says master Fabrice Luzu notary at Paris

With the deletion of the threshold for taxation, all movements made an account titles are now taxed (see previous page), if the values or relevant funds emerged from capital gains. It may be appropriate to its securities to stay elsewhere, either in a plan of savings shares (PEA), in a sufficiently rich financial supports life. Explanations.

Why the account titles he lost his attractiveness

Imagine that you want to sell your securities LVMH, the largest increase of the CAC 40 last year, either to consume the recoveries, or to place them on other media or values. Until end of 2010, it was possible in total tax exemption (but), provided that the amount of your sales of the year does not exceed the threshold of 25.830 euros. With the removal of the threshold in 2011 and taxation at the first euro 31.3 (19 12.3 of social security payments) beneficiary transfers, whatever the purpose, the trips will cost more to active investors. Course, recorded losses are carried forward on capital gains and this for ten years (see previous article).

The only Board of salvation for beneficial result The rule that the amount of transfers is exempt from an all third year beyond the fifth year of detention, which led to the total exemption for the securities held at least eight years. In these circumstances, the account titles found a few colors. But beware, this rule is limited. It concerns only the actions (not the sicav, CPF, or obligations or monetary assets for example) of a State of the European Union, Iceland or Norway. Another difficulty: this rule is for the time being... theoretical! Enacted by the amending Finance Act 2005 and applicable to transfers of securities carried out by individuals from January 1 2006, it will find to apply effective from 1 January 2012 for the first reduction of a third party, with a possibility of full exemption from capital gains in 2014. And, by then, everything can happen. "In the budget debates in late 2010, it had been raised the postponement of three years of this rule, finally abandoned report." With the reform of heritage tax provided for in the spring, it might be tempting to reject a rule never found to apply... ", says master Fabrice Luzu, notary at Paris.

What are the alternatives

Fortunately, there is not that the account credentials for its securities. Actions (PEA) savings plan or life insurance are serious trails to explore. Like the other one authorize arbitration of one support to another in total tax exemption. So you can sell your assets placed on a sicav French actions, for example, to transfer on a sicav European actions, without any taxation. In addition arbitrations, life after four years and the EAP after five years are still fiscally most advantageous that the account credentials (see table below). Holders of life insurance also have this advantage to opt for taxation to tax on income rather than to the levy at source, which is interesting for people placed in low slices (5.5 and 14).

What are the limitations of the PEA

It allows only the investment in shares (on-line securities, mutual funds or CPF shares), should come from a country of the European Union, Iceland or Norway - UCITS, FCP, or mutual funds, must be 75 at least of titles meeting these same criteria. "Failed to accommodate high-yield bonds or the actions of the emerging countries fund funds, for example, two classes of assets which have been among the most successful in 2010", argues Loïc Lair, Director of heritage engineering at HSBC Private Bank France. Always check before opening a PEA that he admits bright securities investment, which is not always the case. Another limitation, "payments are capped at 132.000 euro per person on a PEA," recalls Florence Kuboj, responsible for heritage engineering in W Finance (subsidiary of Allianz).

What are the limits of life insurance

All classes of assets are eligible, regardless of their nature (shares, bonds, currency, etc.) and their investment area (emerging countries outside the euro area, etc.), to provided of course that the agreement gives access. Where the interest to choose insurance the more richly with in financial media, covering all asset classes and geographical areas. A flat however for titles alive, namely the shares or bonds held online. "Certain contracts of life insurance offer lively titles, but management is then assigned to a professional through a management mandate." Otherwise, there is a risk of tax requalification of the operation. "These contracts for high-end, found in the private management of banks or independent houses, start to 300,000 euros," explained Cyril Lureau, Executive General Manager of future Finance, at the cat from January 14 (read the full report on ). Remains that for followers of the sicav or FCP, life insurance is a good solution.

What solutions market storms

Big time on the markets, the account holders titles may at any time withdraw on media without risk, as the monetary sicav, for example. Life insurance has it, a unique tool: the Fund guaranteed in euros, is the best solution of withdrawal. You can arbitrate for this Fund which guarantees the amount of capital which is placed. And, especially, even with a performance in decline (of the order of 3.30 to 3.40 net average in 2010, read our article on lesechos.fr), is currently much more remunerative than monetary sicav, traditional values shelters of the PEA.

Is your savings available

On a contract of life insurance, the withdrawals are possible at any time, in whole or in part. A total withdrawal results in tax (see table above). The advantage of life insurance is in partial withdrawals tax: the tax rates are the same, but the taxable base is greatly reduced. Retired capital, the insurer considers indeed that there is only a small portion of interest, but they alone are taxed. Take a savings available of 11.500 EUR, composed of 10,000 euro payments and 1,500 euros in interest. If you make a withdrawal of 1,000 euros for example, actually taxable amount will be that of 130 euros.

The PEA, overall poorly supports withdrawals. "They are possible tax-free income (capital gains and dividends) beyond the grade but support social security payments." Between the 5th and 8th grade, they cause the closing of the plan, therefore the loss of the tax-free income and capital gains made after this date. "Withdrawals beyond grades, do not result in the closure of the plan, but it is possible to make new payments," said Loïc Lair.

What is the ideal solution

Life insurance and EAP are investments in the long term and are tax efficient that more than four or five years of detention (see table). "For shorter investments and instruments not eligible for PEA and life insurance, the better is still preferred the portfolio securities, even if this investment is generally called on a long term", says Florence Kuboj. "More than five years, the best solution is to place European shares online or funds, in a PEA then exempt of tax but not social security payments and cheaper than life in terms of management fees and to open one or more life insurance at the same time to accommodate the other asset classes or non-European media.concludes Cyril Lureau. Of course, if the final objective is to prepare his estate, forget EAP, life insurance is the best receptacle.