Tax change expected to boost French property marekt at expense of UK, it is claimed

[Nicholas Wallwork]

A tax change in the New year which allows certain real estate investors to avoid paying tax on certain properties in France is set to change the dynamics of the European property market, it is claimed.*
From 1 January 2010, companies and trustees managing investment funds in the Channel Islands, Isle of Man and British Virgin Islands will be able to invest in French properties free of the French annual 3% tax on their open market value.

This will radically alter the flow of funds within Europe and represents a genuine threat to any recovery in the UK property market while boosting the French market, it is claimed.

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