For tax purposes, Total shareholders, who are residents of France and who acquired their shares through the 1999 public exchange offers for PetroFina and Elf Aquitaine, are required to fulfill certain obligations in order to qualify for rollover relief on the related capital gains. However, the same does not apply to Total shares acquired in 2000 in connection with the Elf Aquitaine squeeze-out and to the second PetroFina public exchange offer, due to a change in French tax rules since January 1, 2000 whereby rollover relief on capital gains has been replaced by a system of deferred taxation.
For shareholders who applied for rollover relief on the capital gains arising from the 1999 public exchange offer:
If the TotalFinaElf (now named Total) shares have not been sold or transferred (as a gift or an inheritance), you will not be required to file a specific tax return. You should simply confirm that the amount printed on your personal income tax return is correct.
If the TotalFinaElf (now named Total) shares have been transferred (as a gift or an inheritance), you should:
- Report the expiration of the rollover relief on form 2074-I, indicating the amount of the capital gain that no longer qualifies for relief.
- File this form with your 2007 personal income tax return.
Because the shares have been transferred, the capital gain will not be taxable.
If all or some of the TotalFinaElf (now named Total) shares have been sold:
- If the total value of securities sold by you or other members of your taxable household during 2007 did not exceed €20,000, you will not be taxed on the capital gains previously qualifying for rollover relief. You should simply report the expiration of the rollover relief on form 2074-I and file this form with your 2007 personal income tax return.
- If the total value of securities sold by you or other members of your taxable household during 2007 exceeded €20,000, you will be taxed on the capital gains previously qualifying for rollover relief. You should report the expiration of the rollover relief on form 2074-I and the amount of the taxable gains on form 2074. The two forms should be filed with your 2007 personal income tax return.
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Link to tax forms
