the details of the fiscal revolution in gestation. But one thing is certain: the creation of the levy one-time lump sum (PFU) of 30% "to make the system more fair and transparent", according to the electoral promise of Emmanuel Macron, will be taking place. On paper, the PFU had to replace existing withdrawals, so that "the fiscal criteria no longer intervene during the choice of investment or savings". The intention is laudable, but is struggling to escape from reality. Tax nothing is simple, and even the simplification is complex!

Take the capital gains on the shares, whether publicly traded securities or shares of private companies hosting the professional activity of their owners (SARL, SAS...). They are now taxed at the income tax with an abatement of 65% in the case of a sale in excess of eight years, and 50% in the case of a sale between two and eight years. Replace this incentive to long term investment by the one-off charge of 30% is in contradiction with the objective of"encouraging the channelling of savings towards the financing of our business and investment" claimed by the President.

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The wealthy are nevertheless winners, but this penalizes the small ones. "In the case of transfer of shares held between two and eight years, the PFU of 30% will be more advantageous than the current regime for taxpayers whose incomes are within the tranche subject to the tax rates of 41% or 45%, but less interesting to those whose income is in slices inferior", calculates Thibault Diringer, the creator of the site Corrigetonimpot.fr.

The PFU, the jackpot for business owners

A default to simplify the "levies poorly articulated" on the dividends, the PFU of 30% is not taxed for taxpayers that lose, they can still opt for the current regime combining of social contributions and income tax. "For all savings products, households that have interest will be able to choose the schedule of the income tax act, which will allow those that are not taxable do not pay the social contributions," announced the program.

indeed, in the current state of things, before the increase in social levies of 15.5% to 17.2% and if the tax allowance of 40% on dividends had been maintained, the PFU on dividends is more beneficial than the old regime to taxpayers whose income is taxed in a tax bracket on income in excess of 30%, according to the calculations of Thibault Diringer.

This is the jackpot for business owners the better off can pay dividends: their tax note will be reduced by a quarter compared to the marginal tax rate of 45%. But for taxpayers with the least well-off, the plan was indeed preferable to the PFU, thanks to the allowance of 40% on dividends and the maintenance of the deductibility of a portion of the CSG.

The savings require a degree of fiscal stability to finance long-term projects, whether it be the purchase of a home, or retirement. However, the new features are superimposed on the fiscal commitments made by the State during its previous laws to encourage certain behaviors. This is particularly the case with the PEL, the plan d'épargne logement. This investment appreciated by the French has 16 million holders.

The savings plan, housing loses its appeal

It is a contract by which one engages to save regularly for four to ten years at a rate fixed in advance, in consideration of rights to loans, guaranteeing the obtaining of a credit at a rate fixed in advance to buy their home or work. For a long time exempt from any, as the libretto Is, the ELP gradually loses that which was his interest.

After the introduction of social security taxes on its gains, "the government wants to collect on the interests of the ELP starting on or after 1 January 2018 a flat tax of 30%, and this, in the first year, denounces Patrick Christian, president of the association Families of France.

so far, the ELP opened before this date would not be entirely exempt: a PFU of 30% would apply on the interest income from the twelfth year." The PEL subscribed since August 2016 are already not very attractive, with a salary savings of 1% giving the right to borrow at 2.2%, which is higher than the average rate of real estate loans offered by the banks at this time.

Fortunately, all the investments will not be subject to this PFU of 30%. The share savings plan (PEA) and the salary savings are sanctuarisés. We can always put up to 150000 euros on a PEA to buy shares, the dividends and capital gains are capitalized without taxes as long as there is no shrinkage.

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In case of withdrawal after five years, the earnings will not suffer that the social levies. Ditto for the of company saving plans (PEE) and employee savings plans, group retirements (Perco). A boon also to the beneficiaries of the plans of employee share ownership, in particular for the executives receiving the general packets of free shares eligible to these plans.