Life insurance: end of "historical rates" for social levies

For gains on life insurance contracts exempt from income tax (notably multi-fund contracts) accrued since 1 January 1997, social levies due when the contract is settled or on the policyholder's death are calculated at the overall rate in force on that date (15.5% in 2013) rather than at the rates applicable in each year the gains accrued. The rule applies to taxable events from 26 September 2013, the date the bill was presented. Equity savings plans (PEA), home savings plans (PEL) and employee savings, covered by the initial text, were removed by a Government amendment. The Constitutional Council kept historical rates for gains accrued during the first eight years of contracts taken out between 1 January 1990 and 25 September 1997.