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ARTICLE · 07 FEBRUARY 2022

French Tax Obligations Relating To Trusts

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

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French trust legislation has been in effect for 10 years, during which time some early uncertainties about its application have been resolved.

FranceWealth Management
Reid Feldman
Reid Feldman
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French trust legislation has been in effect for 10 years, during which time some early uncertainties about its application have been resolved. The connections with France that trigger application of the legislation have been clarified and expanded, and reporting procedures have been standardized, with the reported information being fed into an official register accessible to authorities and others. Tax obligations resulting from the legislation have been simplified since the French general wealth tax (impôt de solidarité sur la fortune or ISF) was replaced beginning in 2018 by the real estate wealth tax (impôt sur la fortune immobiliere or IFI), but questions remain.

This memorandum describes (1) the context of the French trust legislation; (2) reporting obligations of trustees; (3) the impact of French wealth tax and the prélèvement sui generis (PSG), sometimes referred to as the “special trust tax”; and (4) the application of gift tax, succession tax and the

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