For those facing tax of solidarity on wealth (ISF), it is with the tax shield, the other major advance of the so-called "fiscal package" law adopted this summer. It allows taxpayers to reduce their bill of EWB in the amount of the money they have invested in SMEs, direct or via a proximity Investment Fund (FIP). However, it is too early to rush, so many uncertainties about the application of the measure (see below Me Céline Huet Chronicle, tax counsel).
The tax reduction rises 50 or 75 of the amounts invested in SMEs, within the limit of 50,000 euros per year placed funds in a FIP in the limit of 10,000 euros per year. The taxpayer may combine these two reductions that granted for donations to organizations of general interest (75 in the limit of 50,000 euros). But these three cuts included, it cannot deduct more than 50.000 euros in total per year of the ISF, which, according to the parliamentary reports, "matches taxable net heritage EWB assessment of 5.697.692 euros.
"It arouses great interest on the part of our customers." "This is not surprising, because it is the first time that a device can directly reduce the amount of the ISF to pay, while pre-existing measures are essentially intended to exempt certain property," argues Christine Valencia-Sourdille, heritage engineer at BNP Paribas private banking. Need to so opt, as of now, for this type of investment It is better to wait for details. "Our duty of Council, we must direct our customers to secure systems." "However, for the moment, too many uncertainties remain, both in the tax level and the level of compliance with Community rules", temper.
So far, nothing does press. Even if the statement at the ISF is from heritage photography January 1, "taxpayers have until to June 14, 2008 to invest in SMEs and benefit from the reduction of Lai." "Here there with the tax statement to be published and the outcome of the negotiations taking place between the State of French and Brussels on the theme of the aid to SMEs , we should be fixed on the exact contours of the new device", continues Daniel Schmidt, lawyer specialized in capital investment, Proskauer Rose LLP. Investment decisions in SMEs to benefit from the reduction of EWB can be delayed to next year.
Simple in theory
For the wealthiest taxpayers, direct investment in SMEs is the most effective tax: if they invest 66.667 euros, they can get the maximum tax reduction (50,000 euros). In theory, it is very simple. It is otherwise put into practice. "With the"business angels"who have local knowledge of the soil of SMEs or those patterns of young companies in their entourage, where other taxpayers will find eligible corporations", asks Eddie Misrahi, CEO of Apax Partners and currently President of Afic (French Association of investors in capital). "Being a minority shareholder of an SME, it is a job: you need to know to discuss not only the purchase price of the shares, but the terms of the shareholders Pact also."
Use professional intermediaries is a good solution, except that with the rule of the "de minimis" (see below), such activity is not economically viable, because requiring professionals to crumble of small holdings in a variety of companies, we should flush out.
The alternative, less advantageous tax, is to subscribe shares of FIP management companies. "For those who pay a few thousand euros to the title of the ISF, the FIP solution is actually the simplest and most effective", notes Olivier Goy, Associate Director at 123venture. But, still need to allow time to time. The FIP currently on the market (established by the 2003 Dutreil Act) and to obtain a reduction of the income tax (see box), must be invested according to specific ratios, are not the same as those specified in the new law investment must, in the FIP - qui ne sont pas les mêmes que ceux spécifiés dans la nouvelle loi les investissements doivent, dans les FIP-ISF ISF be achieved exclusively as an increase in capital for example. "Taking into account the time required in the manufacture of FIP specific, so-called"Lai", the first approvals of the MFA should be available by the end of the year", said Gregory Sentilhes, President of the development capital fund Aurel Nextstage.
Risky asset class
Attention to unpleasant surprises. First recall that the FIPS are part of the asset classes the riskier and which need to remain invested at least eight years, without possibility of release. Second point: the tax reduction is determined by transparency and the amount actually invested in eligible SMEs. Imagine a FIP - EWB invested 70 for SMEs and the balance on a monetary UCITS. For 20,000 euros invested, the effective tax reduction will be 7,000 euros and not 10,000 euros (20,000 70 50). In addition, 30 of investment not accounted for the reduction of EWB, should not give entitlement to the reduction of the IR.
Finally last detail: in the current state of the law, an individual cannot knowledge at the time of the subscription to which tax reduction there... right! "The FIPS takes a commitment to investment to the tune of some eligible SMEs, but is that after a year that we know if it is managed for its purposes," said Eddie Misrahi. What if it was built on 80 invested in eligible SMEs and that it fails to reach the legal threshold of 60 The tax reduction is reduced accordingly Even a point in the tax statement.