French President To Introduce 75% Tax Rate and Tax On Second Homes

French president Francois Hollande is proposing to increase the top rate of tax in France to 75% for individuals earning over €1m. He is also looking to tax second homes in a move which will affect British home owners. 

It is anticipated that French high earners will leave the country to escape the new taxes and many could flock to the UK which is seen as a relative tax haven in Europe. George Osborne’s latest proposal to reduce the higher rate of income tax from 50% to 45% is attractive in comparison to France. 

Estate agents and surveyors have already noticed increased activity from French individuals looking to buy property in the UK. The influx of French and Greek citizens is likely to put upward pressure on house prices in central London.