The disappearance of the Pinel scheme on December 31, 2024, and the enforcement of the rental ban on G-rated housing starting January 1, 2025, have reshuffled asset management priorities. Managing and enhancing one’s assets in 2024 and beyond requires thinking in terms of net returns, asset liquidity, and regulatory compliance, rather than tax reduction.
EPC and asset liquidity: the risk that wealth assessments underestimate
The energy performance diagnosis is no longer just an administrative document. From January 1, 2025, a G-rated property can no longer be offered for rent in the cases specified by regulations. F-rated properties will follow in 2028, and E-rated properties in 2034.
The impact is not limited to rental income. An unfavorable EPC reduces the market value of the property and complicates its resale. An owner who retains an energy-intensive asset without undertaking renovations sees their asset liquidity gradually deteriorate. The depreciation at resale often exceeds the cost of energy renovation work.
We recommend integrating the EPC as a priority sorting criterion in any asset audit. Even before deciding between real estate and financial investments, the question to resolve is this: is each directly held property compliant with the regulatory timeline, or does it represent a latent liability?
The measure includes exceptions and adjustments based on the size of the property and the type of lease. These regulatory nuances deserve a case-by-case analysis, particularly for small spaces where the EPC calculation method has undergone corrections. Specialized resources like guidepatrimoine.net allow tracking these developments and refining one’s strategy based on the actual composition of their real estate assets.
Rental investment without tax incentives: rethinking profitability
The end of the Pinel scheme requires a different approach. Without tax reduction to offset a high purchase price for new properties, gross rental yield becomes the primary selection criterion. Location quality, rental market tension, and medium-term resale potential: these fundamentals take precedence over tax structuring.
The Jeanbrun scheme, introduced by the 2026 finance law, opens a new framework for unfurnished rentals. It does not replace the Pinel but offers a different mechanism focused on rental conditions and the energy performance of the property. Its relevance heavily depends on the investor’s tax profile and the geographical area of the property.
The SCPI alternative is becoming more relevant for portfolios seeking real estate exposure without direct management. Selection should focus on specific indicators:
- The financial occupancy rate, which reflects the SCPI’s actual capacity to generate rents across its entire portfolio
- The distribution policy and the level of retained earnings, which indicate the regularity of distributed income
- The recent acquisition strategy, particularly the geographical and sectoral diversification of the portfolio
Comparing direct real estate and SCPI requires reasoning in terms of net yield after fees, taxes, and management time. A self-managed rental property shows a higher gross yield, but the time spent and uncertainties (vacancy, unpaid rents, renovations) significantly erode actual performance.
PER and life insurance: tax adjustments to recalibrate
The retirement savings plan remains a lever for deducting taxable income, but the 2026 finance law has eliminated the deduction for PER contributions after age 70. This change directly targets transmission strategies that used the PER as a tool for late tax exemption.
For taxpayers in a high marginal tax bracket, making a PER contribution before December 31 remains advantageous. However, a PER contribution without prior analysis of the exit taxation can negate the entry gain. Capital withdrawals are taxed at the progressive rate, while annuity withdrawals are subject to a specific regime. The decision depends on projected retirement income.
Life insurance now benefits from a flat tax rate of 30%, compared to 31.4% for other capital income since 2026. This seemingly modest difference creates a relative advantage for life insurance contracts held for more than eight years, where the annual allowance on gains adds to this differential.
Property deficit and renovation work: an extended window until 2027
The enhanced property deficit mechanism, which allows for a higher amount of expenses to be deducted from overall income when the work improves the energy performance of the property, has been extended until 2027. This window concerns landlords who renovate properties rated E, F, or G.
Combining energy renovation and property deficit transforms a regulatory constraint into a tax lever. The owner improves the EPC of the property (and thus its future liquidity), while reducing their taxable income in the year of the work. The condition: that the expenses are actually paid before the end of the fiscal year.
- Thermal insulation work from the outside or replacement of joinery, directly linked to the gain in EPC class
- Installation of a high-performance heating system, eligible for the property deficit if the property is rented unfurnished
- Prior energy audit to document the class jump and secure the tax file in case of inspection
The transmission of assets remains a frequent blind spot. Inheritance allowances and the scale of duties have not changed with the 2026 finance law, but tax-exempt family gifts for the acquisition of new housing or energy renovation represent an option to activate before their expiration. Checking each year the alignment between the holding structure and transmission objectives avoids additional tax costs during succession.
Effective asset management in 2024 and beyond relies less on accumulating schemes and more on the coherence between each held asset, its actual taxation, and its liquidity horizon. A property compliant with the EPC timeline, a PER calibrated to the effective marginal rate, and life insurance adjusted according to the holding period: each component of the portfolio must justify its place by its net contribution, not by its label.
