Tax increaseIn effectCorporate taxNational

Listed real estate investment companies (SIIC): "exit tax" rate raised from 16.5% to 19% and "SIIC 3" regime extended to 2011

Article 25 of the 2009 Finance Act raises, from 1 January 2009, from 16.5% to 19% the rate of the capital gains tax ("exit tax") under Article 219 IV of the General Tax Code, due in particular on entry into the listed real estate investment company (SIIC) regime or on contributions or sales of buildings to these companies. In return, it extends to 2011 (instead of 2008) the regime of Article 210 E of the General Tax Code ("SIIC 3") for sales of buildings to SIICs or to real estate investment companies.

Measure originators

InitiatorLR

Philippe Marini

Les Républicains

Impact on public finances

No official estimate found for this measure.

Effective date

1 January 2009

Measure impact

Companies opting for the SIIC regime and businesses selling buildings to them under the preferential regime pay 19% instead of 16.5% on the gains concerned. According to the Senate general report, the exit tax paid by SIICs had yielded an average of €300 million a year since 2003; no estimate of the rate increase was found.

Official references

Law number: Loi n° 2008-1425 du 27 décembre 2008 (LF 2009), art. 25

Official Journal: JORF n° 0302 du 28 décembre 2008

View on Légifrance

Sources

Loi n° 2008-1425 du 27 décembre 2008 de finances pour 2009Official

28 December 2008

Sénat, rapport général n° 99 (2008-2009) de M. Philippe Marini, tome II, fascicule 1, volume 1 (première partie du PLF 2009, examen des articles)Parliamentary

20 November 2008

Procedure timeline

Follow the progress of this fiscal measure through the different stages of the parliamentary procedure.

100%

6 / 6 steps

Completed

1 January 2009

Administrative implementation

Application

Entrée en vigueur de la mesure et mise en œuvre par l'administration

Taux de 19 % applicable à compter du 1er janvier 2009 (art. 25, II).

Source

Completed

27 December 2008

President of the Republic signature

Promulgation

Publication au Journal officiel

Promulgation de la loi n° 2008-1425 de finances pour 2009, publiée au Journal officiel du 28 décembre 2008.

Source

Completed

17 December 2008

National Assembly has the final say

Parliamentary process

Si échec CMP

Vote result

Adopted

Adoption du texte de la commission mixte paritaire par l'Assemblée nationale (TA n° 220) puis adoption définitive par le Sénat (TA n° 35, 2008-2009).

Source

Completed

9 December 2008

Debate and vote

Parliamentary process

Vote result

Adopted

Adoption en première lecture par le Sénat (TA n° 19, 2008-2009).

Source

Completed

19 November 2008

Debate and vote

Parliamentary process

Débat et vote en séance publique à l'Assemblée nationale, ou engagement de la responsabilité du Gouvernement (article 49.3)

Vote result

Adopted

Adoption en première lecture par l'Assemblée nationale (TA n° 204).

Source

Completed

26 September 2008

Transmission to National Assembly

Parliamentary process

Actors

Christine Lagarde, Éric Woerth

Dépôt du projet de loi de finances pour 2009 à l'Assemblée nationale (n° 1127) par le gouvernement Fillon II.

Source