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| LUXURY PROPERTY - FONDATION DU PATRIMOINE | The Fondation du Patrimoine is an independent, private French organisation set up to protect luxury property of value that is not listed. It offers grants to owners of certain luxury properties seen as having ‘historical value’ to claim income tax deductions against work carried out to restore or maintain the property.
For the luxury property to be ‘labelled’ as having an historical value it must be owned by a person, not a company, and be visible from a public road.
Broadly speaking you can deduct 50 percent of the total cost of restoration or repairs for income tax purposes so long as the property does not provide any financial return. If the luxury property does produce an income through rental or access then 100 percent tax relief is payable against income for capital works.
To qualify for the deduction you must first apply to the Architecte des Batiments and relief is usually only given on works to the façade, roof and masonry. It is possible to receive tax relief on internal works but only if the property will be open to the public.
Approval for tax relief is given for five years at a time and architects fees are also deductible. There is no obligation for you to open your luxury property to the public but it must be visible from a public road. It is important to complete the necessary French tax returns and obtain the correct certificates. Check out the relevant French tax legislation for further information or visit www.fondation-patrimoine.com.
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