{"id":201735,"date":"2026-07-30T10:00:00","date_gmt":"2026-07-30T08:00:00","guid":{"rendered":"https:\/\/vellumfinance.com\/non-categorise\/pacte-dutreil-plain-language\/"},"modified":"2026-07-30T10:00:00","modified_gmt":"2026-07-30T08:00:00","slug":"pacte-dutreil-plain-language","status":"publish","type":"post","link":"https:\/\/vellumfinance.com\/en\/insights-education\/pacte-dutreil-plain-language\/","title":{"rendered":"Pacte Dutreil in plain language: operating companies, engagement, and audit risk"},"content":{"rendered":"

The pacte Dutreil succession France<\/strong> is not a family slogan and not a discount coupon. It is a statutory partial exemption from gift and inheritance duties on transfers of operating companies, set out in article 787 B of the Code g\u00e9n\u00e9ral des imp\u00f4ts. When the conditions hold, three quarters of the value of the transferred units or shares drop out of the duty base. The remaining quarter is what the tariff actually sees. Families who treat that 75% as automatic, or who paste it onto a holding that only owns apartments and listed paper, are building an audit file rather than a transmission plan.<\/p>\n

This note is general information for education. It is not a mandate, a notarial draft, or personalised tax advice. Eligibility, valuation, and any later clawback depend on the facts of the company, the chart, and counsel who can read article 787 B together with the BOFiP comments in force on the date of the gift or death.<\/p>\n

Vellum Finance works as a fee-only multi-family office. The useful question is whether the company is an eligible operating business, whether a collective conservation engagement is already running, and whether each heir or donee can then take the individual engagement the statute requires. The IFI file and the succession file share the same chart. They are not the same test.<\/p>\n

What pacte Dutreil succession France actually covers<\/h2>\n

The official text sits in article 787 B CGI on L\u00e9gifrance<\/a>. In plain language, parts or shares of a company whose principal activity is industrial, commercial within the meaning of articles 34 and 35 CGI, artisanal, agricultural, or liberal may benefit from a 75% exemption from mutation duties on a transfer by death or by gift. Article 787 C provides a parallel path for individual businesses. This article stays with 787 B, because that is the holding-company conversation families actually have.<\/p>\n

The exemption reduces the duty base. It does not rewrite forced heirship and it is not a valuation holiday. Duties are computed on the remaining quarter, subject to relationship tariffs and personal allowances, which belong to the succession statute, not to Dutreil. Families who already work through inheritance tax rules by country in 2026<\/a> still need a separate 787 B memo: one page is the country map, the other is whether this company is even in the perimeter.<\/p>\n

Administrative comments live on BOFiP<\/a>. The notarial profession also publishes a readable overview of the Dutreil device for family-business transmission<\/a>. None of those pages replaces the deed, the conservation engagements, or the company\u2019s attestations.<\/p>\n

Eligible activity: an operating company, not a box of assets<\/h2>\n

Article 787 B opens with activity. The company\u2019s principal activity must be one of the eligible categories. Managing the family\u2019s own real-estate wealth, collecting rents from a portfolio of flats, or holding a listed securities book is not, as a principal activity, the industrial or commercial activity the article describes. That is the first filter, and it is the one family holdings fail most often.<\/p>\n

A holding company is not automatically out or in. Comments and case law distinguish a holding that animates operating subsidiaries from a holding that is only patrimonial. Animation is a facts test: group conduct, services actually provided, people, minutes, contracts. A HoldCo whose only assets are apartments and a brokerage account does not become eligible because the Kbis says \u201cholding.\u201d That is the audit risk in the title: a purely patrimonial holding dressed as an operating chart. Mixed companies need the same honesty. If the principal activity is property, Dutreil is the wrong tool. Renting the family\u2019s own walls is not the commercial activity of a dealer or a developer unless the facts match articles 34 and 35 CGI.<\/p>\n

Collective conservation, then individual conservation<\/h2>\n

The architecture is two-stage. First, a collective conservation engagement (engagement collectif de conservation) must already be in course on the day of the transfer. The statute sets a minimum duration for that collective engagement, classically two years, and it can in defined cases be taken by a single person for that person and gratuitous successors, or be treated as deemed acquired when the donor or deceased already held and directed for the required period. The engagement must cover minimum fractions of financial rights and voting rights. For unlisted companies the usual statutory floors are 17% of financial rights and 34% of voting rights; for companies admitted to a regulated market the floors are lower (10% and 20%). Those percentages are in article 787 B. They are not a family compromise.<\/p>\n

Second, each heir, donee, or legatee must take an individual conservation engagement covering the transferred titles for the period the article requires, running from the end of the collective engagement. Finance bills can adjust that individual period. The file is the L\u00e9gifrance text in force on the transfer date, not a 2015 slide and not a lunch-table \u201cwe lock for a few years.\u201d Breaking conservation, selling too early, or letting the collective threshold slip can claw back the exemption. That clawback is why Dutreil is a governance instrument as much as a tax instrument.<\/p>\n

Direction functions and the people who must stay<\/h3>\n

Someone among the signatories or the beneficiaries must exercise an effective direction function, or the beneficiary\u2019s principal professional activity in the company, for the period the article requires: through the collective engagement and for a further period after the transfer. Parking a courtesy title on a child who lives abroad and never signs a bank mandate is not direction. The administration reads functions against the commercial code categories (g\u00e9rant, pr\u00e9sident, directeur g\u00e9n\u00e9ral, and their equivalents) and against what actually happened. A family that wants the 75% without anyone staying in the business is asking the statute for something it does not sell.<\/p>\n

Interposed companies complicate the same tests. Conservation can, under the article, be satisfied through holdings of holdings, but each layer has to be mapped. A break at a Luxembourg or Delaware floor, a buy-back that dilutes the collective threshold, or a merger that the family treated as \u201conly legal housekeeping\u201d can be a Dutreil event. The chart is part of the engagement, not a decoration.<\/p>\n

What the 75% does, and what it does not<\/h2>\n

The 75% is an exemption from gift and inheritance duties on the eligible titles. It is not an income-tax exemption on a later sale. It is not an IFI exemption. Professional-property tests for IFI are a different statute. Families who collapse Dutreil, IFI, and capital-gains relief into one \u201cbusiness is free\u201d sentence will mis-report at least one of the three. The live inventory of what still counts as taxable real estate sits in Vellum\u2019s note on French wealth tax IFI 2026<\/a>. A warehouse used in the operating company may raise both files. It does not answer both with the same sentence.<\/p>\n

Dutreil also does not freeze the value. A gift-sharing (donation-partage) can lock civil effects among heirs. The tax value remains a fact to defend. Earn-outs, put options, and family buy-sell notes that sit next to the Dutreil titles can change both value and conservation. A promise that \u201cthe children will sell to the fund in three years\u201d is often exactly the fact that sits poorly next to an individual conservation engagement. If a sale is the plan, Dutreil may be the wrong tool, or the timing has to be the statute\u2019s timing, not the banker\u2019s.<\/p>\n

Formalism is part of the substance. The donation deed or the inheritance declaration must be accompanied by a company attestation that the conditions were met on the transfer date. During the engagement the administration can demand a further attestation within a short statutory window. A final attestation is due after the individual engagement ends. Silence when the administration asks is not a minor paperwork miss. It is how a 75% exemption becomes a full-base reassessment plus interest.<\/p>\n

Audit risk: the holding that is only patrimonial<\/h2>\n

The typical audit story is a mismatch between language and activity. The family says it transmitted the group. The accounts show rents, listed dividends, and a Paris apartment in two SCIs, with no operating subsidiary to animate. Article 787 B never reached that chart. A second story is dilution: a capital increase or a dismemberment drops the locked voting block below 34%, nobody updates the pacte, and the exemption is still claimed. A third is direction in name only: the parent keeps the mandates, the child attends one board a year by video. Families who need a silent next generation should not use Dutreil as the silence device.<\/p>\n

Gifts, death, and the calendar families skip<\/h2>\n

Dutreil works on gifts and on death. The collective engagement must already be running at the transfer, except where the deemed-acquired mechanism applies. Waiting until the funeral to \u201cput a pacte in place\u201d is the expensive sequence. The cheap sequence is boring: map the activity, draft the collective engagement while the donor is alive and directing, keep the thresholds, then gift or wait. A donation before 70, or a donation with retention of usufruct, raises separate duty and IFI questions. Those are extra pages. They do not replace the 787 B tests.<\/p>\n

Cross-border donors add residence and treaty facts. A donor who is no longer a French tax resident may still transfer French-situs shares. A donor who is a French resident may transfer a foreign operating company that still has to pass the activity and conservation tests. Dutreil is a French duty relief. It is not a worldwide eraser of foreign inheritance tax. The country map and the 787 B memo have to sit on the same desk.<\/p>\n

A family-office checklist before anyone signs<\/h2>\n

List the companies on the chart and write, in one sentence each, the principal activity as the accounts and the minutes show it, not as the family prefers it. Flag any company whose activity is holding walls or paper. For each candidate company, collect the cap table, voting rights, and any dismemberment. Check whether a collective engagement already exists, on whom, from which date, and at which percentages. Name the person who will exercise the direction function, with the corporate title that actually exists. Name the heirs or donees who will take the individual engagement, and whether any of them already plans a sale, a move, or a refusal of the function.<\/p>\n

Then read article 787 B on L\u00e9gifrance as in force on the planned date, and the BOFiP comments that go with it. Do not rely on a slide that predates the last finance bill. Durations, attestation duties, and the treatment of mixed assets have been adjusted more than once. The Vellum Finance services<\/a> model is fee-only coordination among notaire, tax counsel, and the family: one map of activity, engagements, people, and the IFI overlay. That is not a substitute for the deed. It is what makes the deed answerable.<\/p>\n

The same three misses still dominate: a patrimonial holding treated as operating, a collective threshold that quietly slipped, and a direction function that existed only on a Christmas card.<\/p>\n

Conclusion<\/h2>\n

Pacte Dutreil succession France can take 75% of an operating company\u2019s gift or inheritance base out of mutation duties, under article 787 B CGI, if the activity is eligible and if collective then individual conservation engagements hold, with a real direction function. It does not rescue a purely patrimonial holding, it does not replace IFI analysis, and it does not survive a cap table that falls below the statutory floors. Read L\u00e9gifrance and BOFiP, keep attestations on a calendar, and let facts and counsel decide whether the 75% is available. The families who treat Dutreil as a signature page will meet the auditor. The families who treat it as an operating and conservation file will meet the notaire with a chart that can be defended.<\/p>\n

Discretion. Stability. Prosperity.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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