Classified objects and historical monuments in France
These objects benefit of a tax reduction for their restoration.
Possession of movable objects classified as “historical monuments” reduces income tax by the cost of expenses incurred for the conservation or restoration of these objects.
Objects concerned :
- furniture belonging to the so-called “artistic” and “technical” heritage such as means of transport (cars, boats, trains),
- machines from industrial production, or scientific instruments.
Expenses taken into account for the tax reduction :
Conservation works are those which increases the life of the object by keeping it in good condition and preserving it from alteration.
Restoration work are considered as works which restore the aesthetic, historical and physical integrity of a damaged or deteriorated object.
The work must be authorized by the competent administrative authority and carried out under the scientific and technical control of the state services in charge of historical monuments. The object must be exposed to the public for at least 5 years.
The modalities of the income tax reduction
The tax reduction is equal to 18% of the cost of the work, less any subsidies received.
Expenses are withheld up to an annual limit of €20,000 per taxpayer.
The reduction reduces the amount of your income tax, unless your tax is lower. Then, the reduction is not refunded as a tax credit would be.
In any case, you must be able to present the tax authorities with the various proofs (invoices, certificate of conformity, decrees pronouncing the classification of the movable object, etc.).
Cabinet Roche & Cie, English speaking accountant in Lyon, France.
Specialist in Real-Estate and Non-resident taxation.