Altexis is an independent law firm specialized in tax advice to French and foreign companies in diverse industries and services sectors. Altexis also advises selected individuals with respect of estate management, cross border personal income tax issues, French wealth tax and French driven individual’s tax audits.

USUFRUCT - TEMPORARY USUFRUCT

This chapter is not exhaustive and is limited to broadly outline the tax consequences of the main events occurring when doing business in France. It does not constitute a tax advice or a client - attorney relationship. Materials are not suitable for tax analysis. Visitors are invited to consult a tax lawyer before taking any decision.

The life tenant (usufructuary) is liable to the wealth tax on the full value of the related assets. The French tax authorities confirmed that this solution also applies to temporary usufruct except if considered as an abuse of law. As a result, the naked owner is no longer considered as the owner and is no longer subject to wealth tax on the assets burdened by a temporary usufruct.
(Réponse Beaulieu, JO AN, 14 juillet 2003 # 1708).

Accordingly, as of July 1st, 2002, the surviving spouse who chose the usufruct on the all inheritance is subject to wealth tax on the full value of the related assets.

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