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With the individual

1. How does the new system?

Gains on sales of a second home, a rental property, a Land, or in case of supply of property to a SCI continue to be taxed at 19% (plus social security contributions, ranging from 12.3% to 13.5% as of October 1, 2011). However, we must now wait 30 years to be fully exempt (as against 15 years now). The capital gain is calculated after the application of a tax that increases with the length of detention. Beyond the fifth year, this amounts to 2% per year between 6 and 17, 4% between 18 and 24, and 8% between 25 and 30. Thus, 80% of the capital gain is taxable after 15 years, and 64% after 20 years. The tightening of the tax on transfers subject to a deed of 1 February 2012 (bill of sale signed by the notary).The measure applies retroactively to contributions to family SCI occurred since August 25, 2011.

2. The main residence is she exempt?

Yes. It might then be tempting to declare it as such a second home to enjoy the exemption of capital gains. Bad idea, because the IRS can easily discover the fraud by verifying if the property was declared as a principal residence for tax. In the eyes of tax authorities, your principal residence is the place where you live as usual for most of the year. If you have a housing function, it is, in principle, your principal residence. Unless your spouse and children reside permanently in another house, which is then regarded as your principal residence. It must also be your principal residence at the time of sale.The administration does not challenge the exemption if the property is not occupied between the sale and the actual transfer when the property is sold within a reasonable time (approximately one year).

3. How can I limit the impact of taxation?

If you own a rental property or second home for less than 30 years, you may find it advantageous to sell it before February 1. Given the period of 2 to 3 months, usually required between the signing of an agreement to sell and that a final deed of sale, you have until November to find a buyer. After February 1, all sales will be subject to the new regime. To reduce the scope, it will still be possible to make donations. These are not considered transfers, they do not tax capital gains.You will have to pay the gift tax if the value sent to each recipient exceeds the rebate applicable to the transaction (€ 159,325 in 2011 to parents and children).

Accuracy: exposure of Axa France Vie on government bonds of Spain and Italy is not 17.26% as indicated in our last column of Sept. 27. The AXA Group's cumulative exposure to bonds issued by Greece, Ireland, Portugal, Spain and Italy was 7% of the general assets of the group at June 30, 2011. The portfolio life insurance would be lower.

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The Paris Bourse is holding its breath on Tuesday. The CAC 40, which was closed yesterday up, goes back to red at the opening. He lost 0.73% to 3215.50 points. In London, the FTSE-100 index of the main values ​​lost 0.68% to 5314.16 points while the Dax index featuring the Frankfurt Stock Exchange down more than 1% to 5960.22 points. The Madrid Stock Exchange lost 0.65%, that of Zurich 0.63% and 0.28% in Milan.

Combined these as on global markets, all eyes will be on the Elysee Palace in Paris to take place a meeting between German Chancellor Angela Merkel and French President Nicolas Sarkozy, to improve governance in the area euro.The two leaders will meet from 16 hours and hold a press conference around 18:30.

Investors already know that he must not expect miracles, especially not that the two largest economies in the euro zone agreed to set up Euro-bonds, which would be financially harmful to Berlin. "Do not expect anything dramatic" at the end of the meeting Monday said a spokesman for Angela Merkel, that "people expect once again a spectacular blow." It should only be to continue discussions on the governance of the euro area, following decisions taken by Heads of State and Government of the European end of July.

Operators still expect progress on this issue."If nothing is announced, it will mean that there is a deep rift between Paris and Berlin markets can get excited again," warned Yves Marc, sales of shares in Global Equities.

Meanwhile, Asian markets have already set the tone with very mixed sessions, despite the good momentum on Wall Street, which closed yesterday on a sharp rise. Oil down with a barrel of "light sweet crude" that is losing 45 cents to 87 instant payday loans.43 dollars and that of Brent which cedet 42 cents to 109.49 dollars. Sign of nervousness room, gold was up, quoting around 1767 dollars per ounce at the opening in Hong Kong dollars in 1744 against the previous day closing in New York.

German growth slows

In addition to the meeting, investors will be occupied by the many indicators that will be published on both sides of the Atlantic.Germany has announced a particularly sharp slowdown in growth in the second quarter. German gross domestic product (GDP) grew by only 0.1% in the second quarter compared to the first, where he still displayed an increase of 1.3%.

The GDP of the entire euro area over the same period will also be unveiled at the same time as the trade balance in June

In the U.S., markets will learn in the afternoon of housing starts, prices for import and export and especially of industrial production. This indicator is closely watched as markets worried about more and more sluggish growth of the world's largest economy.

Values ​​to follow

On the corporate side, the news is much thinner. Bank stocks are again followed. They fall before the meeting Sarkozy-Merkel.BNP Paribas (-2% to 36.77 euros), Societe Generale (-1.92% to 24.32 euros), Natixis (-183% to 3.05 euros), AXA (-1.82% at 11, 03 euros), Credit Agricole (-1.20% to 6.65 euros) take the rating down.

GDF Suez (-0.83% to 20.81 euros) is added to the list of preferred values ​​of UBS.

EADS (-0.59% to 21.88 euros): Russian Transaero airline will buy 12 Airbus A320. Qantas has in turn announced the purchase of 110 Airbus A320s and the deferral of delivery of six Airbus A380 jumbo jets.

The Paris Bourse is expected to remain in the green Monday holiday of the Assumption. In any case, as indicated by the futures contract on the CAC 40 rose by 1.04% to half an hour of opening. Investors present therefore decided to continue the rally began Thursday and extended last Friday. This growth mirrors that of Wall Street Friday and Asian markets this morning. In Japan, the Nikkei closed on Monday and a net increase of 1.37%, Hong Kong climbed almost 3% to 1.21% and Shanghai.

"Many operators will undoubtedly look forward to a quieter earlier in the week after the extreme volatility of recent days," said Cameron Peacock, an analyst at IG Markets.

Until Tuesday's meeting

The markets also seem to look forward to the outcome of Tuesday's meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel.They must discuss reform of the governance of the euro area, sensitive issue for the markets. The Franco-German promises to make such joint proposals by the end of the summer Payday advance. Investors are calling for the creation of "Eurobonds", which would sign the pooling of public debt in the euro area. But Germany seems to be opposed. The discussions will be closely monitored on both sides of the Atlantic.

In addition, the European Commissioner for Economic Affairs Olli Rehn today called on European countries to adopt "very quickly" the decisions of July 21, and provided that the applicants were working "day and night" to this.

The U.S. housing market under the microscope

The next publication, this Monday will be very light. On the agenda are the indices of activity of the New York Fed and the real estate market across the Atlantic.

On the corporate side, Societe Generale will be followed. The Financial Markets Authority (AMF) initiated an investigation of market rumors that circulated this week on Societe Generale, announced Friday its president Jean-Pierre Jouyet

The 2012 presidential election will be decided in part on the field of taxation. In an interview in Le Monde, the Paris mayor proposes, as an individual and "beyond tax reform" in the program of the Socialist Party, to do more to contribute to debt reduction the richest of France. Bertrand Delanoe, who also claims to support the candidacy of Martine Aubry, decides to create a tax "exceptional and limited in time" on high incomes.

"The truth is that we need new resources to reduce debt of France and restore the public, he says in the daily newspaper. [...] So yes, I support what you ask most favored an effort "extra.In a context where the countries situated on the outskirts of the euro area are struggling to convince markets of the sustainability of their debt, the mayor of Paris has combined the fight against the deficit to a real "war": "And when you are war, they say the truth, "he said.

Fusion of the income tax and the CSG

Asked about the unpopularity of this measure, the elected official responded that "citizens may be more courageous leaders" and recalled that in 2008, when he announced to the Parisian tax increases before the election, "They put their trust in me well no fax cash loans." The government in turn made a recent tax reform, repealing the tax shield and at the same time reducing the wealth tax.

If the program of the Socialist Party is not considering special tax aimed at the richest, yet it provides to increase the progressivity of the income tax, now he considers unfair. His plan for 2012 provides for merging the income tax and the CSG, with the aim to simplify taxes and make it more redistributive. An idea which is also his way to the right, particularly in Jean-Francois Cope and Henry Gaino. The pen of the Elysée found Saturday morning in Libération that the proposal "is worth pondering. A condition to be very attentive to the issue of escalation, "he said.

The blows rained down from all sides on Google. Friday, the U.S. competition has announced the opening of an investigation into the Internet group. Today was the turn of French society 1PlusV attack. Editor of topics such as search engines ejustice.fr, Google it assigns to the court of commerce of Paris to seek redress for damages caused by anticompetitive practices of the American giant. 1PlusV assesses his damages at 290 million euros, corresponding to the lost revenue (74 million) and potential revenue lost since the establishment of its business in 2007. The company also claims the publication of the disputed practices on the home page of the famous search engine.

"Unfair Competition"

This assignment in Paris in addition to two cases brought against Google by 1PlusV in Brussels.The first complaint, filed in February 2010, led the European Commission to investigate Google in November 2010. A few months later, in February 2011, filed a complaint 1PlusV further to extend the complaint to all of its search engines. It accuses two things at Google. First, the search engine "rigged" results in both favoring its own thematic search engines (called "vertical"), as in the book, video, maps, and feeding its index data Public collected without the consent of the site publishers business

All real estate transactions involve the payment of notary fees. The note, which is completing the acquisition process where the buyer is usually borrow more or less important to his bank, still seems a bit expensive … especially if one confuses notary fees, and fees. Fees, expenses, registration fees … Mazodier Carolina, a journalist with the monthly individual, decrypts the invoice.

The player has to use default in the articles of figaro.fr. maj1

Introduced in 1992, the French legislation on sexual harassment tends to approach similar laws across the Atlantic. U.S. law prohibits "harassing a person (employee or job applicant) because of her sex." Based on equity of all citizens before the law, it seeks to protect the rights of all segments of society, in order to defend the weakest minorities.

In the French Penal Code, the definition of harassment has been expanded to "any order, threat or coercion in order to obtain favors of a sexual nature." Civil law and criminal law French, however, saw a case of harassment differently. Before the Labour Court, just as the employee establishes the reality of harassment to the accused is compelled to defend his behavior.But at a hearing before the criminal court is the accuser who must provide evidence of guilt. This is where the difficulty lies in proving a case of harassment in France. In most cases the harassment does not leave visible traces, and it is difficult for victims to prove the guilt of the perpetrator.

The legal provisions on sexual harassment in France and the United States also has a very large difference in the amount of damages. "The French courts are less generous than their U.S. counterparts," says Peter Jung, a lawyer with Cohen Amir-Aslani Ngo & Associates. "The American concept of punitive damages to punish a fault, does not exist in France where the damages are only intended to repair an injury suffered by a victim.Legal action in France is not a gamble, as it may be in the Anglo-Saxon. "

A question of manners

Why sexual harassment cases when they have an echo as important to U.S.? Martine Bouccara, lawyer with Cohen Amir-Aslani Ngo & Associates, is a matter of criminal policy, more or less on certain crimes and misdemeanors. "In terms of gravity, the prosecuting authority (the prosecutor) does not act the same way on different elements of public policy. That is his right because he was also elected on a platform. United States, it is the sexual offenses that hold the attention of prosecutors, because the fact of Puritanism, there is an exacerbation of sensitivity around this issue. "

For sociologists, this exacerbation have been linked to the American concept of privacy (privacy), which is much larger in the U.S. compared to France.It includes not only everything about a person but also what that person is able to control. "Tell me who you are in private life, and I'll tell you who you are in public life," summarizes Virginia Martin, a sociologist and research professor at Euromed Management. Thus, when a boss is convicted of harassment by the U.S. justice system, the message perceived by society is that it is unable to control a large company because it has no self control itself. "An American will feel more easily knocked in his privacy than French. And when his "protection zone" can be more easily reached, the scope of prevention is broader, "the lawyer Martine Bouccara analysis.

But according to Eric Albert, president of the firm IFAS, this trend is often taken to extremes."Even jokes on the topic of sex are sometimes criticized. Some people complaining of sexual harassment have no idea what it is. However, it is a very serious act that has great psychological impact on victims. "

The lawyer Peter Jung finds in recent years the "legalization" of French society in terms of sexual harassment. "In the U.S., relations between people in the world of work are fairly complicated and even codified. The rules of behavior that society demands can affect the spontaneity of relationships. But it is undoubtedly the price to pay to eliminate discriminatory behavior. In France, there is a growing number of lawsuits to try to punish inappropriate behavior. Our country takes its cue from the U.S. in this regard, but it remains very far from him look like.A remark or sexist behavior is unfortunately often perceived as a sign of virility. "

The revolution of mentalities in France is not about to happen, say the lawyers. But in our society, the facts of harassment have long been denied and suppressed by the companies. That is why today we are witnessing a rather violent denunciation of these facts.

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AREVA will be able to breathe. His former ally Siemens will pay him $ 648 million plus interest by a fortnight, following the breakdown of an agreement between the two groups. Chamber of Commerce (ICC) has in effect made public last night the penalty imposed by the German group for a case that began in March 2009.

Two years ago, Siemens has decided to withdraw from their joint venture Areva NP owned 34%, after failing to take a larger share. The German group did not then expected to reach an agreement with Areva output to form a new alliance with Russia's Rosatom nuclear.

Siemens has thus not met the terms of predetermined separation between the two groups. The French decided to launch an arbitration against Siemens, liable to a penalty of 40% of the value of the shareholding of Areva NP.

The ITC has agreed with Areva and Siemens believes that has broken the pact of shareholders. The German group scoop the maximum penalty, a penalty of 40% of the value of its stake in Areva NP. The 34% share capital of Siemens Areva NP was valued 1.6 billion euros in March, when Areva took over Siemens' share in Areva NP.

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The U.S. stock market should open down on Monday. Futures on Standard & Poor's 500 and Nasdaq 100 respectively retreating from 1.47% to 1327.70 points and 2365.50 points to 1.72%. The uncertainties surrounding the Greek debt reinforced by the arrest of the director of the IMF are likely to weigh on the financial sector américain.L arrest of Dominique Strauss-Kahn shook European stock markets this morning, including the CAC 40.

On Friday, Wall Street has closed down already pulled down by the financial sector and producers of raw materials. The Dow Jones lost 0.79% at 12,596 points, the Nasdaq 1.21% to 2828 points and the Standard & Poor's 500 fell 0.81% to 1337 points.Falling commodity prices, oil and metals in the lead, led a growing number of investors to stay away compartments riskier equity markets.

On the currency markets, the euro against the dollar on Monday, but remained under pressure ahead of a meeting of finance ministers of the euro area. About 11:00 am in Paris, the European single currency was worth 1.4121 dollars against 1.4108 dollars on Friday night.

On the macroeconomic front, the United States, include the program of industrial activity in the area of ​​New York (1430) as well as flows of capital invested in the long term in March (15 hours).

The side of values, the earnings season coming to an end the United States. The markets expect a few more quarterly performances.This week will mark the publications of U.S. companies in retail, including Lowe's, today, Home Depot and Wal-Mart tomorrow and Stables and Target on Wednesday instant payday loan. These companies bear a heavy pressure on their margins and could provide indications about the strength of consumption in the current quarter. In terms of technology stocks, Dell (Tuesday), HP (Wednesday) and Autodesk (Thursday) will also publish their quarterly results.

The approximately $ 9 billion of shares in the U.S. insurer AIG held by the Treasury receive a good reception from investors and the government could reap a profit, said Sunday the Wall Street Journal.According to the website of business daily, citing sources familiar with the matter, the banks responsible for the sale of shares in AIG nationalized 92% were "signs of interest in about half of the Offer ".

The oil giants BP and Rosneft, which is listed on Wall Street, leading to final negotiations on Monday, the deadline to materialize, despite a legal mess, their strategic alliance to exploit huge reserves of oil in the Arctic.

For his part, Honeywell announced an extension of its contract with China's air transport AST.

U.S. authorities have approved the drug Victrelis, a new drug used to treat hepatitis C. Merck.

Wells Fargo seeking to divest its brokerage subsidiary and tax advisory HDVest, whose value is estimated at over $ 200 million according to Bloomberg.

Yahoo, Alibaba Group and Softbank Corp. announced that he "engaged in constructive negotiations to resolve issues relating to the sale of Alipay soon as possible and in the interest of shareholders. "

Notaries, tax and estate planning departments of banks are preparing for busy week. Many individuals want to make donations before the vote – scheduled for early July – the tax reform Heritage presented last week. "There is a window of opportunity for all those who want to give," says Bertrand de la Grandière at Compagnie Financière Edmond de Rothschild.

The reform removes, of course, the tax shield and landscape ISF, but also increases the taxation of gifts and estates. The allowance of 159,325 euros remains for transmission to a child, and the surviving spouse is exempt from inheritance tax. But the fees payable in case of large gifts will increase as a result of several measures.