France's proposed tax hikes spark 'exodus' of wealthy

Looming tax hikes by France's new socialist government have triggered an exodus of the Gallic super-rich to 'wealth-friendly' nations like Britain and Switzerland. 

 

 The latest estate agency figures have shown large numbers of France's most well-heeled families selling up and moving to neighbouring countries. 

 

Many are fleeing a proposed new higher tax rate of 75 per cent on all earnings over one million euros. (£780,000)

The previous top tax bracket of 41 per cent on earnings over 72,000 euros is also set to increase to 45 per cent.

Sotheby's Realty, the estate agent arm of the British auction house, said its French offices sold more than 100 properties over 1.7 million euros between April and June this year - a marked increase on the same period in 2011.

Alexander Kraft, head of Sotheby's Realty, France, said: "The result of the presidential election has had a real impact on our sales.

READ MORE:  http://www.telegraph.co.uk/news/worldnews/europe/france/9404209/Frances-proposed-tax-hikes-spark-exodus-of-wealthy.html