The French Government has introduced a 75% top tax rate on high income earners on €1 million a year, equivalent to £800,000.
This has led to some high market estate agents bracing themselves for an influx of wealthy French families looking for properties in the UK, which potentially could result in a rise of mortgages for foreign nationals.
Estate agents Knight Frank based in London have reported an increase in French nationals settling in West London areas such as South Kensington and Belgravia. The latest high profile businessman is multimillionaire Alain Afflelou, but he asserts this relocation is strictly business related, and nothing to do with the rise in taxation for the wealthy.
This tax increase comes along side additional increases in inheritance tax, capital gains charges and a tax on those selling their companies. Similarly the government introduced a 45% tax on those with incomes above €150,000. The aim of such taxes is to gain an additional €30 billion in public funds. There are also plans to cut spending by €10 billion; thus hoping to reduce the national deficit from 4.5% to 3%.
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