French General Tax Code
In forceI. - 1. Where they do not fall within the scope of II ter of article 125-0 A or of I ter of article 990 I, sums which, on the day they were deposited with the Caisse des dépôts et consignations, were owed, directly or indirectly, by one or more insurance and similar bodies due to the death of the insured or due to the maturity of a life insurance contract or a capitalisation bond or contract, and which are paid by the Caisse des dépôts et consignations pursuant to the articles L. 132-27-2 of the Insurance Code and L. 223-25-4 du code de la mutualité, are subject to a levy on the share of these sums due to each beneficiary, less an allowance of €15,000. The levy amounts to 20% for the fraction of each beneficiary's taxable share less than or equal to €700,000 and 31.25% for the fraction of each beneficiary's taxable share exceeding this limit.
The beneficiary is not subject to the levy mentioned in the first paragraph of this 1 when he has been exempted from gratuitous transfer duties due to the death of the insured mentioned in the same paragraph pursuant to articles 795,796-0 bis or 796-0 ter of this code.
The beneficiary is subject to the levy provided for in the first paragraph of this 1 if, at the time of the death of the insured referred to in this same paragraph, he/she is domiciled for tax purposes in France, within the meaning of the article 4 B, and that he has had it for at least six years during the ten years preceding the death or that the same insured person has, at the time of his death, his tax domicile in France, within the meaning of the same article 4 B.
2. In the event of dismemberment of the beneficiary clause on the day the sums are deposited with the Caisse des dépôts et consignations pursuant to articles L. 132-27-2 of the French Insurance Code and L. 223-25-4 of the Mutual Code, the bare owner and usufructuary are considered, for the purposes of this article, as beneficiaries in proportion to their share of the sums paid by the Caisse des dépôts et consignations, determined in accordance with the scale provided for in article 669 of this code. The allowance provided for in the first paragraph of 1 of this I is divided between the persons concerned, in the same proportions.
II. - 1 of I also applies to sums paid, due to the death of the account holder, by the Caisse des dépôts et consignations pursuant to Article L. 312-20 of the Monetary and Financial Code.
III. - The levy provided for in I is payable by the beneficiary and paid to the competent public accountant by the Caisse des dépôts et consignations within fifteen days of the end of the month in which the sums were paid to the beneficiary.
It is collected and audited in accordance with the same procedures and subject to the same penalties, guarantees and privileges as the tax on insurance contracts provided for in articles 991 et seq. Claims are presented, investigated and judged according to the rules applicable to this same tax.
