Dutreil pact relaxed: collective commitment possible after death and shorter durations

Article 15 of the 2008 Finance Act relaxes the share retention commitments that give a 75% exemption from inheritance and gift duties (Article 787 B of the General Tax Code) and from the wealth tax (Article 885 I bis). Where shares passed on death were not covered by a collective commitment, the heirs may sign one within six months of the transfer. The management role required after the transfer is cut from five to three years and the individual commitment period is shortened. For the wealth tax, the minimum collective commitment falls from six to two years, with the exemption secured after six years of holding in total. The provisions apply from 26 September 2007.