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Le Jardin Champetre’s thoughts for December

DEC Looking Good in the Garden

Autumn leaves on a damp squib

By Richard Pickering

Autumn Statement  Today’s Autumn statement held little tangible for the commercial property industry, as the Chancellor spent longer talking about the restoration of a listed country house than he did about a fractional benefit to business rates relief. There was no mention of stamp duty, nor any significant detail on local infrastructure projects, which comes as an expected disappointment.

However, less directly there is some good news in prospect. A focus on productivity and innovation are at the heart of new fiscal framework, the centerpiece of which is a new £23bn National Productivity Investment Fund, which will invest in transport, digital, R&D and housing. Noting that four days of work in Germany are as valuable as five in the UK, Hammond set a clear agenda on increasing productivity and delivering growth, rather than balancing the slightly iffy-looking books.

The headlines  The total net cost of the Chancellor’s proposals over the period to 2022 is c. £33bn. This entails relatively few new sources of revenue created by tax reform (c. £9bn) offset by deferment of fuel duty and other reliefs (c. £6bn), and quite a significant amount of new spending (£37bn). There is very little stimulus in this fiscal year, with some back-weighting of expenditure, (c.50% of net spend will be beyond 2020).

Growth  The Chancellor noted that in 2016 the UK will be the strongest growing economy in the G7. The OBR forecasts show that growth rates will drop in 2017 (to 1.7%); however still remaining level with Germany and ahead of France.

This is a world away from the ‘Severe Shock’ scenario modelled by the Treasury pre-Brexit (-1.3%; 2017) and even wildly different from their ‘Moderate Shock’ scenario (0.0%; 2017). Should this fill us with confidence about the UK’s resilience to Brexit; or doubt about the accuracy of forecasts in this new uncertain environment?

What a relief  The property sector had hoped for a significant adjustment to the business rates transitional relief.  There was a change – but it was not significant.  The change is from a 45% to a 43% cap on rates increases in Year 1, followed by a reduction in the second year’s cap from 50% to 32%.

Otherwise put, if the business rates increase is not greater than 43%, then there is no benefit to this measure. This will be the case for much of the UK. Even somewhere like the City fringe, where the rates increase might be as high as 80%, the impact of the adjustment is just 0.2% of the nominal 5-year cashflow. Not very exciting.

Scientific progress  MPs have called on the government to give EU scientists reassurances that they may remain in the UK post Brexit. Whilst the UK is a net (£8bn pa) contributor to the EU budget, in the field of research, we are a net recipient, with currently one of the largest allocations of EU research funds (c. £850m pa).

At present, British universities employ 30,000 EU scientists. We have four of the top 10 universities in the world, and whilst we account for 1% of global population, we deliver 16% of the top cited academic articles. Major capital projects such as the Crick Institute are testament to the growing value of this sector to the UK property industry. Surely this is something to fight for, and, with the additional £2bn investment in R&D announce today, to be welcomed.

Lower for much longer?  From the banks’ perspective, hopefully not, as in the past week the Co-op Bank has announced 200 job cuts, which it blames on the low rate environment. Since the financial crisis, returns on assets held by banks have fallen, whereas there is virtually no room to reduce interest on deposits, resulting in a margin squeeze. Expect further cost cutting to come.

This is a global issue rather than one related to Brexit, but the MPC decision to drop the base rate over the summer will not have helped. As the US under Trump eyes inflationary policies, on this side of the pond there remains the possibility of a further rate cut over the coming months. Whilst designed to reduce consumer and business borrowing costs, one wonders whether the banks will be capable of passing on the benefit.

May—be we’ll stay?  “Wait and see”, “Nobody wants to make a bad decision by moving quickly” and “I don’t think London will lose its gravitational pull”. These comments came from UBS, JPMorgan and Barclays respectively last week, reflecting a distinct softening, as Theresa May strikes a conciliatory tone.

Some have interpreted her comment about avoiding “a cliff edge” as an indication of a transitional deal, which would take away some of the immediacy of business relocation decisions.  With 37% of its workforce in Finance & Insurance, and 61% of its annual growth coming from those sectors, the City would welcome such a deal. In fact, the Governor of the BoE last week called for it.

But might EU states be wary of giving Britain a lenient transitional arrangement? And how might May frame this politically, when for many, Brexit really should mean Brexit. Like UBS, we will “wait and see”.

Black Friday, White Christmas  With Black Friday and a white Christmas on the horizon, it will be interesting to see how retail strategies unfold. Recent data suggest mixed performance among the big retailers. With inflation in the cost of goods seemingly an inevitability, there remains a debate about who should take the pain: the retailer, the customer, or the supplier.

The CEOs of both Tesco and Sainsbury’s have (perhaps predictably) suggested that it should be the latter. And this may well play out to be correct. With limited wage growth in prospect, consumers’ headroom to pay more will be tested. Similarly, against popular perception, supermarket profit margins are very low (typically 1-2%) and competition may end in casualties.

Wholesale food producers are similarly pressured; however alcoholic beverage producers (15% net margin); tobacco suppliers (25%) and shoe manufacturers (10%) perhaps have scope to adjust pricing –even though they will be reluctant to do so.

Disruption disrupted?  London topped a list of 60 EU cities as a home for digital startups last week, according to research by Nesta and the European Digital Forum.  In spite of Brexit, London was the clear leader, noted as “the accelerator and coworking capital of Europe” supported by “a vibrant start-up scene”. On the other side of the balance were high real estate costs and high salaries for talent.

Slightly more sobering research last week came from Innovate Finance (the UK’s leading Fintech association). They reported that venture capital (VC) funding to UK Fintech companies fell by more than a quarter in the year to September 2016 (to $532 million). This is out of kilter with global VC funding to Fintech companies, which rose 27% to $15.2 billion.   Today’s Budget saw the UK government promise to pump £500,000 a year into financial technology specialists and launch a network of regional Fintech envoys as it seeks to shore up the country’s position as a leading sector player in the post-Brexit era.  No resting on laurels.

@ElwynDaviesMEP  Elwyn Davies is the second most recognised Welsh MEP, beating Jill Evans, Derek Vaughan and Kay Swinburne, reveals a recent survey by Cardiff University. Its 2016 Welsh Election Study asked over 3,000 respondents “Which of the following people is the MP in your UK parliamentary constituency?”

The enigmatic Davies, who has multiple social media accounts, is a Remainer, and proud supporter of Welsh rugby, welcomed the news, describing himself as “a legendary figure in Welsh politics”. The only problem with all of this is that Davies does not in fact exist – a conceit of the researchers.

However, a real Elwyn Davies, an economics lecturer at Oxford University is understood to be reconsidering a political career following an approach by BBC Radio Wales for comment. Could you name your MEP?

A personal view of the business and role of property in new Europe from Richard Pickering, Head of UK Research & Insight at Cushman & Wakefield

Your reading for December

The Jerusalem Inception 

by Avraham Azrieli

Product Details

The book begins by setting the scene, it is midnight 1944, and Tanya, a young Jewish girl is in a car with her lover, and saviour, General Klaus Koenig. Klaus Koenig is meeting with his old school friend, and banker Armande Hoffgeitz for the last time, Germany is losing the war and the last of the jewels taken from the victims at the concentration camps must be hidden away safely.

But waiting to ambush the car are Elie and Abraham, renegade Jews, intent in wreaking revenge on the Germans for the monstrosities they are committing.

When Elie and Abraham find Tanya, they allow her to stay with them. Soon she and Abraham fall in love. However their happiness is brief, when Elie returns from a raid alone…

Now we jump forward 21 years, and discover that Abraham did not die, but is instead the very important leader of the Neturay Karta, a fiercely anti-Zionist Orthodox sect in Jerusalem.

Tanya is now a respected Mossad secret agent, but her feelings have never died for the handsome young man she thought she’s lost all those years ago.

Therefore, when she discovers he is alive, she has to meet him. However, he is married now, and has a 17 year old son, Jerusalem, or Lemmy, who is a Talmudic scholar. What’s more Abraham is using his important religious standing for another purpose, doing what he feels he must, in a desperate attempt to prevent a second Holocaust.

The repercussions for Abraham’s family are far reaching, and young Lemmy’s life changes in ways he could never have imagined, causing him to question his Talmudic lessons, and things he always believed were true.

Set in a turbulent, modern Jerusalem, this eye-opener of a book tells the story of three people, all survivors of WWII, and how their survival shaped their lives, and made them determined, in their own different ways, to ensure the horrors inflicted on the Jews would never be repeated again.

This book gives an amazing insight into what it was like to live in Jerusalem during those turbulent times, the differences between the Zionists and anti-Zionists, and a glimpse into the government workings, secrets, and agents behind the scenes. Also, as a non-Jewish reader, I enjoyed learning about the Jewish beliefs, and traditions, and finding out about the motivation and leadership behind such an extreme group as the Neturay Karta.

Woven within its pages are secrets and lies, loves lost and hidden, resentment and betrayal.

This amazing story develops in ways in which the reader would never have imagined, and I thoroughly recommend it to mystery and suspense thriller fans.

Available from Amazon https://www.amazon.co.uk/Jerusalem-Inception-Scholar-Israeli-Victory-ebook/dp/B004Z7U5HM/ref=sr_1_sc_3?ie=UTF8&qid=1480154828&sr=8-3-spell&keywords=avraham+avrieli

                                                  

Dynomike: Come At Me, Bro

by Frankie B Rabbit

 

Product Details

 

In this adventure, Dynomike the indomitable dinosaur shows his friends, and teaches his readers how to combat a common problem, both for adults and children, bullying.

Instead of a place to have fun, the playground has become scary, a place of fear, terrorized by big Bully Bob Horn.

All the friends want to have fun and play during recess, but instead they are picked on by big Bully Bob Horn. He is terrifying them, charging in, intimidating them, being threatening, stealing their things and really make their life a misery.

This is until the indomitable Dynomike makes a stand. You see, he knows that deep down bullies are really cowards, and Bully Bob Horn’s blustering behaviour really hides his spinelessness.

Saving the day, he distracts the bully in the funniest of ways, but decides that the harassment has got to stop, the situation cannot continue, but how can they do this?

Then, Dynomike forms a plan! You see, he realizes that if they all stand together, they are strong.

So, bravely they stand up to Bully Bob Horn, and an amazing transformation takes place…

In this enlightening, beautifully illustrated rhyming book, children discover the truth behind why Bully Bob Horn is a bully. The story teaches them how to cope with intimidation and terrorisation, and enables them to bring out their inner strength and conquer their fears.

Available from Amazon https://www.amazon.co.uk/Dynomike-Anti-Bullying-Books-Children-Self-Esteem-ebook/dp/B01MA60CT4/ref=sr_1_1_twi_kin_1?ie=UTF8&qid=1480155152&sr=8-1&keywords=dynomike%3A+Come+At+Me+Bro

 

Dynomike: Friendsgiving

by Frankie B Rabbit 

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This is a lovely story celebrating what Thanksgiving is REALLY about.

You see, everyone in Dynomike’s class is excited, all they can do is talk about food all the time. They can’t wait for the home bell to ring, and love chattering about the tasty things their family enjoy on Thanksgiving Day.

Dynomike listens to them talking about all the delicious treats they are looking forward to on this special holiday, and feels sad. For him, in his house there will be no turkey, pumpkin pies, corn fritters or other lovely treats eat.

He goes very quiet, and his friends wonder what is the matter? So he explains, it’s because it has been a difficult year for his mom, and they haven’t any money to buy lots of lovely food.

At home, all is sad, and then on Thanksgiving night there is a knock at the door.

Who could it be?

His friends arrive with lot of delicious treats for him, and his mum.

And so, in the true spirit of Thanksgiving, they all have a very special dinner, and joining hands around the table Dynomike, with all his special friends, give thanks to the Lord for all he provides. Then afterwards they have lots of fun, and Dynomike is so happy because he has had the best ‘Friendsgiving’ ever.

I read this super rhyming book my grandsons when they came around. They loved it and can’t wait to read more of Dynomike’s adventures.

Available from Amazon https://www.amazon.co.uk/Dynomike-Friendsgiving-Childrens-Thanksgiving-Rhyming-ebook/dp/B01MXCUUL0/ref=sr_1_1_twi_kin_1?ie=UTF8&qid=1480154635&sr=8-1&keywords=dynomike+friendsgiving

 

Reviews by Susan Keefe

‘French Culture’ named as key motivator for Brits buying property in France

A poll conducted by the largest seller of French property to British buyers shows ‘French culture’, ‘rural lifestyle’ and ‘the weather’ top reasons for property purchases in France.

With Brexit uncertainty continuing, the British love affair with French property remains strong.  A poll conducted by Leggett petanque-in-Vence-Provence-by-juliamaudlin-via-Flickr-Immobilier, the largest seller of French property to British buyers, has revealed the top five reasons for Brits wanting to buy a home in France.

Key reasons for Brits buying property in France

  1. French culture (31%)
  2. Rural lifestyle (25%)
  3. The weather (20%)
  4. House prices (16%)
  5. Food and Drink (4.5%)
  6. Safe community (3.5%)

* Source, Leggett Immobilier poll of 1,147 British people run on www.frenchestateagents.com (20th – 25th October 2016)

It seems that it is a love for the French way of life that is continuing to appeal to British purchasers.  Leggett sales in the third quarter of the year have risen* compared to the same period last year, even in light of uncertainty following the referendum.

trevor“We have always known that it is the culture, lifestyle and climate that British people love about France,” said Trevor Leggett, chairman of Leggett Immobilier. 

“With Juppé poised for victory in the next election Alain_Juppé_in_Washington_DC_(cropped)and an increase of 100,000 property transactions over the past 12 months, it is clear that the French property market is on the up. 

Couple this with the lowest mortgage rates seen for decades, and it is clear why now is the time to buy property in France.”

 

Selling French property using a Deputyship Order

by David Anderson, Sykes Anderson Perry Limited Solicitors London

This article is for general information only. French law is a highly specialised area and you should only act or refrain from acting after receiving full professional advice on the facts of your particular case. This article is for general information and does not constitute investment advice. Always consult an IFA. 

UnknownPeople who have retired to France may return to the UK towards the end of their lives due to failing physical and mental health. This may be before they have been able to sell their home in France. In such cases it is usual for their children, or a professional organisation to apply to the English Court of Protection for a Deputy to be appointed.

The Deputy has power over their assets including power to sell properties. When this involves French property which is to be sold this usually causes a problem with the French notaire who carries out conveyancing in France because the Deputyship Order is not from a French Court and is not automatically recognised in France. The notaire will be concerned that the Deputy is lawfully entitles to sell the property. This can become very stressful for the family. We set out a case study below.

Case study

Mr X who is elderly owns a flat in France. He has a daughter Mrs A. Mr X now lacks mental capacity and the court has appointed Mrs A as his Deputy under an English Deputyship Order with specific power to sell the French property. The Deputyship Order has been made in the English Courts as Mr X is permanently resident in a nursing home in England. The English Deputyship Order must specifically confer rights to sell the French property on the Deputy.

In order to sell the property using the English Deputyship Order, exequatur proceedings must be brought in the French Courts. It is necessary to establish that the English court has jurisdiction to make such an order and that the order was not made fraudulently. Once a French exequatur order has been obtained any French notaire will be able to deal with the sale of the property by the Deputy.

Sykes Anderson Perry can assist you in obtaining the required French exequatur order quickly and efficiently and deal with all related queries.

November 2016

David Anderson    Sykes Anderson Perry Limited

www.saplaw.co.uk    david.anderson@saplaw.co.uk    + 44 203 794 5959

148 Sykes Anderson Property July15 2

 

 

Cricket for 2017 in the Midi

Welcome to Midi Cricket Club

We play cricket in the Midi-Pyrénées Division of the National League and friendly fixtures against touring sides and other local clubs. The club welcomes new members from all backgrounds and arranges social events throughout the year

The club was founded in the summer of 2005 by a group of enthusiasts in the South of France. We now have over 30 members and sb10067214q-001have moved to a new ground in Pouzolles from St Pons de Mauchiens for the 2017 season.

Fancy a game or want to enjoy an afternoon in the sun watching your local team?

Become a member of Midi Cricket Club and get involved today! Click here for more info

Weekly practices are held during the season (March to October) and open to all. Please contact the captain for further details.

We play competitive league & cup cricket in the south-west league and also have several touring sides visit for friendly matches throughout the year so there’s always something going on.

There’s a bar for refreshments at each home game and we host regular events, BBQs, inter-club games etc either at the club or a local venue.

Support from the clubs members is vital for the upkeep of the club and to help us give something back to the local community.

141 The Season MIDI

Book Giveaway: from one expert to another

by Julie Mautner of  The Provence Post

Wine writer Jancis Robinson is known for big books, such as the 912-page Oxford Companion to Wine (currently in its fourth, much-revised edition) and the 1280-page Wine Grapes (which won every major wine book award in the year of its publication). Perhaps that’s one reason her newest title, which just came out in the US, is so compelling: how much of her 40 years of wine experience could she possibly cram into just 111 pages, between two tiny 5” x 7” covers?
As you might have expected…quite a lot.
24HourWineExpert22660JFTo celebrate the publication of this new hardcover version (the first was a paperback published in the UK in February), Jancis’ New York publisher Abrams, has given me five copies of The 24-Hour Wine Expert to give away. With corkscrews! Yep, to enter simply leave a comment below. Five lucky readers will get a copy of the book and a corkscrew to match.
Jancis is one of the most-respected, most-prolific wine writers working today. And boy, does she work. Based in London, she travels roughly one third of the year:  tasting, rating and writing for a multitude of publications including her website JancisRobinson.com, which is updated daily and has subscribers in more than 100 countries. Jancis writes a weekly column for the Financial Times while Decanter called her “the most respected wine critic and journalist in the world.” She even provides advice to the wine cellar of Queen Elizabeth II. (I love the idea of the Queen ringing up…Jan? Sorry to be a bother, but the King of Spain is on his way and I have no idea what to pour!)
When I caught up with her last week, Jancis was up in Châteauneuf-du-Pape, where she told me she had just finished tasting some 175 vintages.
“This week?” I asked.
“Today,” she replied.
To learn more about her background and accomplishments, read her shortish Wikipedia bio here or the full, amazing one here…but be forewarned: whatever you’ve done with your life, you’ll feel like a total slacker if you do!

This new book, Jancis says, is for people who like wine but don’t feel quite sure of themselves in a wine shop buying for a dinner party…or in a restaurant, wine list in hand. “It’s for people who want a shortcut to the essentials,” she says.

And so, after taking us quickly but comprehensively through the wine regions of the world and their grapes, she sets out to painlessly help us make the most of what she calls “the most delicious, stimulating, varied and infuriatingly complicated drink in the world.”

Topics include how to select the right bottle at retail; understanding the properties of color and aroma; what the different shapes of bottles and their labels tell you; what terms like “full body,” “supple,” “round” and “nose” really mean; what wines pair well with foods such as pizza, sushi or Thai; what the terms organic, biodynamic and natural mean in the wine world; how to chill and warm wines; and much more.
And what about that perennial question about how price correlates to quality? As in, how much do we really need to spend to get a good bottle?
“There is no direct correlation between price and quality in wine,” she writes, before giving us a handy list of underpriced, overpriced and splurge-worthy labels. “Many wines are overpriced because of inflated market demand, ambition, greed, or just because a marketing person sees the need for an ‘icon wine’ in the range. The difference in quality between wines at the top and bottom ends of the price scale is narrower than it has ever been, while the difference in price has never been greater.”
 
“Packaging, shopping, marketing, and, in many countries, local taxes and duties tend to account for by far the majority of the price of very cheap wines,” Jancis continues, “with the cost of the liquid itself representing a tiny fraction of what you are paying. Ambition is responsible for much of the selling price of more expensive wines. For this reason, the best value is generally in the range of $10 to $30 a bottle. Here, you more or less get what you pay for.”

Sound good? Then leave a comment below (click where it says comments) for your chance to win a copy…and a corkscrew! If you have a wine anecdote to share, even better! And please be sure to include your email address or we can’t reach you if you win…best is to put it right in the body of your comment text.

If you want to buy the book, it’s in all the major retailers or order it on Amazon here

Predictions for December 2016

Manish’s Zodiac Predictions for the coming month

Zodiak Sagitarius 2015Sagittarius ( 22 November – 21 December ) - Financially, there are optimistic signals. But again, the issue is with patience and strategy.  In case you apply the correct strategies, success will come, and it will reach its highest visibility in the last decanate of December. Envy and disinclination to listen to your association can cause to an immediate romantic endeavor’s end. The formula for satisfying family associates interaction continues to be the same: passion. Pain, and investing the nights at the house with family associates and not in the workplace in the organization of other workaholics remains the core. Favorable Dates : Dec 4, 7, 13, 16, 22, 25 Favorable Colors : White & Blue

Capricorn ( 22 December – 19 January ) – This would be  quite an ambiguous time. The celestial forces will be on your side, but through your earthly environment you will find a couple foes through which stars will seriously try to ruin your hopes and plans. Do not jump ahead about new acquaintances, even if the person fully likes you. Try to consider the situation by staying a few steps ahead and see the most possibilities of how the situation can develop. Your immunity won’t be too good, so you can end up developing diseases that attack a weak and exhausted body very easily. Favorable Dates : Dec 3, 8, 12, 17, 21, 26 Favorable Colors : Purple & Grey

Aquarius ( 20 January – 18 February ) – This month could find you forming a new business partnership as you clear the way for a new funding stream,. There could be talk of reorganization where joint finances are concerned. Embrace the open road to both travel and education. Developing new ideas and mentoring help you secure much needed income. New responsibilities at work will have you organizing in creative ways. Navigating social connections can be tricky as you bump into territorial types. Your community connections could open doors that were previously closed. A long distance trip clears your mind for an innovative undertaking. Favorable Dates : Dec 2, 7, 11, 18, 22, 27 Favorable Colors : Green & Blue

Pisces ( 19 February – 20 March ) - This month highlights both work and health as your energy gets a boost. Details become increasingly important and double checking your work intensifies.  Energy you put behind projects will spur new ideas to both teach and learn. You can turn a dream into a reality as you partner with others that have the same philosophy and goals. Putting your ideas to the test will launch you into a new window of excitement and possibility. Have faith in your inspirations to go after what you want and embrace something that increases your level of respect and ownership. Favorable Dates : Dec 4, 10, 17, 18, 26, 27 Favorable Colors : Brown & Blue

Aries ( 21 March – 19 April ) – The sphere of finances will bring you several opportunities in December, ones that are quite real and with potential. Do not jump ahead about new acquaintances, even if the person fully likes you. Be especially attentive to the colleagues of the opposite sex, as it is them who might let you down during the most inopportune moment. Your relationships to those around you will be practically ideal, as you will start to find common points even in the most complicated and provocative of situations. Favorable Dates : Dec 2, 8, 11, 17, 20, 26 Favorable Colors : White & Yellow

Taurus ( 20 April – 20 May ) – You can make a lot of progress. You’ll develop very well and you’ll have valuable allies. The period will lend you energy, ambition and enterprising spirit. It will take you to the centre of attention, highlighting your qualities and bringing you the respect and admiration of the people around you. It is now the right time to insist.  It is possible that sometimes you’ll encounter enmity or that things will develop more slowly than you wish. You should know how to trust, as accepting everyone in your circle would be a serious mistake. Favorable Dates : Dec 1, 3, 10, 12, 19, 23 Favorable Colors : White & Red

Gemini ( 21 May – 20 June ) – Major changes are expected in your career.. Promotions and pay rises can be expected. Job changes are likely and they will be for the better. Businesses will undergo total transformations. All changes should be viewed from an emotional point of view. Only then will it result in your personal happiness. Avoid ambiguities and blurry preparations with work affiliates, or consequently they will exist you with an invoice that you will be incapable to pay. Relationship with your spouse will be highly romantic. Partying and entertainment will dominate your love life. Favorable Dates : Dec 1, 5, 10, 14, 19, 23 Favorable Colors : White & Green

Cancer ( 21 June – 22 July ) – This month will be generous as regards the money that will come by means of chance, by secret procedures or by means of some discrete supporters.  Your relationships to those around you will be practically ideal, as you will start to find common points even in the most complicated and provocative of situations. The untold magnificent atmosphere of light and warmth will surround you not only within your household, but also outside of its walls. You’ll have a lot of vitality, and even extra energy. Channel your strength towards well defined purposes, exercise and get involved in vigorous physical activities. Favorable Dates : Dec 1, 3, 10, 12, 19, 21 Favorable Colors : Yellow & Grey

Leo  ( 23 July – 22 August ) – It’ll be a period of erotic fantasies, secret wishes and forbidden love stories. The sentimental life seems to be surrounded by some discretion uncharacteristic of you. There will be a large number of family celebrations and social entertainment. It’ll be an interval in which love will be the master: it will dictate and you’ll obey. You can experience sublime moments, but guard yourself against excesses as you can  experience troubles. The untold magnificent atmosphere of light and warmth will surround you not only within your household, but also outside of its walls. Favorable Dates : Dec 3, 7, 12, 16, 21, 25 Favorable Colors : Blue & Red

Virgo ( 23 August – 22 September ) – This month you will be presented with plenty of opportunities to get into love relationships. Love will be volatile initially, but becomes very delightful after 21st. Love is to be found in social parties. The last decanate of Dec 2016 will be warm, seductive and very sensual. The sentimental enthusiasm will reach its peak, and your devastating charm will make victims. A passionate month., the blood will go faster in your veins, your wishes will be more ardent and the impulses will be expressed more forcefully. Sympathize, love, be amazed, “feel” the world around you. Favorable Dates : Dec 3, 4, 12, 13, 21, 22 Favorable Colors : Green & Red

Libra ( 23 September – 22 October ) -  This month will manifest energetically starting the second decanate of Dec 2016, generating great enthusiasm, urging you to make decisions, to open new horizons, to act forcefully. You’ll have to commit, to progress, to fight. You’re not recommended to stagnate. Inactivity can bring along conflicts and accidents. However, you need to act wisely, based on a well-thought-of plan made in advance, not in an impulsive or disorganized way. The sphere of finances will bring you several opportunities in Dec, ones that are quite real and with potential. Your task is simple – do not miss them. Favorable Dates : Dec 1, 9, 10, 18, 19, 27 Favorable Colors : Grey & Red

Scorpio ( 23 October – 21 November ) – You are likely to put more attempt on group tasks and make every reasonable effort to make the workplace environment look like the Mediterranean Sea one. You will have their support in accomplishing your financial objectives. Businessmen should focus on promoting their products which will give good returns. Believe the fact that it is far more pleasing to execute among the helpful, pleasant persons than to squabble with co-workers. There’ll appear the impulse of clearing things up, of taking the initiative. Your home will undergo major transformations and luxurious items will be added to furnish your residence. Favorable Dates : Dec 1, 7, 10, 16, 19, 25 Favorable Colors : White & Purple

Manish Ad Nov16

Manish Kumar Arora, 91-9871062000

K.P. Astrologer, Numerologist, Tarot Card Reader & Vastu Consultant

Frexit !

by David Anderson

This article is for general information only. French law is a highly specialised area and you should only act or refrain from acting after receiving full professional advice on the facts of your particular case. This article is for general information and does not constitute investment advice. Always consult an IFA.

Frexit-eu-682170A lot has been written about the effect of Brexit on UK nationals who live or have holiday homes in France. The impact will start becoming clearer through 2017 but may be completely overshadowed by the French presidential result on 7th May 2017. This article expresses no political view and looks only at the possible impact on UK nationals of a National Front presidency in 2017.

The current policies of the National Front are in their manifesto which will be updated next year prior to the 2017 election. It would seem sensible for any organisation considering relocating from the UK to France to wait until after the French election.

Income Tax

  • The policy will be to increase the tax burden on higher earners and reduce it on lower earners. This may be beneficial to UK individuals retiring to France on a modest pension.
  • The taxation of dividends will be changed so that there is no tax advantage in receiving dividends over earned income. This is likely to be disadvantageous for UK retirees.

Taxe d’habitation

  • This is a form of residential property rates which will be made part of income tax. The rates will be linked to income tax bands. It is not clear whether this will be linked to global income or only income arising in France. If it is global income then this will be bad news for UK high earners with French holiday homes.

Wealth Tax

  • Wealth Tax will remain but will be fused with taxe foncier (like property rates). It is not clear whether the current exemptions from Wealth Tax for new arrivals in France will continue to apply. If France is no longer part of the EU it will be able to have higher Wealth Tax for non-French residents.

VAT 

  • There will be a higher rate of VAT on luxury items such as cars jewellery and cosmetics.

Tax Code

  • The Tax Code will be completely re written. This is worrying as the outcome is unpredictable.
  • Tax niches will be abolished. This again is unpredictable.
  • The “niche Copé” will be abolished. This gives an exemption from tax on the sale of certain shares.
  • Tax exemptions on dividends will be reviewed.
  • All treaties France has with tax paradises will be revoked. It is not clear whether this would extend to the agreements France has with Monaco and Andorra though this seems unlikely.

Customs Duties

  • These will be reintroduced and extended. The object is to protect French jobs and manufacturing from foreign competition considered to be “unfair”.

 Euro

  • France will leave the Euro and return to the Franc. The exchange will be 1€ = 1F.
  • France will serve notice to leave the EU.
  • Free movement of people will end.

Comment

For a UK resident considering an investment in France the key issue will probably not be taxation but rather a likely devaluation of the currency. Although the Euro will remain the currency for a period, if it is to be replaced, more French property will probably be put on the market by owners keen to move money out of France before the currency changeover. Expect the Swiss Franc to strengthen. It seems likely that the change back to the Franc would have to take place quickly long before France leaves the EU.

November 2016

David Anderson   Sykes Anderson Perry Limited

www.saplaw.co.uk    david.anderson@saplaw.co.uk    + 44 203 794 5959

148_Sykes_Anderson_French_Tax_Oct14

Are you ready for exchange of information?

By Rob Kay, Senior Partner, Blevins Franks

From January 2016, financial institutions in over 50 countries around the world began collecting information on their clients and their accounts.  This data will be passed onto the clients’ country of residence in 2017.  Cross-border taxation can get complex for expatriates, and it is important to make sure you are correctly declaring your income and paying tax in the right country.

This exchange of information will be repeated every year, with a further 47 countries starting to collect data in 2017, ready to exchange it in 2018.   It is carried out under the Common Reporting Standard (CRS), developed by the Organisation for Economic Co-operation and Development (OECD).

The loss of financial privacy affects us all.  If we live in one country and have assets in another, our information will be shared between countries. Our local tax authority will automatically receive information on the financial assets we own overseas, without asking for it, and regardless of whether they have any questions about our tax affairs.

If you live in France and have, for example, investments in the Isle of Man, or bank accounts in Switzerland, or pension funds in the UK, the French tax authorities will receive information on these assets.

Information to be exchanged

The information being shared about the financial assets you own outside your country of residence includes personal data such as your name and address, country of tax residence and tax identification number. You have probably received requests from banks and financial institutions to confirm these details.

NewsImage1The information to be reported about your accounts includes the investment income you earned over the year, such as interest, dividends, income from certain insurance contracts, annuities etc.  Account balances are also reported, and gross proceeds from the sale of financial assets.

The financial institutions that need to report include banks, custodians, certain investment entities such as investment funds, certain insurance companies, trusts and foundations.

The 54 “early adopter” jurisdictions will make the first exchange by September 2017, in relation to 2016 data.  This list includes France, the UK, most EU countries, the Channel Islands, Isle of Man and Gibraltar, UK offshore territories and South Africa.

The countries starting the following year include Switzerland, Monaco, Singapore, Hong Kong, United Arab Emirates, Panama, Australia and Canada.

The US exchanges information globally under its FATCA initiative – the Foreign Account Tax Compliance Act.

What does this mean for you? 

When local tax offices receive this information they will be able to verify whether the taxpayer has accurately reported their income on their tax returns.

Cross-border taxation is complex.  If you spend time in more than one country it may be hard to determine where you should be paying tax.  If you live in France but have assets and receive income abroad, you need to know where you should be declaring them and where tax is due.  You have to follow tax residency rules and double taxation treaties.

Tax resident of France are liable to French tax on their worldwide income, gains and wealth. This includes most income which is also taxed elsewhere.   Some British expatriates believe that if income is taxable in the UK, like rental income, pensions and ISAs, they do not have to declare it in France.  This is incorrect; even if they are declared and taxed in the UK, you still need to declare them in France.  If you have not been following the rules correctly, you should regularise your position as soon as possible.

Another aspect to consider is that if you have many different offshore bank accounts, investment products etc, each one will be sharing information with your local tax authority.  For peace of mind you could group as many assets as possible into one arrangement, so that there is much less information being passed around, and it is easier to follow what is being exchanged about you.

This is also a good time to review your tax planning arrangements.  Are they approved here in France?   If, for example, you use non-compliant bonds, such as non-EU bonds including those from the Isle of Man, Jersey and Guernsey, provided you have been fully declaring them in France they are not illegal – but they are taxed more aggressively than French compliant bonds.

Exchange of information does not mean that we do not have the right to structure our assets in the most tax efficient way, but we have to ensure we only use arrangements which are compliant in France.  There are structures which can be very effective, but take specialist advice to make sure you get it right.

Tax rates, scope and reliefs may change.  Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change.  Tax information has been summarised; an individual is advised to seek personalised advice.

Read the original article here

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