{"id":907,"date":"2017-07-11T11:02:00","date_gmt":"2017-07-11T10:02:00","guid":{"rendered":"https:\/\/www.prestigeproperty.co.uk\/property-blog\/?p=907"},"modified":"2024-04-10T11:22:09","modified_gmt":"2024-04-10T10:22:09","slug":"reduce-french-tax-burden-works-art","status":"publish","type":"post","link":"https:\/\/www.prestigeproperty.co.uk\/property-blog\/index.php\/2017\/07\/11\/reduce-french-tax-burden-works-art\/","title":{"rendered":"Reduce your French tax burden with works of art"},"content":{"rendered":"<p><span style=\"font-size: 14pt;\">Acquiring a work of art can be a good way to combine taste and support contemporary creation and asset building. In France, works of art are exempt from wealth tax but what exactly are considered as works of art in France?<\/span><\/p>\n<p><span style=\"font-size: 12pt;\"> <!--more--><\/span><br \/>\n<span style=\"font-size: 14pt;\"> According to Article 855 I of the General Tax Code , the acquisition of works of art is not subject to the wealth tax (ISF). As a reminder, here is a list of which goods are considered as artworks in France:<\/span><\/p>\n<ul>\n<li><span style=\"font-size: 14pt; color: #444444;\">&#8211; Carpets, tapestries executed after the original cartons and controlled by the artist, hand-woven and produced in limited quantities.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">&#8211; Pictures, paintings and drawings made exclusively by hand.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">&#8211; Engravings, prints and lithographs drawn boards handmade by the artist.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">&#8211; Enamels on copper and ceramics executed in the artist&#8217;s hand and signed by him.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">&#8211; Original statues and sculptures realised by artists. If it comes to sculpture casts made from a cast of the first work, their circulation must be limited and subject to control by the creator.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">&#8211; Photographs taken by the artist are considered works of art if they are printed by him or under his supervision, signed and numbered and limited to thirty copies, all sizes and mounts.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-size: 18pt;\">Antiquities\/collectibles<\/span><\/h2>\n<p><span style=\"color: #444444; font-size: 14pt;\">According to the French Tax Administration, antiquities are objects that are more than one hundred years old. However, the age of the object does not automatically qualify it as a work of art.<\/span><\/p>\n<p><span style=\"color: #444444; font-size: 14pt;\">Regarding furniture, the use of an expert is often necessary to prove its antiquity unless the goods have belonged to the family patrimony or that the seller (an antique dealer, a broker or appointed expert in an auction) provides guidance on its seniority and authenticity.<\/span><\/p>\n<p><span style=\"color: #444444; font-size: 14pt;\">The list of objects of more than one hundred years old eligible for exemption is established by the tax authorities. It includes:<\/span><\/p>\n<ul>\n<li><span style=\"color: #444444; font-size: 14pt;\">&#8211; Antique furniture, frames, woodwork and various ornamental objects (lights, candles, mirrors etc\u2026).<\/span><\/li>\n<li><span style=\"color: #444444; font-size: 14pt;\">&#8211; Graphic Arts products: incunabule, books, music (e.g. old sheet music and original compositions), maps, prints other than those mentioned above.<\/span><\/li>\n<li><span style=\"color: #444444; font-size: 14pt;\">&#8211; Textiles: carpets and tapestries, as well as hangings, embroidery, lace and other textiles (upholstery, costumes etc\u2026).<\/span><\/li>\n<li><span style=\"color: #444444; font-size: 14pt;\">&#8211; Jewelry items excluding jewelry, silverware items (jugs, tankards, cups, candlesticks, dishes, etc.), stained glass, chandeliers and lighting fixtures.<\/span><\/li>\n<li><span style=\"color: #444444; font-size: 14pt;\">&#8211; Articles of metalwork and the work of locksmiths.<\/span><\/li>\n<li><span style=\"color: #444444; font-size: 14pt;\">&#8211; Showcases of objects: boxes, candy boxes, snuff boxes, tobacco graters, cases, fans and all other parts that could be a coherent collection.<\/span><\/li>\n<li><span style=\"color: #444444; font-size: 14pt;\">&#8211; Musical instruments.<\/span><\/li>\n<li><span style=\"color: #444444; font-size: 14pt;\">&#8211; Watches, including mechanisms.<\/span><\/li>\n<li><span style=\"color: #444444; font-size: 14pt;\">&#8211; Works glyptics (cameos, cut stones), medals and Sigillography (seals, fingerprints etc&#8230;).<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #444444; font-size: 14pt;\">Collectibles are items that usually have a low intrinsic value but derive their interest and value from their rarity, their grouping or their presentation. Here, there are collections and specimens of zoology, botany, mineralogy or anatomy or collections and specimens of historical interest, ethnographic, paleontological or archaeological, such as weapons, clothing, primitive objects or objects having belonged to famous men.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\"><span style=\"color: #444444;\">Owning works of art can therefore be an intelligent and culturally-significant way of reducing your tax burden in France. You may also be able to use the work crafts to pay all or part of certain taxes (inheritance tax, gift tax, wealth tax) by the delivery of a work of art in <\/span><span style=\"color: #444444;\"><b>the state<\/b><\/span><span style=\"color: #444444;\">. Your work must however be of great artistic or historical value. If the state agrees to the giving, your debt is automatically switched off up to the value of the artwork that incorporates the national collections.\u00a0<\/span><\/span><\/p>\n<p><span style=\"color: #444444; font-size: 14pt;\">Contact <a href=\"http:\/\/www.cabinet-roche.com\/en\/\" target=\"_blank\" rel=\"noopener\">Cabinet Roche<\/a> for more information on this specialist topic.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Acquiring a work of art can be a good way to combine taste and support contemporary creation and asset building. In France, works of art are exempt from wealth tax but what exactly are considered as works of art in France?<\/p>\n","protected":false},"author":1,"featured_media":924,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[106],"tags":[26,115,113,33],"_links":{"self":[{"href":"https:\/\/www.prestigeproperty.co.uk\/property-blog\/index.php\/wp-json\/wp\/v2\/posts\/907"}],"collection":[{"href":"https:\/\/www.prestigeproperty.co.uk\/property-blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.prestigeproperty.co.uk\/property-blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.prestigeproperty.co.uk\/property-blog\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.prestigeproperty.co.uk\/property-blog\/index.php\/wp-json\/wp\/v2\/comments?post=907"}],"version-history":[{"count":1,"href":"https:\/\/www.prestigeproperty.co.uk\/property-blog\/index.php\/wp-json\/wp\/v2\/posts\/907\/revisions"}],"predecessor-version":[{"id":3197,"href":"https:\/\/www.prestigeproperty.co.uk\/property-blog\/index.php\/wp-json\/wp\/v2\/posts\/907\/revisions\/3197"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.prestigeproperty.co.uk\/property-blog\/index.php\/wp-json\/wp\/v2\/media\/924"}],"wp:attachment":[{"href":"https:\/\/www.prestigeproperty.co.uk\/property-blog\/index.php\/wp-json\/wp\/v2\/media?parent=907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.prestigeproperty.co.uk\/property-blog\/index.php\/wp-json\/wp\/v2\/categories?post=907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.prestigeproperty.co.uk\/property-blog\/index.php\/wp-json\/wp\/v2\/tags?post=907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}