1: Normal operating mode

I. - Transfers of corporate rights are subject to registration duty, the rate of which is set:

1° At 0.1%:

- for deeds involving transfers of shares, founders' shares or profit shares in joint stock companies traded on a regulated financial instruments market within the meaning of l'article L. 421-1 of the Monetary and Financial Code or on a multilateral trading facility within the meaning of Article L. 424-1 of the same code;

- for disposals, other than those subject to the rate referred to in 2°, of shares, founders' shares or profit shares in joint stock companies not traded on a regulated financial instruments market within the meaning of article L. 421-1 of the Monetary and Financial Code or on a multilateral trading facility within the meaning of Article L. 424-1 of the same code, and shares or capital securities, subscribed by customers, of mutual or cooperative credit institutions.

When the transfers referred to in the second and third paragraphs of this 1° take place by deed executed abroad and relate to shares in companies having their registered office in France, these transfers are subject to registration duty under the conditions set out in this 1°, except for the deduction, where applicable, a tax credit equal to the amount of registration duty actually paid in the State of registration or the State of residence of each of the persons concerned, in accordance with the legislation of that State and as part of a compulsory registration formality for each of these transfers. This tax credit can be offset against the French tax relating to each of these transfers, up to the limit of this tax.

1° bis A 3%:

- for transfers, other than those subject to the rate mentioned in 2°, of shares in companies whose capital is not divided into shares. In this case, an allowance equal to the ratio between the sum of €23,000 and the total number of shares in the company is applied to the value of each share;

2° At 5%:

- for disposals of holdings in legal entities with a preponderance of real estate assets.

A legal entity, regardless of its nationality, whose corporate rights are not traded on a regulated market for financial instruments within the meaning of Article L. 421-1 of the Monetary and Financial Code or on a multilateral trading facility within the meaning of Article L. 424-1 of the same code and whose assets consist, or have consisted during the year preceding the disposal of the holdings in question, mainly of real estate or real estate rights located in France or holdings in legal entities, whatever their nationality, whose corporate rights are not traded on a regulated market for financial instruments within the meaning of article L. 421-1 of the Monetary and Financial Code or on a multilateral trading facility within the meaning of article L. 424-1 of the same code and which are themselves predominantly real estate in nature. However, low-income housing organisations, property companies that meet the conditions set out in 1°, a of 2° and 3° and 4° of 1 of II of Article 199 terdecies-0 AB of this code and semi-public companies carrying on the business of building or managing social housing are not considered to be legal entities with a preponderance of real estate assets.

When these shareholdings are sold abroad, they must be recorded within one month by a deed notarised by a notary practising in France.

I bis. - Transfers of sole proprietorships or limited liability sole proprietorships that have exercised one of the options provided for in 1 and 2 of article 1655 sexies are treated in the same way as transfers of corporate rights referred to in I of this article.

II. - The registration duty provided for in I is based on the expressed price and the capital of any charges that may be added to the price or on an estimate by the parties if the actual value is higher than the price plus charges.

However, this duty is not applicable to acquisitions of corporate rights made by a company created with a view to acquiring another company under the conditions provided for in articles 220 quater or 220 quater A. Where the redemption has been subject to the agreement of the minister responsible for finance, provided for in Article 220 quater B,the benefit of these provisions is subject to this agreement. This benefit is no longer applicable from the year in which one of the conditions set out in article 220 quater A ceases to be met.

The collections mentioned in I are not applicable to transfers of corporate rights resulting from pension transactions governed by the articles L. 211-27 to L. 211-34 of the Monetary and Financial Code.

The collections mentioned in 1° and 1° bis of I are not applicable:

a) to acquisitions of corporate rights made in the context of the purchase of its own shares by a company intended to be sold to members of a company savings plan under Title III of Book III of Part Three of the Labour Code or a capital increase, with the exception of share buybacks carried out under the conditions provided for in l'article L. 225-209-2 of the French Commercial Code;

b) acquisitions of corporate rights in companies placed under safeguard proceedings or in receivership;

c) acquisitions of corporate rights between companies belonging to the same group, within the meaning of Article L. 233-3 of the French Commercial Code, at the time of the acquisition of the rights concerned, acquisitions of rights between companies belonging to the same group, within the meaning of article 223 A or article 223 A bis of this code, and to acquisitions occurring under the conditions provided for in articles 210 A, 210 B, 220 quater, 220 quater A and 220 quater B;

d) transactions taxed under article 235 ter ZD.

III. - Repealed.