In 2023, making a donation to a foundation such as the Fondation Audencia, which is supported by the Fondation de France, is the only way to obtain a reduction in the Impôt sur la Fortune Immobilière (IFI).
75% of the amount of your donation is deductible within the limit of €50,000 per year (article 978 of the C.G.I.). If the amount of your IFI reduction exceeds the amount of your IFI or the ceiling, the excess cannot be carried forward to subsequent years. On the other hand, you can declare part of your donation (up to €66,667) for IFI purposes and the balance for income tax purposes.
Tax on Wealth in 2023
The IFI is calculated on the value of your net taxable assets by applying the following scale :
- between 0 and €800,000: 0%.
- between €800,000 and €1,300,000: 0.5
- between €1,300,000 and €2,570,000: 0.7
- between €2,570,000 and €5,000,000: 1%.
- between €5,000,000 and €10,000,000: 1.25
- above €10,000,000: 1.5%.
Timetable for the 2023 Tax on Wealth return :
Deadlines for the online declaration according to your place of residence:
- Departments 01 to 19 and non-residents: between the end of May and the beginning of June 2023
- Departments 20 to 54: between the end of May and the beginning of June 2023
- Departments 55 to 976: between the end of May and the beginning of June 2023
Deadline for the paper declaration : Mid-May 2023
Receipt of paper returns: from April 2023 (regardless of place of residence).
The deadline for payment of the IFI for 2023 is mid-September for all taxpayers, i.e. :
- mid-September 2023 for payments in cash, cheque or TIP (within the limit of 300 euros);
- mid-September or mid-November 2023 for online payments.
MORE TO KNOW
Good to know: In the event of failure to declare the IFI, the statute of limitations takes effect on 31 December of the sixth year following the year in which the tax was generated. An adjustment for failure to file a return by 2023 may therefore be possible until 31 December 2028. IFI increases of 40% can be added to the IFI itself for 7 years.
“Giving is not expensive! I give to various associations every year. My donations to the Audencia Foundation are important because they reflect my attachment to the school and my confidence in the training that students receive there. We must think of those who need help to carry out their projects.
Philippe Cholet, GE 1964 graduate