How défiscaliser its gains ?

Transfer of shares, a business, or rental property without paying tax on the capital gain, it is possible, provided that you comply with the rules of the fisc.

is it possible to sell securities or goods without paying taxes on the capital gains ? With the waltz of the tax regulations, this question deserves more than ever to be asked, as this tax begins in earnest the heritage of the taxpayers when they must liquidate a part to do in the face of new spending or investment projects. Outside the main residence, fully exempt in the case of a sale, all other capital gains are in principle taxed. Since the inception of the levy one-time lump sum (PFU) in 2018, those securities suffer a 30 % tax, unless you receive specific benefits.

capital gains on shares are tax-exempt

To reduce the taxation of capital gains on their shares and other financial securities, individuals have two options. Invest through a savings Plan in action (PEA) is the royal way. Realized gains, whether capital gains or income dividends, do not suffer, in fact, that the social contributions in case of withdrawal. Only condition : it must be that the PEA has more than 5 years of existence. We may even realize capital gains without paying anything as long as there is no withdrawal, which is an advantage of cash, that is decisive for to grow his or her savings in the Stock market. Outside of the PEA, you may also benefit from exemptions on condition of renouncing explicitly to the PFU (via the check OP of the income statement). "If you sell the stock, the capital gains will then be taxed at the scale rates of income tax, but after tax relief of 50% if you owned the securities for more than two years, which rises to 65% after eight years", explains Thibault Diringer, facilitator of the site Corrigetonimpot.fr. According to his calculations, this option is a winner for shareholders are loyal with their titles for more than eight years. To receive, consider, however, retain evidence to justify the holding period of the securities with their cost price and sale.

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Transfer of the company present

Défiscaliser the capital gains on the disposal is also a concern for business leaders transferor of a case, for example, during retirement. In effect, the gain often represents almost all of the proceeds of the sale, compared to the initial capital of the company. Result, 30% of the value of their business assets can evaporate in taxes at the time of its sale !

It is however possible to avoid this taxation of the capital gain, at least temporarily at the time of the transfer, provided you have prepared. "The tax regulations already allowed to benefit from a deferral of taxation of the capital gain on the disposal of a business, provided to reemploy the proceeds from the sale to invest in another SME or productive activity," explains Jean-David Haas, managing partner of the management company Nexstage. But the conditions of re-employment have been relaxed since 2019, to enable entrepreneurs to better diversify their assets", he explains.

Until last year, the entrepreneurs who sold their business could benefit from a deferral of taxation, but only provided you reinvest at least 50% of the proceeds of their sale in a new SME, which made the operation complex and risky. But, since 2019, article 150-0 b ter of the French general tax Code allows the benefit from a deferral of taxation of the capital gain on the disposal of a company, provided you reinvest 60% of this capital gain in investment funds dedicated to the financing of the permanent operating resources assigned to an economic activity". Specifically, it is of diversified funds into shares of unlisted companies, which subscribe to their capital increases whether funding of new activities.

In practice, business leaders, regardless of the size of the company, should proceed by steps in order to benefit from this new device. "For the benefit of tax deferral of the gain upon its sale, the company being sold must first be owned by a holding company, or be paid to a holding company owned by the head of the company, created for the occasion," explains Agathe Bubbe, head of solutions for the customers of the management company Idinvest Partners. Once the company to sell owned by a holding company, it may be transferred without the value being taxed, provided that 60% of the capital gain is reinvested in a qualifying fund to this scheme in the two years that follow.

Several of the management companies specialised in investing in unlisted SMES provide funds to so-called "re-use", meeting the conditions to allow their customers not to pay the tax on the capital gain at the time of their assignment. These funds have quite different characteristics to investments in SMES with tax cuts, type FIP or FCPI (read about "6 investments to reduce its income tax"). In the case of Hornbill Investments, for example, it is a holding company owned by an alternative investment funds (AIF), accredited by the financial markets Authority (AMF) to sophisticated investors. Normally available from 100 000 €, one can nevertheless subscribe to a minimum of 30 000 € to the condition of having "a knowledge of the capital investment acquired by the quality of the provider's direct equity in unlisted companies or in the capacity of underwriter, in either a private equity FUND are not the subject of advertising and marketing, either in a fund specialized professional, either in a professional fund capital investment, in a risk-capital company, non-listed", according to the article 423-49 of the regulations of the AMF.

More affordable, "Idinvest Entrepreneurs Club is a mutual funds at risk (FCPR) that is accessible from 20 000 €, which will invest in companies that are mature of a significant size, alongside other vehicles of the group Eurazeo, to which we belong," says Christophe Bavière, chairman of Idinvest.

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Rare exemptions for real estate

Another source of capital gains, the sale of a property other than a principal residence escapes are difficult to tax. These capital gains are taxed at the income tax, after an allowance per year of ownership, so that they do not evade tax as at the end of twenty-two years, and that they should wait thirty years to be totally exempt from social contributions. It is, however, possible to escape in certain conditions, under article 150 U of the French tax code. This is particularly the case for owners of rental accommodation or a secondary residence that are tenants of their main home, to the triple condition that they have not been owners of their main residence for at least four years, that the sale of the property is their first sale of real property, and that they undertake to reinvest the proceeds of the sale in the purchase of their main residence within two years after such sale.