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| 1 | --- |
| 2 | name: fr-capital-gains |
| 3 | description: > |
| 4 | French capital gains, investment income, and equity compensation tax rules. |
| 5 | Trigger on phrases like "plus-values mobilières", "PFU", "flat tax", "prélèvement forfaitaire unique", |
| 6 | "dividendes France", "intérêts", "revenus de capitaux mobiliers", "RCM", |
| 7 | "PEA", "plan d'épargne en actions", "assurance-vie", "rachat assurance-vie", |
| 8 | "abattement 40% dividendes", "option barème", "prélèvements sociaux", |
| 9 | "RSU France", "actions gratuites", "AGA", "BSPCE", "stock-options", |
| 10 | "PEE", "PERCO", "épargne salariale", "abondement employeur", |
| 11 | "gain d'acquisition", "equity salarial", "PER sortie capital", |
| 12 | "PV mobilières", "cession de titres", "compte-titres ordinaire", "CTO". |
| 13 | Covers PFU vs barème arbitrage, dividends, interest, capital gains on securities, |
| 14 | PEA, assurance-vie rachats, RSU/BSPCE/stock-options, PEE/PERCO, and the |
| 15 | differentiated PS rates under LFSS 2026. For crypto see fr-crypto-tax. |
| 16 | version: 1.0 |
| 17 | jurisdiction: FR |
| 18 | tax_year: 2025 |
| 19 | category: international |
| 20 | --- |
| 21 | |
| 22 | # France — Capital Gains, Investment Income & Equity Compensation v1.0 |
| 23 | |
| 24 | > **Based on work by [Romain Simon (@romainsimon)](https://github.com/romainsimon/paperasse)**, licensed under MIT. Adapted for the OpenAccountants format. |
| 25 | |
| 26 | > **Disclaimer:** This skill is for informational purposes only and does not constitute tax advice. All positions must be reviewed and signed off by a qualified expert-comptable or avocat fiscaliste before filing. Get this reviewed at **openaccountants.com**. |
| 27 | |
| 28 | --- |
| 29 | |
| 30 | ## Section 1 — Quick Reference |
| 31 | |
| 32 | | Field | Value | |
| 33 | |---|---| |
| 34 | | Country | France | |
| 35 | | Taxes covered | PFU (flat tax), prélèvements sociaux (PS), barème option on capital income | |
| 36 | | Currency | EUR only | |
| 37 | | Tax year | Calendar year | |
| 38 | | Key forms | 2042, 2042-C, 2074, 2042-IFI | |
| 39 | | Primary legislation | art. 200 A CGI (PFU), art. 158-3° CGI (40% abattement), art. 150-0 A CGI (PV mobilières) | |
| 40 | |
| 41 | --- |
| 42 | |
| 43 | ## Section 2 — PFU vs Barème: The Fundamental Arbitrage |
| 44 | |
| 45 | ### Default: PFU (Prélèvement Forfaitaire Unique / Flat Tax) |
| 46 | |
| 47 | | Income type | IR component | PS component (revenus 2025) | Total PFU | |
| 48 | |---|---|---|---| |
| 49 | | Dividends | 12.8% | 17.2% | **30.0%** | |
| 50 | | Interest (RCM) | 12.8% | 17.2% | **30.0%** | |
| 51 | | Capital gains on securities (PV mobilières) | 12.8% | 18.6% | **31.4%** | |
| 52 | | PEA gains (exit after 5 yr) | 0% (exempt) | 17.2% → 18.6% from 01/01/2026 | 17.2% or 18.6% | |
| 53 | |
| 54 | ### Differentiated PS rates (LFSS 2026) |
| 55 | |
| 56 | LFSS 2026 (loi n° 2025-1403, art. 12) raised CSG from 9.2% to 10.6% (PS total: 17.2% → 18.6%), with **two different effective dates:** |
| 57 | |
| 58 | | Category | Legal basis | PS on 2025 income | PS on 2026+ income | Effective PFU 2025 | |
| 59 | |---|---|---|---|---| |
| 60 | | **Revenus du patrimoine** (capital gains, crypto, LMNP) | L. 136-6 CSS | **18.6%** | 18.6% | **31.4%** | |
| 61 | | **Produits de placement** (dividends, interest, PEA exit, PER capital) | L. 136-7 CSS | 17.2% | **18.6% from 01/01/2026** | 30.0% | |
| 62 | | **Unchanged** (AV, bare rental, SCPI, old PEL/CEL) | — | 17.2% | 17.2% | — | |
| 63 | |
| 64 | ### Option barème (progressive rates) |
| 65 | |
| 66 | On election (global and irrevocable for the year), all capital income is taxed at the progressive IR schedule instead of 12.8%. |
| 67 | |
| 68 | **Benefits of barème:** |
| 69 | - 40% abattement on dividends (art. 158-3° CGI) |
| 70 | - CSG déductible 6.8% in N+1 (economy = 6.8% × base × TMI in N+1) |
| 71 | |
| 72 | **Quick guidance:** |
| 73 | |
| 74 | | TMI | Recommendation | Reason | |
| 75 | |---|---|---| |
| 76 | | 0% or 11% | Barème | Low bracket + 40% dividend abattement + deductible CSG | |
| 77 | | 30% | Compute both | Depends on composition (dividends vs interest vs gains) | |
| 78 | | 41% or 45% | PFU | Flat 12.8% < 41%/45% bracket | |
| 79 | |
| 80 | **Critical rule:** the barème option is **global** (all capital income for the year) and **irrevocable**. Never recommend without checking the full composition. |
| 81 | |
| 82 | ### Worked comparison — Single, TMI 30%, EUR 10,000 dividends (2025) |
| 83 | |
| 84 | **Under PFU (dividends = produits de placement, PS 17.2%):** |
| 85 | |
| 86 | | Component | Amount | |
| 87 | |---|---| |
| 88 | | IR: 10,000 × 12.8% | 1,280 | |
| 89 | | PS: 10,000 × 17.2% | 1,720 | |
| 90 | | **Total** | **3,000** | |
| 91 | |
| 92 | **Under barème:** |
| 93 | |
| 94 | | Component | Amount | |
| 95 | |---|---| |
| 96 | | Taxable base: 10,000 × (1 − 40%) | 6,000 | |
| 97 | | IR: 6,000 × 30% | 1,800 | |
| 98 | | PS: 10,000 × 17.2% | 1,720 | |
| 99 | | CSG déductible N+1: 10,000 × 6.8% × 30% | −204 | |
| 100 | | **Net total** | **3,316** | |
| 101 | |
| 102 | → PFU more favourable (EUR 3,000 < EUR 3,316) despite the 40% abattement. |
| 103 | |
| 104 | --- |
| 105 | |
| 106 | ## Section 3 — Types of Capital Income |
| 107 | |
| 108 | ### Dividends (case 2DC) |
| 109 | |
| 110 | - Default PFU 30% (2025); rising to 31.4% from dividends received in 2026 |
| 111 | - Option barème: 40% abattement + progressive IR + PS |
| 112 | - Foreign dividends: may carry withholding tax from source country — credit under tax treaty |
| 113 | |
| 114 | ### Interest / RCM (case 2TR) |
| 115 | |
| 116 | - Bonds, crowdfunding interest, taxable savings accounts, term deposits |
| 117 | - PFU or barème on option. **No abattement** (unlike dividends) |
| 118 | - Crowdfunding immobilier: taxed as RCM, not rental income |
| 119 | - Livrets réglementés (Livret A, LDDS, LEP): **fully exempt** from IR and PS |
| 120 | |
| 121 | ### Capital gains on securities (case 3VG) |
| 122 | |
| 123 | - Net gain on sale of shares, partnership interests, UCITS |
| 124 | - PFU or barème on option |
| 125 | - Holding period abattements: **only for shares acquired before 2018 AND barème option** |
| 126 | - Director retirement abattement: EUR 500,000 lump sum under strict conditions |
| 127 | |
| 128 | --- |
| 129 | |
| 130 | ## Section 4 — PEA (Plan d'Épargne en Actions) |
| 131 | |
| 132 | ### Contribution ceilings |
| 133 | |
| 134 | | Plan | Ceiling | |
| 135 | |---|---| |
| 136 | | PEA classique | EUR 150,000 | |
| 137 | | PEA-PME | Combined PEA + PEA-PME ≤ EUR 225,000 | |
| 138 | | PEA jeune (adult child attached to household) | EUR 20,000 | |
| 139 | |
| 140 | Ceilings apply to **contributions**, not plan value. A plan can exceed EUR 150,000 through gains. |
| 141 | |
| 142 | ### Tax treatment by plan age |
| 143 | |
| 144 | | Plan age | Withdrawal effect | IR | PS | |
| 145 | |---|---|---|---| |
| 146 | | < 5 years | **Closure** of plan | PFU 12.8% (or barème) | 17.2% | |
| 147 | | ≥ 5 years | Free withdrawals, no closure | **Exempt** | 17.2% (→ 18.6% from 01/01/2026) | |
| 148 | |
| 149 | After 5 years: **total IR exemption on gains**. Only PS are due at each withdrawal. |
| 150 | |
| 151 | PS from 01/01/2026: **18.6%** on total gain at withdrawal (including gain accrued before 2026). PEA gains are "produits de placement" (L. 136-7 CSS). |
| 152 | |
| 153 | **Eligible assets:** European equities (EU + EEA), UCITS with ≥75% European equities, eligible European ETFs. Non-eligible: US/Asian stocks, bonds, gold, crypto. |
| 154 | |
| 155 | --- |
| 156 | |
| 157 | ## Section 5 — Assurance-Vie (Life Insurance) — Taxation of Withdrawals (Rachats) |
| 158 | |
| 159 | ### Proportionality principle |
| 160 | |
| 161 | A partial withdrawal does **not** extract only non-taxable capital. It extracts a **proportional** fraction of gains and capital. |
| 162 | |
| 163 | ``` |
| 164 | taxable_gain_portion = (total_gains / total_contract_value) × withdrawal_amount |
| 165 | ``` |
| 166 | |
| 167 | ### Annual abattement after 8 years |
| 168 | |
| 169 | | Situation | Annual abattement | |
| 170 | |---|---| |
| 171 | | Single, widowed, divorced | EUR 4,600 | |
| 172 | | Couple (joint filing) | EUR 9,200 | |
| 173 | |
| 174 | Condition: 8 years of **contract** age (not contribution age). Renewable each calendar year. |
| 175 | |
| 176 | ### Tax rates by contribution date |
| 177 | |
| 178 | **Contributions after 27 September 2017:** |
| 179 | |
| 180 | | Situation | Rate | |
| 181 | |---|---| |
| 182 | | Contract < 8 years | PFU 30% (12.8% IR + 17.2% PS) | |
| 183 | | Contract ≥ 8 years, total contributions < EUR 150,000 | 24.7% (7.5% IR + 17.2% PS) after abattement | |
| 184 | | Contract ≥ 8 years, total contributions ≥ EUR 150,000 | 30% on fraction above EUR 150,000 of **net contributions** | |
| 185 | |
| 186 | The EUR 150,000 threshold is assessed across **all AV contracts** of the household. |
| 187 | |
| 188 | **Contributions before 27 September 2017:** Degressive PFL rates (35% / 15% / 7.5%) by contract age. |
| 189 | |
| 190 | **PS rate on AV: 17.2% unchanged** (excluded from LFSS 2026 increase). |
| 191 | |
| 192 | ### Strategy: optimised withdrawals after 8 years |
| 193 | |
| 194 | Spread withdrawals to stay within the annual abattement (EUR 9,200 couple). Example: need EUR 50,000 over 5 years → EUR 10,000/year optimises the abattement if gain portion ≤ abattement per withdrawal. |
| 195 | |
| 196 | --- |
| 197 | |
| 198 | ## Section 6 — RSU / AGA (Restricted Stock Units / Actions Gratuites) |
| 199 | |
| 200 | ### Two distinct taxable events |
| 201 | |
| 202 | **1. Gain d'acquisition (at vesting)** |
| 203 | |
| 204 | | Attribute | Detail | |
| 205 | |---|---| |
| 206 | | Nature | **Salary income** (traitements et salaires) | |
| 207 | | 2042 box | 1TT / 1UT | |
| 208 | | Tax | Progressive IR schedule (after 10% salary abattement on total salaries) | |
| 209 | | Social contributions | CSG/CRDS 9.7% + salarial contribution 10% (qualifying plans, within caps) | |
| 210 | |
| 211 | **2. Plus-value de cession (at sale)** |
| 212 | |
| 213 | | Attribute | Detail | |
| 214 | |---|---| |
| 215 | | Nature | PV mobilière | |
| 216 | | Tax | PFU **31.4%** for disposals from 2025 (12.8% IR + 18.6% PS) or barème on option | |
| 217 | | Qualification | "Revenus du patrimoine" (L. 136-6 CSS) → PS 18.6% from 2025 | |
| 218 | |
| 219 | **Classic trap:** treating the acquisition gain as a standard capital gain. It is first and foremost **salary** (barème), subject to CSG 9.7% and salarial contribution 10%. Only the subsequent appreciation (vesting value → sale price) is a capital gain. |
| 220 | |
| 221 | **Strategy:** for massive vesting (> 1.5× annual salary), consider the **quotient pour revenus exceptionnels** (coefficient 4) to smooth across brackets. Useless if already at TMI 45%. |
| 222 | |
| 223 | --- |
| 224 | |
| 225 | ## Section 7 — BSPCE (Bons de Souscription de Parts de Créateur d'Entreprise) |
| 226 | |
| 227 | **Key difference vs RSU:** no acquisition gain taxed as salary. The gain is only realised and taxed **at sale** of the underlying shares. |
| 228 | |
| 229 | ### Tax rate on disposal gain |
| 230 | |
| 231 | | Tenure in the company at sale date | Total rate (2025 disposals) | |
| 232 | |---|---| |
| 233 | | **≥ 3 years** | **31.4%** (12.8% IR + 18.6% PS — PV mobilière) | |
| 234 | | **< 3 years** | **50%** (30% IR + 20% PS — specific salarial contribution) | |
| 235 | |
| 236 | **Early departure penalty** (< 3 years) is severe. Factor into departure decisions. |
| 237 | |
| 238 | ### Issuing company eligibility |
| 239 | |
| 240 | - SA or SAS incorporated in France |
| 241 | - Registered < 15 years |
| 242 | - Unlisted or listed on SME compartment |
| 243 | - Subject to IS |
| 244 | - Capital ≥ 25% held by natural persons |
| 245 | - No restructuring history (merger, demerger, takeover) |
| 246 | |
| 247 | If conditions not met: requalification as salary → progressive IR + full social contributions. |
| 248 | |
| 249 | --- |
| 250 | |
| 251 | ## Section 8 — Stock-Options |
| 252 | |
| 253 | | Plan period | Regime | |
| 254 | |---|---| |
| 255 | | Before 2012 | Favourable specific schedule (by holding period) | |
| 256 | | 2012–2016 | Salary (IR barème + specific social contributions) | |
| 257 | | After 2017 | Salary (barème) + salarial contribution 10% on qualifying plans | |
| 258 | |
| 259 | **Excess discount** (rabais excédentaire): difference between market price at grant and exercise price, above 5% → taxed as salary at exercise. |
| 260 | |
| 261 | Always consult the plan to determine the applicable regime. |
| 262 | |
| 263 | --- |
| 264 | |
| 265 | ## Section 9 — PEE / PERCO / Employee Savings |
| 266 | |
| 267 | ### PEE (Plan d'Épargne Entreprise) |
| 268 | |
| 269 | | Feature | Detail | |
| 270 | |---|---| |
| 271 | | Employer match (abondement) | IR-exempt + PS-exempt within caps | |
| 272 | | Match cap | ~EUR 3,709 per beneficiary (8% PASS — verify annually) | |
| 273 | | Lock-up | 5 years (early exit for marriage, 3rd child birth, home purchase, job loss, etc.) | |
| 274 | | Exit after 5 years | **IR-exempt**, only PS 17.2% on gains | |
| 275 | |
| 276 | ### PERCO / PERO (Company PER) |
| 277 | |
| 278 | | Feature | Detail | |
| 279 | |---|---| |
| 280 | | Exit | At retirement — annuity or lump sum | |
| 281 | | Tax at exit | Same as individual PER (contributions at barème, gains at PFU) | |
| 282 | | Match cap | ~EUR 7,418 (distinct from PEE cap) | |
| 283 | |
| 284 | ### Priority rule |
| 285 | |
| 286 | | Priority | Envelope | Why | |
| 287 | |---|---|---| |
| 288 | | 1st | PEE + employer match | Match = 50–300% instant return — unbeatable | |
| 289 | | 2nd | PERCO/PERO + employer match | Same logic, retirement lock | |
| 290 | | 3rd | Individual PER | Only TMI deduction, no match | |
| 291 | |
| 292 | **Golden rule:** never contribute to an individual PER before saturating the employer match on PEE + PERCO. The match is free money. |
| 293 | |
| 294 | --- |
| 295 | |
| 296 | ## Section 10 — PER Sortie en Capital (Exit Taxation) |
| 297 | |
| 298 | When exiting an individual PER as a lump sum: |
| 299 | |
| 300 | | Component | Tax treatment | |
| 301 | |---|---| |
| 302 | | **Contributions (previously deducted)** | Progressive IR schedule (barème) — treated as income | |
| 303 | | **Investment gains** | PFU: 12.8% IR + PS (17.2% before 01/01/2026; 18.6% from 01/01/2026) | |
| 304 | |
| 305 | PER gains are "produits de placement" (L. 136-7 CSS). |
| 306 | |
| 307 | **Trap:** a lump-sum exit on contributions at TMI 45% is nearly neutral — same tax as a normal income year. Fractionate the exit over multiple years if possible. |
| 308 | |
| 309 | --- |
| 310 | |
| 311 | ## Section 11 — Conservative Defaults |
| 312 | |
| 313 | | Ambiguity | Default | |
| 314 | |---|---| |
| 315 | | PFU vs barème unclear | Apply PFU (simpler, no global commitment) | |
| 316 | | RSU gain classification unclear | Treat as salary (acquisition gain) | |
| 317 | | BSPCE tenure unclear | Assume < 3 years (50% rate — conservative) | |
| 318 | | PEA age unclear | Assume < 5 years (taxable) | |
| 319 | | AV abattement eligibility unclear | No abattement applied | |
| 320 | | PS rate unclear for 2025 income | Apply 18.6% for PV mobilières, 17.2% for dividends/interest | |
| 321 | |
| 322 | --- |
| 323 | |
| 324 | ## Section 12 — Key Legal References |
| 325 | |
| 326 | | Rule | Article | |
| 327 | |---|---| |
| 328 | | PFU | art. 200 A CGI | |
| 329 | | Option barème | art. 200 A-2 CGI | |
| 330 | | Dividend 40% abattement | art. 158-3° CGI | |
| 331 | | Capital gains on securities | art. 150-0 A to 150-0 D CGI | |
| 332 | | Prélèvements sociaux | art. L. 136-1 et seq. CSS | |
| 333 | | PS differentiation (patrimoine vs placement) | art. L. 136-6 and L. 136-7 CSS | |
| 334 | | LFSS 2026 CSG increase | loi n° 2025-1403, art. 12 | |
| 335 | | RSU / AGA | art. 80 quaterdecies CGI | |
| 336 | | BSPCE | art. 163 bis G CGI | |
| 337 | | Stock-options | art. 80 bis CGI | |
| 338 | | PEA | art. 163 quinquies D CGI, art. L. 221-30 CMF | |
| 339 | | Assurance-vie rachats | art. 125-0 A CGI | |
| 340 | | AV abattement | art. 125-0 A-I-2° CGI | |
| 341 | | AV 150k threshold | art. 125-0 A-I-2° bis CGI | |
| 342 | | PEE | art. L. 3332-1 et seq. Code du travail | |
| 343 | |
| 344 | --- |
| 345 | |
| 346 | *OpenAccountants — open-source tax computation skills* |
| 347 | *This output must be reviewed by a qualified professional before filing or acting upon.* |
| 348 | *Latest verified skills: **openaccountants.com** | Report errors: **github.com/openaccountants/openaccountants*** |
| 349 |
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About
French capital gains, investment income, and equity compensation tax rules. Trigger on phrases like "plus-values mobilières", "PFU", "flat tax", "prélèvement forfaitaire unique", "dividendes France", "intérêts", "revenus de capitaux mobiliers", "RCM", "PEA", "plan d'épargne en actions", "assurance-vie", "rachat assurance-vie", "abattement 40% dividendes", "option barème", "prélèvements sociaux", "RSU France", "actions gratuites", "AGA", "BSPCE", "stock-options", "PEE", "PERCO", "épargne salariale", "abondement employeur", "gain d'acquisition", "equity salarial", "PER sortie capital", "PV mobilières", "cession de titres", "compte-titres ordinaire", "CTO". Covers PFU vs barème arbitrage, dividends, interest, capital gains on securities, PEA, assurance-vie rachats, RSU/BSPCE/stock-options, PEE/PERCO, and the differentiated PS rates under LFSS 2026. For crypto see fr-crypto-tax.
FRty-2025
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