How is a UK resident owner taxed on the income?
You pay French income tax on the profits after deductions for repairs and mortgage interest. Are there any traps? Yes. Non-residents can be deemed to be in receipt of rents equal to three times the rental value of the property (usually calculated as 5% of the property value). There are various exemptions. What forms need to be filled in and which tax office do you deal with? Form 2042N/2044 obtainable from any French tax office or at the French Inland Revenue web site www.impots.gouv.fr. It needs to be completed before 30th April in each tax year. Care needs to be taken when completing this form especially for the first time and professional help is advisable. English residents deal with Centre des Impots de Non Residents, 9 rue d’Uzes, 75094 Paris Cedex 02. Tel 01.44.76.18.00. If you become resident in France you deal with your local French tax office. » Renovating the property Can I get out of paying VAT if an English based architect invoices me? Yes. The English architect does not h
