France

Wealthy in France Selling Houses to Avoid Tax

French socialist government may not have anticipated so many leaving

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The number of luxury homes on the market in France has more than doubled as the country's millionaires rushed to sell to avoid government tax hikes.

About 400 homes worth more than 1 million euro have been put up for sale since May when socialist Francois Holland came to power. The sales panic has been triggered by a 75% income tax on all earnings over €1million which will come into force later this year as a part of government's efforts to cut the budget deficit.

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