French General Tax Code
In forceI. - Contributions paid by farm or agricultural business managers under the group insurance contracts provided for in 2° of article L. 144-1 of the Insurance Code including those managed by an institution mentioned in article L. 370-1 of the French Insurance Code for contracts mentioned in article L. 143-1 of the said code, are deductible from taxable professional income.
Unless the option provided for in the second paragraph of article L. 224-20 of the Monetary and Financial Code is applied, the same applies to payments mentioned in 1° of article L. 224-2 of the Monetary and Financial Code made into a retirement savings plan mentioned in article L. 224-13 or article L. 224-28 of the same code or into a French sub-account of the pan-European individual retirement savings product mentioned in article L. 225-1 of said code by the persons mentioned in the first paragraph of this I, with the exception of the portion of these payments corresponding to the additional guarantees provided for in 4° to 6° of Article L. 142-3 of the Insurance Code.
The contributions mentioned in the first two paragraphs are deductible from taxable professional income up to a limit equal to the higher of the following two amounts:
a) 10% of the fraction of taxable professional income that does not exceed eight times the annual amount of the ceiling mentioned in article L. 241-3 of the Social Security Code, plus a further 15% on the fraction of this income between one and eight times the aforementioned annual amount.
Income exempt pursuant to articles 44 sexies to 44 nonies, 44 terdecies, 44 quindecies to 44 septdecies as well as the allowances provided for in articles 44 quaterdecies and 73 B are used to assess the amount of professional income referred to in the first paragraph. Long-term professional capital gains and losses are not taken into account;
b) Or 10% of the annual amount of the ceiling mentioned in Article L. 241-3 of the Social Security Code.
This limit is reduced, where applicable, by sums paid by the company to retirement savings plans which are exempt pursuant to a and a bis of 18° of Article 81.
II. - (Repealed).
III. - If the farm manager has taken out a contract for his spouse or the members of his family participating in the farm and affiliated to the basic old age insurance scheme for non-salaried workers in the agricultural professions, the contributions paid under this contract are deductible from his taxable professional income up to a limit set, for each of these persons, at one third of that mentioned in I.
IV. - (Expired)
