Tax Advantages for Art Collectors in France

Art Purchases and Tax Deductions for Companies Registered in France

Acquiring artworks from living artists as a business or self-employed individual in France comes with distinct tax benefits. Article 238bis AB of the French General Tax Code (Code Général des Impôts, CGI) outlines the following provision: “Companies that purchase works from living artists can amortize, over the acquisition year and the subsequent four years, an amount equal to the total purchase price of the artwork.” This system permits an annual deduction, spread over five years, amounting to 20% of the acquisition cost of artworks created by living artists.

To qualify for this tax benefit, the following conditions must be met:

  1. The purchased artworks must be registered as fixed assets.
  2. The tax deduction should not exceed 0.5% of the company’s annual revenues.
  3. The artwork must be displayed in an accessible area for both employees and visitors for a period of five years.
  4. The company must maintain a dedicated reserve account with an amount equivalent to the deducted sum. Note that this amount will be reintegrated into taxable results if the artwork is sold or if withdrawals are made from the reserve account.
Art Purchases and Tax Exemptions for Individuals Residing in France

Individuals domiciled in France and classified as French tax residents enjoy certain tax exemptions when it comes to art purchases. Artworks that grant buyers these tax advantages are cataloged in Article 98 A of the French Tax Code (Code Général des Impôts, CGI). Importantly, these artworks are exempt from the Wealth Tax on Assets (Impôt sur la Fortune Immobilière or IFI).

For more details on these tax benefits, please refer to the relevant French tax authorities or consult a tax expert to ensure full compliance with the latest tax regulations.

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