The essentials of the week: life insurance and positive collection, how to estimate the amount of your income tax?, Obtain a natural risk statement more easily, attach your adult child to the tax household a good idea?, Be careful if you hold investments abroad

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The net collection of life insurance was established in the green in January 2021. The 2021 declaration on income for 2020 will begin in April 2021 but it is already possible to estimate the amount of its tax via a simulator. Obtaining a statement of natural and / or technological risks during the sale of real estate is simplified thanks to an online form. Attaching an adult child to the tax household makes it possible to reduce the progressivity of the income tax scale. The obligation to declare life insurance contracts taken out abroad is extended to capitalization contracts and similar investments. The resource ceiling for benefiting from the energy voucher has been increased by 100 euros in 2021. The conditions for access to the “Youth Guarantee” scheme have been extended.

Summary:

  • Life insurance: positive inflows of 2 billion euros in January 2021
  • Estimate the amount of your income tax for 2021
  • Real estate: simplification to obtain a statement of natural risks
  • What are the advantages of attaching an adult child to the tax household?
  • Investments abroad: extension of the reporting obligation
  • Revaluation of the resource ceiling to benefit from the energy check
  • Youth guarantee: the aid system has been extended

Life insurance: positive inflows of 2 billion euros in January 2021

After a difficult 2020, net inflows in life insurance stood at +2 billion euros in January 2021, according to figures communicated by the French Insurance Federation (FFA). “Life insurance is picking up again and recording net inflows in January 2021 almost four times higher than in December 2020,” commented the FFA. This renewed interest in the preferred placement of the French comes after a year 2020 when net inflows fell by 6.5 billion euros (against +21.9 billion euros in 2019). At the end of January 2021, outstanding life insurance contracts reached 1.786 billion euros.

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Estimate the amount of your income tax for 2021

The introduction of withholding tax did not end the obligation to declare income each year. The 2021 declaration on 2020 income will begin in April 2021 but it is already possible to calculate the amount of this tax online using the simulator proposed by the General Directorate of Public Finances. This simulator offers two calculation modes: simplified for those who declare salaries, pensions or pensions, property income and current charges (alimony, childcare costs, donations to charities, etc.) and complete for those who declare income from commercial, liberal or agricultural activity, or rental investments.

Real estate: simplification to obtain a statement of natural risks

When selling real estate, the seller must provide the buyer with several technical diagnoses, including, for certain areas, a statement of the natural and / or technological risks to which the house or the land is exposed. This process is now simplified thanks to a digital tool made available on the Géorisques site. A form, available on errial.georisques.gouv.fr, allows you to locate the asset, obtain in a few clicks an assessment of the main risks that may affect it and then download the risk statement. However, it is the seller’s responsibility to verify the information provided and to complete it if necessary.

What are the advantages of attaching an adult child to the tax household?

Taxpayers with one or more dependent adult children (under 21 or under 25 if they are pursuing studies) can attach them to their tax household to reduce the amount of their income tax, recalls the ministry. of the Economy, Finance and Recovery. Indeed, the attachment makes it possible to attenuate the progressivity of the tax scale thanks to an increase in the number of shares of the family quotient (an additional half share per child). The attachment entails the addition of the income of dependent children except those which are not taxable, namely internship allowances and apprentices’ salaries within the limit of a gross annual minimum wage, and the salaries of student jobs carried out during the school holidays within the limit of three gross monthly minimum wage.

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Investments abroad: extension of the reporting obligation

Life insurance contracts taken out with insurance organizations established abroad must be declared. This obligation is now extended to capitalization contracts and investments of the same nature. The taxpayers concerned must complete form 3916 indicating several information (identity of the subscriber, contact details of the organization, references of contracts and investments, amount of each total or partial settlement transaction carried out during the year, total amount of premium payment transactions made during the year, etc.) and attach it to their annual income tax return.

Revaluation of the resource ceiling to benefit from the energy check

The energy check helps low-income households to pay their expenses related to energy raw materials such as electricity, gas, fuel oil or wood. In 2021, the income ceiling for obtaining this assistance was increased before allowing more people to benefit from it. Thus, households whose reference tax income divided by the number of consumption units is less than 10,800 euros are entitled to it, against a threshold of 10,700 euros in 2020. The amount of the energy check varies from 48 euros to 277 euros.

Youth guarantee: the aid system has been extended

The entry conditions into the “Youth Guarantee” scheme have been broadened to allow more young people aged 16 to 25 who are unemployed, neither in education nor in training to benefit from this aid of up to 497 euros per month. From now on, a young person will no longer need to be fiscally independent from his parents’ household to benefit from it and the resources to enter the device will be evaluated over the last 3 or 6 months, depending on what is most favorable. The beneficiaries undertake to follow a contractual path of support towards employment and autonomy in a local mission, the duration of which may be varied between 9 and 18 months. Finally, young people with disabilities can benefit from this system up to the age of 30.

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