{"id":1766,"date":"2009-04-14T16:57:11","date_gmt":"2009-04-14T14:57:11","guid":{"rendered":"https:\/\/www.toutsurmesfinances.com\/patrimoine\/a\/avantages-et-inconvenients-des-holdings-isf"},"modified":"2012-12-12T14:19:41","modified_gmt":"2012-12-12T14:19:41","slug":"avantages-et-inconvenients-des-holdings-isf","status":"publish","type":"post","link":"https:\/\/www.toutsurmesfinances.com\/patrimoine\/a\/avantages-et-inconvenients-des-holdings-isf","title":{"rendered":"Avantages et inconv\u00e9nients des holdings ISF"},"content":{"rendered":"<\/p>\n<p><strong>LES AVANTAGES<\/strong><\/p>\n<p><strong>&#8211; Diversification de l&rsquo;investissement<br \/><\/strong>La holding ISF ouvre droit \u00e0 une r\u00e9duction ISF qui procure l&rsquo;avantage de la diversification par rapport \u00e0 l&rsquo;investissement direct dans une PME. Elle permet en effet de prendre des participations dans plusieurs soci\u00e9t\u00e9s \u00e9ligibles.<\/p>\n<p><strong>&#8211; Seconde exon\u00e9ration d&rsquo;ISF induite<br \/><\/strong>Le dispositif comporte une seconde exon\u00e9ration d&rsquo;Imp\u00f4t de Solidarit\u00e9 sur le Fortune: la d\u00e9tention de titres non cot\u00e9s n&rsquo;entre pas dans l&rsquo;assiette de calcul de l&rsquo;ISF, ce qui est le cas des holdings ISF. Tant que vous d\u00e9tiendrez vos titres de holding, cette exon\u00e9ration persistera chaque ann\u00e9e.<\/p>\n<p>\u00ab En comparaison d&rsquo;un investissement dans un FIP ou FCPI, investir au capital d&rsquo;un holding ISF permet de b\u00e9n\u00e9ficier d&rsquo;un meilleur taux de r\u00e9duction fiscale, d&rsquo;une base de titres \u00e9ligibles sup\u00e9rieure et d&rsquo;un plafond de r\u00e9duction plus \u00e9lev\u00e9 \u00bb souligne Emmanuel Gaud\u00e9, PDG d&rsquo;ISF Croissance 2009.<\/p>\n<p><strong>&#8211; Liquidit\u00e9<br \/><\/strong>A l&rsquo;issue des 5ans et quelques mois de d\u00e9tention, les actionnaires de holding ISF peuvent trouver la liquidit\u00e9 de leur investissement sans entra\u00eener automatiquement la liquidation des participations d\u00e9tenues par celle-ci et ainsi continuer d&rsquo;accompagner les PME. En effet, la holding \u00e9tant soumise au droit des soci\u00e9t\u00e9s, elle n&rsquo;est dans la plupart des cas pas limit\u00e9e dans sa dur\u00e9e de vie. Les FIP\/FCPI\/FCPR ont quant \u00e0 eux l&rsquo;obligation de se liquider au bout de 7 \u00e0 9 ans.\u00a0<\/p>\n<p><strong>INCONVENIENTS<\/strong><\/p>\n<p><strong>&#8211; Frais de gestion<\/strong> <br \/>L&rsquo;int\u00e9gralit\u00e9 de votre souscription n&rsquo;est pas r\u00e9investie puisque les holdings supportant des frais d&rsquo;\u00e9mission, de fonctionnement (aux activit\u00e9s d&rsquo;investissement, de suivi des participations et de d\u00e9sinvestissement) et des commissions de placement qui peuvent \u00eatre per\u00e7ues par les prestataires de service d&rsquo;investissement effectuant le recueil de bulletins de souscription. C&rsquo;est le prix de la d\u00e9l\u00e9gation de la gestion des investissements dans les PME. Cela signifie que la r\u00e9duction ISF est de 75% mais sur la seule partie de l&rsquo;actif de la holding effectivement investi en PME.<\/p>\n<p><span style=\"text-decoration: underline;\">Exemple avec la holding ISF D\u00e9veloppement PME<\/span> : les frais \u00e9tant de 6,5%, la souscription d&rsquo;actions \u00e9mises par ISF D\u00e9veloppement PME ouvre droit pour le souscripteur \u00e0 une r\u00e9duction d&rsquo;ISF \u00e9gale \u00e0 93,5% x 75% = 70,125% de la valeur nominale des actions, dans la limite d&rsquo;un plafond de d\u00e9duction de 50.000 euros.<\/p>\n<p>Ces frais peuvent cependant se justifier. \u00ab\u00a0Si le taux de d\u00e9fiscalisation \u00e9tait de 75%, l&rsquo;int\u00e9gralit\u00e9 des sommes devrait \u00eatre investie dans les entreprises avant juin 2009 et le suivi actif du portefeuille serait impossible compte tenu de l&rsquo;absence totale de r\u00e9serves ce qui fragiliserait les investissements r\u00e9alis\u00e9s\u00a0\u00bb, remarque Oterma Participations.<\/p>\n<p><strong>&#8211; Absence de libert\u00e9 d&rsquo;arbitrage des investissements pendant 5 ans<\/strong><br \/>La Chambre nationale des conseillers en investissements financiers (CNCIF) rel\u00e8ve qu&rsquo;une \u00ab grande diff\u00e9rence entre les FIP\/FCPI\/FCPR d&rsquo;une part et la Holding de l&rsquo;autre tient dans l&rsquo;obligation pour la seconde de ne pas toucher, sauf dans des cas sp\u00e9cifi\u00e9s, \u00e0 ses participations jusqu&rsquo;\u00e0 la fin de la 5\u00e8me ann\u00e9e suivant la date de l&rsquo;investissement \u00bb. Les FIP\/FCPI\/FCPR peuvent faire \u00e9voluer leur portefeuille de soci\u00e9t\u00e9s \u00e9ligibles avec pour seule obligation de respecter les quotas sp\u00e9cifi\u00e9s au moment de l&rsquo;investissement. \u00ab L&rsquo;impossibilit\u00e9 de faire \u00e9voluer son portefeuille pendant une aussi longue p\u00e9riode repr\u00e9sente un facteur de risque suppl\u00e9mentaire pour la holding en ce qu&rsquo;il emp\u00eache de proc\u00e9der aux arbitrages impos\u00e9s par les \u00e9volutions de la vie des soci\u00e9t\u00e9s du portefeuille \u00bb, en conclut la CNCIF.<\/p>\n<p><strong>&#8211; Fiscalit\u00e9 des dividendes<\/strong><br \/>Contrairement aux FIP\/FCPI\/FCPR, la Holding ne permet pas de b\u00e9n\u00e9ficier de l&rsquo;exon\u00e9ration de la taxation des dividendes, ni de celle sur le boni de liquidation.<br \/>\u00a0<\/p>\n<table width=\"100%\" cellpadding=\"5\" border=\"0\" style=\"background-color: #e0e0dd; border: #b0b0b0 thin solid;\">\n<tbody>\n<tr>\n<td>\n<p><strong>Dossier holdings ISF &#8211; A lire aussi<br \/><\/strong><br \/><strong><span style=\"text-decoration: underline;\"><\/span><\/strong><\/p>\n<p>&#8211; <a target=\"_blank\" href=\"https:\/\/www.toutsurmesfinances.com\/patrimoine\/a\/les-regimes-matrimoniaux\"><strong>Comment souscrire ?<\/strong><\/a><\/p>\n<p><strong>&#8211; <\/strong><strong>Rappel du principe de l&rsquo;investissement dans une holding ISF<\/strong><\/p>\n<p><strong>&#8211; <a target=\"_blank\" href=\"https:\/\/www.toutsurmesfinances.com\/patrimoine\/a\/l-ouverture-du-testament-par-le-notaire\"><strong>L&rsquo;interview d&rsquo;Emmanuel Gaud\u00e9, pr\u00e9sident du holding ISF Croissance 2009<\/strong><\/a><\/strong><\/p>\n<p>&#8211; <strong>L&rsquo;impact des textes discut\u00e9s au Parlement<\/strong><\/p>\n<p>&#8211; <a target=\"_blank\" href=\"https:\/\/www.toutsurmesfinances.com\/patrimoine\/a\/l-inventaire\"><strong>Les liens utiles &#8211; en savoir plus<\/strong><\/a><\/p>\n<p>&#8211; <strong>Dossier sp\u00e9cial TEPA ISF 2009 : jusqu&rsquo;\u00e0 mi-juin pour investir dans des PME<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00a0<\/p>\n<table width=\"100%\" cellpadding=\"5\" border=\"0\" style=\"background-color: #e0e0dd; border: #b0b0b0 thin solid;\">\n<tbody> <\/tbody>\n<\/table>\n<p><table width=\"100%\" cellpadding=\"5\" border=\"0\" style=\"background-color: #e0e0dd; border: #b0b0b0 thin solid;\"> <\/table><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Le principe de la holding ISF rec\u00e8le, comme tout placement financier, des avantages et inconv\u00e9nients qui incommoderont plus au moins le redevable de l&rsquo;ISF en fonction de sa situation. Revue de d\u00e9tail par la r\u00e9daction de Tout sur l&rsquo;ISF.<\/p>\n","protected":false},"author":13709,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[],"class_list":["post-1766","post","type-post","status-publish","format-standard","hentry","category-fiscalite"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Avantages et inconv\u00e9nients des holdings ISF<\/title>\n<meta name=\"description\" content=\"Avantages et inconv\u00e9nients des holdings ISF\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.toutsurmesfinances.com\/patrimoine\/a\/avantages-et-inconvenients-des-holdings-isf\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta 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Brunet","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.toutsurmesfinances.com\/patrimoine\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/59a19214b7bb3163a27d873fa61f9a80?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/59a19214b7bb3163a27d873fa61f9a80?s=96&d=mm&r=g","caption":"Olivier Brunet"},"description":"Olivier Brunet est cofondateur de\u00a0ToutSurMesFinances.com\u00a0et r\u00e9dacteur en chef sp\u00e9cialis\u00e9 en placements et fiscalit\u00e9\u00a0des particuliers. Pr\u00e9sent\u00a0au sein du\u00a0m\u00e9dia\u00a0depuis sa cr\u00e9ation, il en est l\u2019un des piliers \u00e9ditoriaux. Il analyse les strat\u00e9gies d\u2019investissement,\u00a0suit\u00a0les \u00e9volutions fiscales et les\u00a0probl\u00e9matiques\u00a0patrimoniales\u00a0avec une vision long terme, forg\u00e9e par des ann\u00e9es de pratique et de suivi des march\u00e9s.\u00a0","sameAs":["https:\/\/www.toutsurmesfinances.com\/author\/olivier","https:\/\/www.linkedin.com\/in\/obrunet\/"]}]}},"_links":{"self":[{"href":"https:\/\/www.toutsurmesfinances.com\/patrimoine\/wp-json\/wp\/v2\/posts\/1766","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.toutsurmesfinances.com\/patrimoine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.toutsurmesfinances.com\/patrimoine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.toutsurmesfinances.com\/patrimoine\/wp-json\/wp\/v2\/users\/13709"}],"replies":[{"embeddable":true,"href":"https:\/\/www.toutsurmesfinances.com\/patrimoine\/wp-json\/wp\/v2\/comments?post=1766"}],"version-history":[{"count":1,"href":"https:\/\/www.toutsurmesfinances.com\/patrimoine\/wp-json\/wp\/v2\/posts\/1766\/revisions"}],"predecessor-version":[{"id":2265,"href":"https:\/\/www.toutsurmesfinances.com\/patrimoine\/wp-json\/wp\/v2\/posts\/1766\/revisions\/2265"}],"wp:attachment":[{"href":"https:\/\/www.toutsurmesfinances.com\/patrimoine\/wp-json\/wp\/v2\/media?parent=1766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.toutsurmesfinances.com\/patrimoine\/wp-json\/wp\/v2\/categories?post=1766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.toutsurmesfinances.com\/patrimoine\/wp-json\/wp\/v2\/tags?post=1766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}