When filing their income tax return online, some taxpayers discover that box 8UU (accounts opened, held, used or closed abroad) or box 8TT (capitalisation or life insurance contracts taken out abroad) is already ticked, as is the line for form no. 3916 among the additional returns. This is generally neither chance nor a mistake: the tax authorities have received information that the household holds an account or a contract abroad.
This article explains what these boxes mean, where the pre-ticking comes from, the possible situations, how the box can, where appropriate, be unticked, and what is at stake if an account has not been reported. Before any decision, whether to untick the box or to report accounts, it is useful to have one’s situation analysed by a lawyer.
In brief
- Box 8UU covers accounts opened, held, used or closed abroad, including digital asset accounts; box 8TT covers life insurance or capitalisation contracts taken out abroad.
- Pre-ticking most often results from the automatic exchange of information: a foreign institution has reported an account or a contract in the name of a member of the household.
- It may concern an account held directly, an account over which a power of attorney is held, or an account with a neobank or platform established abroad.
- An unreported account in principle exposes the taxpayer to a fine of €1,500 per account and per year (€10,000 in certain States), and the tax reassessed may be increased by 80%.
- Unticking the box is in principle possible, but this decision deserves to be preceded by a review of all the household’s accounts, ideally with a lawyer.
Contents
What do boxes 8UU and 8TT mean?
On income tax return no. 2042, in the “Miscellaneous” section, two boxes concern assets held outside France:
| Box | What it covers | Additional return |
|---|---|---|
| 8UU | Accounts opened, held, used or closed abroad, including digital asset (cryptocurrency) accounts | Form no. 3916-3916 bis |
| 8TT | Capitalisation or life insurance contracts taken out, amended or terminated with bodies established outside France | Form no. 3916-3916 bis |
These boxes are linked to the obligation to report, every year, accounts and contracts held abroad (articles 1649 A and 1649 AA of the French General Tax Code). The guide to form 3916 details its content, and the article which foreign bank accounts must be reported? explains which accounts are concerned.
Why is the box pre-ticked?
Every year France receives information on accounts held abroad by its residents, under the automatic exchange of bank data (CRS). When the tax authorities have information that a member of the household holds an account or a contract abroad, they pre-tick the corresponding box, as well as the line for form no. 3916 among the additional returns.
Pre-ticking may concern an account of which the taxpayer is the holder, but also an account over which they hold a power of attorney or of which they are the beneficial owner. It often concerns accounts opened online with neobanks or platforms established outside France, sometimes forgotten (see the article on forgetting to report Revolut, N26, eToro, Wise or Degiro accounts), or accounts opened long ago, for instance during a stay abroad or in connection with an inheritance.
Three possible situations
Faced with a pre-ticked box, three situations may in principle arise:
| Situation | Points to examine |
|---|---|
| No account or contract abroad in the household | The box can in principle be unticked; it may be useful to keep a record of the checks carried out. |
| Doubt as to whether an account exists (power of attorney, a relative’s account, neobank, platform) | A review of all accounts, ideally with a lawyer, generally makes it possible to clear up the doubt before any decision. |
| One or more accounts or contracts held abroad | Accounts and contracts must in principle be reported on form no. 3916-3916 bis; if earlier years were not reported, the situation deserves to be analysed with a lawyer. |
Who is subject to the reporting obligation?
The obligation in principle applies to individuals, associations and non-commercial companies (for example SCIs) domiciled or established in France, for accounts opened, held, used or closed abroad during the year. Commercial companies and persons who are not tax-domiciled in France are, as a general rule, not subject to it. Certain online payment accounts used for purchases or sales, linked to an account opened in France and whose annual receipts do not exceed €10,000, are in principle exempt.
How can the box be unticked?
In the online return, a pre-ticked box 8UU or 8TT usually appears greyed out and cannot be unticked directly. It is in principle linked to the line “Return by a resident of an account opened outside France (no. 3916)”, which appears among the additional returns (déclarations annexes), at step 3 of the return.
Depending on the interface in force, unticking this line among the additional returns in principle unticks the corresponding box, after which the return can be completed. This step is only relevant if the household holds no account or contract that must be reported: in case of doubt, a prior review, ideally with a lawyer, may avoid significant consequences.
What are the risks if an account is not reported?
The main penalties provided for by the French General Tax Code are summarised below; the article on fines for not reporting a foreign account presents them in detail.
| Failure | Penalty in principle | Provision (CGI) |
|---|---|---|
| Foreign account not reported | Fine of €1,500 per account and per year, increased to €10,000 for an account located in a State that has not concluded an administrative assistance agreement with France | Article 1736 IV |
| Life insurance or capitalisation contract taken out abroad not reported | Fine of €1,500 per contract and per year, increased to €10,000 in the same cases | Article 1766 |
| Digital asset account opened abroad not reported | Fine of €750 per account, increased to €1,500 where the value of the account exceeds €50,000 | Article 1736 X |
| Tax reassessed on undeclared assets | 80% surcharge | Article 1729-0 A |
What is at stake in a possible regularisation
Where accounts have not been reported, a regularisation may, depending on the case, be considered; whether and how to proceed deserves to be examined with a lawyer. Several aspects are generally analysed:
- the origin of the funds, to which the tax authorities often pay close attention, and the documents that can establish it;
- the income generated by the foreign assets (interest, dividends, capital gains, rents), which in principle must be reported every year in France, even where it has been taxed abroad;
- the real estate wealth tax (IFI), and the wealth tax (ISF) for years before 2018, where the foreign assets fall within its scope;
- the reassessment period, in principle extended to ten years for an unreported account, except where the total balance of the accounts did not exceed €50,000 at any time during the year;
- the fines and surcharges that may apply.
FAQ
Box 8UU is pre-ticked although I have no account abroad: is this a mistake?
It is possible, but rare. Pre-ticking generally results from information received from abroad: it may concern a forgotten account, a neobank account, a power of attorney or the account of another member of the household. A full review in principle makes it possible to clear up the doubt.
Is it possible to simply untick the box?
Technically, it is in principle possible, by unticking the line for form no. 3916 among the additional returns. But if an account should have been reported, unticking the box removes neither the obligation nor the possible penalties. The decision deserves to be taken after a review, ideally with a lawyer.
Is a Revolut, N26 or Wise account concerned?
In principle yes, where the institution that keeps the account is located outside France: depending on the entity with which the contract was concluded, the account may be a foreign account that must be reported.
What happens if an account held abroad is not reported?
A fine of €1,500 per account and per year is in principle incurred (€10,000 in certain States), and the tax reassessed on undeclared income or assets may be increased by 80%. The period during which the tax authorities can act is in principle extended to ten years, subject to exceptions.
Is an account closed during the year concerned?
In principle yes: the obligation covers accounts opened, held, used or closed abroad during the year concerned.
