{"id":30104,"date":"2025-09-29T13:12:55","date_gmt":"2025-09-29T12:12:55","guid":{"rendered":"https:\/\/www.fbt-avocats.ch\/carton-rouge-en-cas-de-tresorerie-dormante\/"},"modified":"2025-12-08T10:04:05","modified_gmt":"2025-12-08T09:04:05","slug":"carton-rouge-en-cas-de-tresorerie-dormante","status":"publish","type":"post","link":"https:\/\/staging.fbt-avocats.ch\/en\/carton-rouge-en-cas-de-tresorerie-dormante\/","title":{"rendered":"Red card in case of dormant cash"},"content":{"rendered":"<div  class='avia-slideshow av-lpqtcuam-76906b30aa535219bbd7e5abbadb45f0 avia-slideshow-featured_large av_slideshow avia-slide-slider  avia-builder-el-0  el_before_av_heading  avia-builder-el-first  av-slideshow-ui av-control-default av-slideshow-manual av-loop-once av-loop-manual-endless av-default-height-applied avia-slideshow-1' data-slideshow-options=\"{&quot;animation&quot;:&quot;slide&quot;,&quot;autoplay&quot;:false,&quot;loop_autoplay&quot;:&quot;once&quot;,&quot;interval&quot;:5,&quot;loop_manual&quot;:&quot;manual-endless&quot;,&quot;autoplay_stopper&quot;:false,&quot;noNavigation&quot;:false,&quot;bg_slider&quot;:false,&quot;keep_padding&quot;:false,&quot;hoverpause&quot;:false,&quot;show_slide_delay&quot;:0}\"  itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><ul class='avia-slideshow-inner ' style='padding-bottom: 52.333333333333%;'><li  class='avia-slideshow-slide av-lpqtcuam-76906b30aa535219bbd7e5abbadb45f0__0  av-single-slide slide-1 slide-odd'><div data-rel='slideshow-1' class='avia-slide-wrap '   ><img fetchpriority=\"high\" class=\"wp-image-30099 avia-img-lazy-loading-not-30099\"  src='https:\/\/staging.fbt-avocats.ch\/wp-content\/uploads\/2025\/09\/Jerome-Bissardon_Dutreil-tresorerie-dormanteEN.png' width='1200' height='628' title='Jerome-Bissardon_Dutreil-tresorerie-dormanteEN' alt=''  itemprop=\"thumbnailUrl\"   \/><\/div><\/li><\/ul><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_heading-a8ff0e5456aa7496e1f3b2fc49f584a1\">\n#top .av-special-heading.av-av_heading-a8ff0e5456aa7496e1f3b2fc49f584a1{\npadding-bottom:10px;\nfont-size:26px;\n}\nbody .av-special-heading.av-av_heading-a8ff0e5456aa7496e1f3b2fc49f584a1 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-av_heading-a8ff0e5456aa7496e1f3b2fc49f584a1 .av-special-heading-tag{\nfont-size:26px;\n}\n.av-special-heading.av-av_heading-a8ff0e5456aa7496e1f3b2fc49f584a1 .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-av_heading-a8ff0e5456aa7496e1f3b2fc49f584a1 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-av_heading-a8ff0e5456aa7496e1f3b2fc49f584a1 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-av_heading-a8ff0e5456aa7496e1f3b2fc49f584a1 av-special-heading-h1 blockquote modern-quote  avia-builder-el-1  el_after_av_slideshow  el_before_av_hr  av-inherit-size'><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >Red card in case of dormant cash<\/h1><div class='av-subheading av-subheading_below'><p>Allnews &#8211; September 2025<br \/>\nJ\u00e9r\u00f4me Bissardon<\/p>\n<\/div><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lpqthvln-edf60761fad835755560d987abf79923\">\n#top .hr.hr-invisible.av-lpqthvln-edf60761fad835755560d987abf79923{\nheight:30px;\n}\n<\/style>\n<div  class='hr av-lpqthvln-edf60761fad835755560d987abf79923 hr-invisible  avia-builder-el-2  el_after_av_heading  el_before_av_button '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<div  class='avia-button-wrap av-lpqtm003-d7b56b41d984847753fd7dbe6595fde9-wrap avia-button-left  avia-builder-el-3  el_after_av_hr  el_before_av_hr '><a href='https:\/\/staging.fbt-avocats.ch\/wp-content\/uploads\/2025\/09\/Allnews_Jerome-Bissardon_Dutreil-tresorerie.pdf'  class='avia-button av-lpqtm003-d7b56b41d984847753fd7dbe6595fde9 av-link-btn avia-icon_select-no avia-size-large avia-position-left avia-color-theme-color'  target=\"_blank\"  rel=\"noopener noreferrer\"  aria-label=\"Download pdf (only available in French)\"><span class='avia_iconbox_title' >Download pdf (only available in French)<\/span><\/a><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lpqthvln-edf60761fad835755560d987abf79923\">\n#top .hr.hr-invisible.av-lpqthvln-edf60761fad835755560d987abf79923{\nheight:30px;\n}\n<\/style>\n<div  class='hr av-lpqthvln-edf60761fad835755560d987abf79923 hr-invisible  avia-builder-el-4  el_after_av_button  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-lpqt34bs-e4937d6ee6fb8bf73eb238b3b32b6052 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p>The Paris Court of Appeal highlights the central role of assessing whether an activity is eligible for the \u2018Dutreil\u2019 scheme by reference to the balance sheet analysis criterion. This position within the French legal framework will, in our view, have repercussions in cross-border situations between France and Switzerland.<\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-miwwp3hh-1eb2a7fb946c753bc3b7b67d177c3769\">\n#top .av-special-heading.av-miwwp3hh-1eb2a7fb946c753bc3b7b67d177c3769{\npadding-bottom:10px;\nfont-size:25px;\n}\nbody .av-special-heading.av-miwwp3hh-1eb2a7fb946c753bc3b7b67d177c3769 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-miwwp3hh-1eb2a7fb946c753bc3b7b67d177c3769 .av-special-heading-tag{\nfont-size:25px;\n}\n.av-special-heading.av-miwwp3hh-1eb2a7fb946c753bc3b7b67d177c3769 .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-miwwp3hh-1eb2a7fb946c753bc3b7b67d177c3769 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-miwwp3hh-1eb2a7fb946c753bc3b7b67d177c3769 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-miwwp3hh-1eb2a7fb946c753bc3b7b67d177c3769 av-special-heading-h2 blockquote modern-quote  avia-builder-el-6  el_after_av_textblock  el_before_av_hr  av-inherit-size'><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >Background and procedure<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lpqthvln-edf60761fad835755560d987abf79923\">\n#top .hr.hr-invisible.av-lpqthvln-edf60761fad835755560d987abf79923{\nheight:30px;\n}\n<\/style>\n<div  class='hr av-lpqthvln-edf60761fad835755560d987abf79923 hr-invisible  avia-builder-el-7  el_after_av_heading  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-lpqt34bs-e4937d6ee6fb8bf73eb238b3b32b6052 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p>The case concerns the partial exemption from the former ISF (French wealth tax) applicable to the securities of a company operating in the audiovisual sector and holding substantial cash reserves. The taxpayer challenged the tax authorities&#8217; refusal to grant this exemption. The Paris Judicial Court dismissed the claim, and the Paris Court of Appeal upheld the judgment in all respects. On appeal, the Court of Cassation overturned the Paris Court of Appeal&#8217;s ruling, finding that the Court had not provided a legal basis for its ruling and criticising it for failing to examine \u2018all the evidence relied upon by the taxpayer to demonstrate the primarily commercial nature of the company\u2019 (Com., 13 March 2024, No. 22-15.300). The case was then referred back to a differently composed panel of the Paris Court of Appeal, which once again confirmed the initial judgment in its entirety (CA Paris, 13 January 2025, div. 5, ch. 10, no. 22\/07624).<\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-miwwu5qe-2f33a90588b1a47e3fe5113d266133b8\">\n#top .av-special-heading.av-miwwu5qe-2f33a90588b1a47e3fe5113d266133b8{\npadding-bottom:10px;\nfont-size:25px;\n}\nbody .av-special-heading.av-miwwu5qe-2f33a90588b1a47e3fe5113d266133b8 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-miwwu5qe-2f33a90588b1a47e3fe5113d266133b8 .av-special-heading-tag{\nfont-size:25px;\n}\n.av-special-heading.av-miwwu5qe-2f33a90588b1a47e3fe5113d266133b8 .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-miwwu5qe-2f33a90588b1a47e3fe5113d266133b8 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-miwwu5qe-2f33a90588b1a47e3fe5113d266133b8 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-miwwu5qe-2f33a90588b1a47e3fe5113d266133b8 av-special-heading-h2 blockquote modern-quote  avia-builder-el-9  el_after_av_textblock  el_before_av_hr  av-inherit-size'><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >Reminder : The \u2018Dutreil\u2019 scheme<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lpqthvln-edf60761fad835755560d987abf79923\">\n#top .hr.hr-invisible.av-lpqthvln-edf60761fad835755560d987abf79923{\nheight:30px;\n}\n<\/style>\n<div  class='hr av-lpqthvln-edf60761fad835755560d987abf79923 hr-invisible  avia-builder-el-10  el_after_av_heading  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-lpqt34bs-e4937d6ee6fb8bf73eb238b3b32b6052 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p>Although issued in relation to the now abolished \u2018Dutreil-ISF\u2019 scheme, this ruling is entirely transposable to the \u2018Dutreil-transmission\u2019 scheme. It should be noted that this second scheme is undeniably attractive in that it reduces the tax burden associated with the transfer of a business via inheritance or donation by up to 75% (and sometimes even more).<\/p>\n<p>Provided for under Article 787 B of the French General Tax Code (CGI), the scheme is applicable, subject to several conditions, in particular the requirement that the company carry out an eligible activity. The company in question must therefore be primarily engaged in an industrial, commercial, craft, agricultural or liberal activity, which does not exclude the exercise of a civil and asset management activity as long as it is not predominant. It has been ruled on several occasions that preponderance must be assessed in the light of \u2018a set of indicators determined by the nature of the activity and the conditions under which it is carried out\u2019.<\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-miwwxs17-01f84b81012f420d41ef8d91a2097ace\">\n#top .av-special-heading.av-miwwxs17-01f84b81012f420d41ef8d91a2097ace{\npadding-bottom:10px;\nfont-size:25px;\n}\nbody .av-special-heading.av-miwwxs17-01f84b81012f420d41ef8d91a2097ace .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-miwwxs17-01f84b81012f420d41ef8d91a2097ace .av-special-heading-tag{\nfont-size:25px;\n}\n.av-special-heading.av-miwwxs17-01f84b81012f420d41ef8d91a2097ace .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-miwwxs17-01f84b81012f420d41ef8d91a2097ace .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-miwwxs17-01f84b81012f420d41ef8d91a2097ace .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-miwwxs17-01f84b81012f420d41ef8d91a2097ace av-special-heading-h2 blockquote modern-quote  avia-builder-el-12  el_after_av_textblock  el_before_av_hr  av-inherit-size'><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >Analysis of the 13 January 2025 ruling<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lpqthvln-edf60761fad835755560d987abf79923\">\n#top .hr.hr-invisible.av-lpqthvln-edf60761fad835755560d987abf79923{\nheight:30px;\n}\n<\/style>\n<div  class='hr av-lpqthvln-edf60761fad835755560d987abf79923 hr-invisible  avia-builder-el-13  el_after_av_heading  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-lpqt34bs-e4937d6ee6fb8bf73eb238b3b32b6052 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p>The Court of Appeal noted that, in this case, the company&#8217;s income derived mainly from its commercial activities. However, an examination of the company&#8217;s assets revealed that more than 90% of its gross assets consisted of cash and marketable securities. The Court noted that the investments made \u2018did not constitute assets necessary for the exercise of the business\u2019 and that the available funds \u2018were therefore not intended to cover, even in the future, any treasury requirements\u2019. It therefore considered that although these assets originated from the company\u2019s professional activity, they effectively constituted a genuine autonomous asset management activity. It is therefore on the basis of the balance sheet analysis as a determining factor that the judges confirmed the exclusion from the exemption.<\/p>\n<p>French-Swiss perspective: It should be noted that even where a company and its shareholders are located in Switzerland, inheritance and gift taxes may still apply in France in the following three situations:<\/p>\n<ul>\n<li>A business owner residing in Switzerland transfers a French company.<\/li>\n<li>A business owner residing in Switzerland transfers a Swiss company, while at least one or more heirs, legatees or donees reside in France.<\/li>\n<li>A business owner residing in France transfers a Swiss company.<\/li>\n<\/ul>\n<p>The ruling serves as a reminder that, for entrepreneurs, including those operating in a French-Swiss context, capitalising cash beyond the needs of operational activities or short-to medium-term investments in working capital may disqualify the company from benefiting from the exemption. This encourages entrepreneurs to plan any transfer operations \u2018upstream\u2019 to ensure that the conditions are met, in particular that of conducting an eligible activity as the company\u2019s main activity. It follows that so-called \u2018excess liquidity\u2019 and all other assets of the company not allocated to professional activities must, throughout the holding period (six years in total), be less than the market value of the operational assets. The balance sheet value index is therefore a decisive factor within the overall set of indicators that may qualify or disqualify the company for the partial exemption.<\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lpqthvln-edf60761fad835755560d987abf79923\">\n#top .hr.hr-invisible.av-lpqthvln-edf60761fad835755560d987abf79923{\nheight:30px;\n}\n<\/style>\n<div  class='hr av-lpqthvln-edf60761fad835755560d987abf79923 hr-invisible  avia-builder-el-15  el_after_av_textblock  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-m7kkz4pz-84aa1c405c73313048d6329b4cf920bf '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p style=\"text-align: right;\"><a href=\"https:\/\/staging.fbt-avocats.ch\/en\/portfolio-item\/jerome-bissardon\/\">J\u00e9r\u00f4me Bissardon<\/a><br \/>\nPartner, Paris<\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_heading-214293ecc75803cef32ca5a4ec32f750\">\n#top .av-special-heading.av-av_heading-214293ecc75803cef32ca5a4ec32f750{\npadding-bottom:10px;\nfont-size:20px;\n}\nbody .av-special-heading.av-av_heading-214293ecc75803cef32ca5a4ec32f750 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-av_heading-214293ecc75803cef32ca5a4ec32f750 .av-special-heading-tag{\nfont-size:20px;\n}\n.av-special-heading.av-av_heading-214293ecc75803cef32ca5a4ec32f750 .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-av_heading-214293ecc75803cef32ca5a4ec32f750 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-av_heading-214293ecc75803cef32ca5a4ec32f750 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-av_heading-214293ecc75803cef32ca5a4ec32f750 av-special-heading-h3 blockquote modern-quote modern-centered  avia-builder-el-17  el_after_av_textblock  el_before_av_hr  av-inherit-size'><h3 class='av-special-heading-tag '  itemprop=\"headline\"  >Partager sur LinkedIn<\/h3><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lpqthvln-2e2fa36faa97a09467bbe73150a11a71\">\n#top .hr.hr-invisible.av-lpqthvln-2e2fa36faa97a09467bbe73150a11a71{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-lpqthvln-2e2fa36faa97a09467bbe73150a11a71 hr-invisible  avia-builder-el-18  el_after_av_heading  el_before_av_one_fifth '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-2il6c92-659475ef011a8f768eb623e80e9b4c1f\">\n.flex_column.av-2il6c92-659475ef011a8f768eb623e80e9b4c1f{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-2il6c92-659475ef011a8f768eb623e80e9b4c1f av_one_fifth  avia-builder-el-19  el_after_av_hr  el_before_av_one_fifth  first flex_column_div av-zero-column-padding  '     ><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-29oszmu-714d6f38bd5b8e6f4196d6365a8ad9d0\">\n.flex_column.av-29oszmu-714d6f38bd5b8e6f4196d6365a8ad9d0{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-29oszmu-714d6f38bd5b8e6f4196d6365a8ad9d0 av_one_fifth  avia-builder-el-20  el_after_av_one_fifth  el_before_av_one_fifth  flex_column_div av-zero-column-padding  '     ><\/div>\n\n<style 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