France — Capital Gains, Investment Income & Equity Compensation v1.0
General reference only. This skill is general tax/accounting reference material for AI-assisted workflows. It has not been reviewed for any specific person's facts, documents, elections, deadlines, residency, filing status, or local procedures. Do not rely on it to file, pay, amend, or take a tax position without review by a qualified professional in the relevant jurisdiction.
Based on work by Romain Simon (@romainsimon), licensed under MIT. Adapted for the OpenAccountants format.
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.
Section 1 — Quick Reference
| Field |
Value |
| Country |
France |
| Taxes covered |
PFU (flat tax), prélèvements sociaux (PS), barème option on capital income |
| Currency |
EUR only |
| Tax year |
Calendar year |
| Key forms |
2042, 2042-C, 2074, 2042-IFI |
| Primary legislation |
art. 200 A CGI (PFU), art. 158-3° CGI (40% abattement), art. 150-0 A CGI (PV mobilières) |
Section 2 — PFU vs Barème: The Fundamental Arbitrage
Default: PFU (Prélèvement Forfaitaire Unique / Flat Tax)
| Income type |
IR component |
PS component (revenus 2025) |
Total PFU |
| Dividends |
12.8% |
17.2% |
30.0% |
| Interest (RCM) |
12.8% |
17.2% |
30.0% |
| Capital gains on securities (PV mobilières) |
12.8% |
18.6% |
31.4% |
| PEA gains (exit after 5 yr) |
0% (exempt) |
17.2% → 18.6% from 01/01/2026 |
17.2% or 18.6% |
Differentiated PS rates (LFSS 2026)
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:
| Category |
Legal basis |
PS on 2025 income |
PS on 2026+ income |
Effective PFU 2025 |
| Revenus du patrimoine (capital gains, crypto, LMNP) |
L. 136-6 CSS |
18.6% |
18.6% |
31.4% |
| Produits de placement (dividends, interest, PEA exit, PER capital) |
L. 136-7 CSS |
17.2% |
18.6% from 01/01/2026 |
30.0% |
| Unchanged (AV, bare rental, SCPI, old PEL/CEL) |
— |
17.2% |
17.2% |
— |
Option barème (progressive rates)
On election (global and irrevocable for the year), all capital income is taxed at the progressive IR schedule instead of 12.8%.
Benefits of barème:
- 40% abattement on dividends (art. 158-3° CGI)
- CSG déductible 6.8% in N+1 (economy = 6.8% × base × TMI in N+1)
Quick guidance:
| TMI |
Recommendation |
Reason |
| 0% or 11% |
Barème |
Low bracket + 40% dividend abattement + deductible CSG |
| 30% |
Compute both |
Depends on composition (dividends vs interest vs gains) |
| 41% or 45% |
PFU |
Flat 12.8% < 41%/45% bracket |
Critical rule: the barème option is global (all capital income for the year) and irrevocable. Never recommend without checking the full composition.
Worked comparison — Single, TMI 30%, EUR 10,000 dividends (2025)
Under PFU (dividends = produits de placement, PS 17.2%):
| Component |
Amount |
| IR: 10,000 × 12.8% |
1,280 |
| PS: 10,000 × 17.2% |
1,720 |
| Total |
3,000 |
Under barème:
| Component |
Amount |
| Taxable base: 10,000 × (1 − 40%) |
6,000 |
| IR: 6,000 × 30% |
1,800 |
| PS: 10,000 × 17.2% |
1,720 |
| CSG déductible N+1: 10,000 × 6.8% × 30% |
−204 |
| Net total |
3,316 |
→ PFU more favourable (EUR 3,000 < EUR 3,316) despite the 40% abattement.
Section 3 — Types of Capital Income
Dividends (case 2DC)
- Default PFU 30% (2025); rising to 31.4% from dividends received in 2026
- Option barème: 40% abattement + progressive IR + PS
- Foreign dividends: may carry withholding tax from source country — credit under tax treaty
Interest / RCM (case 2TR)
- Bonds, crowdfunding interest, taxable savings accounts, term deposits
- PFU or barème on option. No abattement (unlike dividends)
- Crowdfunding immobilier: taxed as RCM, not rental income
- Livrets réglementés (Livret A, LDDS, LEP): fully exempt from IR and PS
Capital gains on securities (case 3VG)
- Net gain on sale of shares, partnership interests, UCITS
- PFU or barème on option
- Holding period abattements: only for shares acquired before 2018 AND barème option
- Director retirement abattement: EUR 500,000 lump sum under strict conditions
Section 4 — PEA (Plan d'Épargne en Actions)
Contribution ceilings
| Plan |
Ceiling |
| PEA classique |
EUR 150,000 |
| PEA-PME |
Combined PEA + PEA-PME ≤ EUR 225,000 |
| PEA jeune (adult child attached to household) |
EUR 20,000 |
Ceilings apply to contributions, not plan value. A plan can exceed EUR 150,000 through gains.
Tax treatment by plan age
| Plan age |
Withdrawal effect |
IR |
PS |
| < 5 years |
Closure of plan |
PFU 12.8% (or barème) |
17.2% |
| ≥ 5 years |
Free withdrawals, no closure |
Exempt |
17.2% (→ 18.6% from 01/01/2026) |
After 5 years: total IR exemption on gains. Only PS are due at each withdrawal.
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).
Eligible assets: European equities (EU + EEA), UCITS with ≥75% European equities, eligible European ETFs. Non-eligible: US/Asian stocks, bonds, gold, crypto.
Section 5 — Assurance-Vie (Life Insurance) — Taxation of Withdrawals (Rachats)
Proportionality principle
A partial withdrawal does not extract only non-taxable capital. It extracts a proportional fraction of gains and capital.
taxable_gain_portion = (total_gains / total_contract_value) × withdrawal_amount
Annual abattement after 8 years
| Situation |
Annual abattement |
| Single, widowed, divorced |
EUR 4,600 |
| Couple (joint filing) |
EUR 9,200 |
Condition: 8 years of contract age (not contribution age). Renewable each calendar year.
Tax rates by contribution date
Contributions after 27 September 2017:
| Situation |
Rate |
| Contract < 8 years |
PFU 30% (12.8% IR + 17.2% PS) |
| Contract ≥ 8 years, total contributions < EUR 150,000 |
24.7% (7.5% IR + 17.2% PS) after abattement |
| Contract ≥ 8 years, total contributions ≥ EUR 150,000 |
30% on fraction above EUR 150,000 of net contributions |
The EUR 150,000 threshold is assessed across all AV contracts of the household.
Contributions before 27 September 2017: Degressive PFL rates (35% / 15% / 7.5%) by contract age.
PS rate on AV: 17.2% unchanged (excluded from LFSS 2026 increase).
Strategy: optimised withdrawals after 8 years
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.
Section 6 — RSU / AGA (Restricted Stock Units / Actions Gratuites)
Two distinct taxable events
1. Gain d'acquisition (at vesting)
| Attribute |
Detail |
| Nature |
Salary income (traitements et salaires) |
| 2042 box |
1TT / 1UT |
| Tax |
Progressive IR schedule (after 10% salary abattement on total salaries) |
| Social contributions |
CSG/CRDS 9.7% + salarial contribution 10% (qualifying plans, within caps) |
2. Plus-value de cession (at sale)
| Attribute |
Detail |
| Nature |
PV mobilière |
| Tax |
PFU 31.4% for disposals from 2025 (12.8% IR + 18.6% PS) or barème on option |
| Qualification |
"Revenus du patrimoine" (L. 136-6 CSS) → PS 18.6% from 2025 |
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.
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%.
Section 7 — BSPCE (Bons de Souscription de Parts de Créateur d'Entreprise)
Key difference vs RSU: no acquisition gain taxed as salary. The gain is only realised and taxed at sale of the underlying shares.
Tax rate on disposal gain
| Tenure in the company at sale date |
Total rate (2025 disposals) |
| ≥ 3 years |
31.4% (12.8% IR + 18.6% PS — PV mobilière) |
| < 3 years |
50% (30% IR + 20% PS — specific salarial contribution) |
Early departure penalty (< 3 years) is severe. Factor into departure decisions.
Issuing company eligibility
- SA or SAS incorporated in France
- Registered < 15 years
- Unlisted or listed on SME compartment
- Subject to IS
- Capital ≥ 25% held by natural persons
- No restructuring history (merger, demerger, takeover)
If conditions not met: requalification as salary → progressive IR + full social contributions.
Section 8 — Stock-Options
| Plan period |
Regime |
| Before 2012 |
Favourable specific schedule (by holding period) |
| 2012–2016 |
Salary (IR barème + specific social contributions) |
| After 2017 |
Salary (barème) + salarial contribution 10% on qualifying plans |
Excess discount (rabais excédentaire): difference between market price at grant and exercise price, above 5% → taxed as salary at exercise.
Always consult the plan to determine the applicable regime.
Section 9 — PEE / PERCO / Employee Savings
PEE (Plan d'Épargne Entreprise)
| Feature |
Detail |
| Employer match (abondement) |
IR-exempt + PS-exempt within caps |
| Match cap |
~EUR 3,709 per beneficiary (8% PASS — verify annually) |
| Lock-up |
5 years (early exit for marriage, 3rd child birth, home purchase, job loss, etc.) |
| Exit after 5 years |
IR-exempt, only PS 17.2% on gains |
PERCO / PERO (Company PER)
| Feature |
Detail |
| Exit |
At retirement — annuity or lump sum |
| Tax at exit |
Same as individual PER (contributions at barème, gains at PFU) |
| Match cap |
~EUR 7,418 (distinct from PEE cap) |
Priority rule
| Priority |
Envelope |
Why |
| 1st |
PEE + employer match |
Match = 50–300% instant return — unbeatable |
| 2nd |
PERCO/PERO + employer match |
Same logic, retirement lock |
| 3rd |
Individual PER |
Only TMI deduction, no match |
Golden rule: never contribute to an individual PER before saturating the employer match on PEE + PERCO. The match is free money.
Section 10 — PER Sortie en Capital (Exit Taxation)
When exiting an individual PER as a lump sum:
| Component |
Tax treatment |
| Contributions (previously deducted) |
Progressive IR schedule (barème) — treated as income |
| Investment gains |
PFU: 12.8% IR + PS (17.2% before 01/01/2026; 18.6% from 01/01/2026) |
PER gains are "produits de placement" (L. 136-7 CSS).
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.
Section 11 — Conservative Defaults
| Ambiguity |
Default |
| PFU vs barème unclear |
Apply PFU (simpler, no global commitment) |
| RSU gain classification unclear |
Treat as salary (acquisition gain) |
| BSPCE tenure unclear |
Assume < 3 years (50% rate — conservative) |
| PEA age unclear |
Assume < 5 years (taxable) |
| AV abattement eligibility unclear |
No abattement applied |
| PS rate unclear for 2025 income |
Apply 18.6% for PV mobilières, 17.2% for dividends/interest |
Section 12 — Key Legal References
| Rule |
Article |
| PFU |
art. 200 A CGI |
| Option barème |
art. 200 A-2 CGI |
| Dividend 40% abattement |
art. 158-3° CGI |
| Capital gains on securities |
art. 150-0 A to 150-0 D CGI |
| Prélèvements sociaux |
art. L. 136-1 et seq. CSS |
| PS differentiation (patrimoine vs placement) |
art. L. 136-6 and L. 136-7 CSS |
| LFSS 2026 CSG increase |
loi n° 2025-1403, art. 12 |
| RSU / AGA |
art. 80 quaterdecies CGI |
| BSPCE |
art. 163 bis G CGI |
| Stock-options |
art. 80 bis CGI |
| PEA |
art. 163 quinquies D CGI, art. L. 221-30 CMF |
| Assurance-vie rachats |
art. 125-0 A CGI |
| AV abattement |
art. 125-0 A-I-2° CGI |
| AV 150k threshold |
art. 125-0 A-I-2° bis CGI |
| PEE |
art. L. 3332-1 et seq. Code du travail |
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1---2name: fr-capital-gains3description: > 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.4license: AGPL-3.0-or-later (code) / OpenAccountants Guide License v1.0 (c5---67# France — Capital Gains, Investment Income & Equity Compensation v1.089> **General reference only.** This skill is general tax/accounting reference material for AI-assisted workflows. It has not been reviewed for any specific person's facts, documents, elections, deadlines, residency, filing status, or local procedures. Do not rely on it to file, pay, amend, or take a tax position without review by a qualified professional in the relevant jurisdiction.1011> **Based on work by [Romain Simon (@romainsimon)](https://github.com/romainsimon/paperasse)**, licensed under MIT. Adapted for the OpenAccountants format.1213> **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**.1415---1617## Section 1 — Quick Reference1819| Field | Value |20|---|---|21| Country | France |22| Taxes covered | PFU (flat tax), prélèvements sociaux (PS), barème option on capital income |23| Currency | EUR only |24| Tax year | Calendar year |25| Key forms | 2042, 2042-C, 2074, 2042-IFI |26| Primary legislation | art. 200 A CGI (PFU), art. 158-3° CGI (40% abattement), art. 150-0 A CGI (PV mobilières) |2728---2930## Section 2 — PFU vs Barème: The Fundamental Arbitrage3132### Default: PFU (Prélèvement Forfaitaire Unique / Flat Tax)3334| Income type | IR component | PS component (revenus 2025) | Total PFU |35|---|---|---|---|36| Dividends | 12.8% | 17.2% | **30.0%** |37| Interest (RCM) | 12.8% | 17.2% | **30.0%** |38| Capital gains on securities (PV mobilières) | 12.8% | 18.6% | **31.4%** |39| PEA gains (exit after 5 yr) | 0% (exempt) | 17.2% → 18.6% from 01/01/2026 | 17.2% or 18.6% |4041### Differentiated PS rates (LFSS 2026)4243LFSS 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:**4445| Category | Legal basis | PS on 2025 income | PS on 2026+ income | Effective PFU 2025 |46|---|---|---|---|---|47| **Revenus du patrimoine** (capital gains, crypto, LMNP) | L. 136-6 CSS | **18.6%** | 18.6% | **31.4%** |48| **Produits de placement** (dividends, interest, PEA exit, PER capital) | L. 136-7 CSS | 17.2% | **18.6% from 01/01/2026** | 30.0% |49| **Unchanged** (AV, bare rental, SCPI, old PEL/CEL) | — | 17.2% | 17.2% | — |5051### Option barème (progressive rates)5253On election (global and irrevocable for the year), all capital income is taxed at the progressive IR schedule instead of 12.8%.5455**Benefits of barème:**56- 40% abattement on dividends (art. 158-3° CGI)57- CSG déductible 6.8% in N+1 (economy = 6.8% × base × TMI in N+1)5859**Quick guidance:**6061| TMI | Recommendation | Reason |62|---|---|---|63| 0% or 11% | Barème | Low bracket + 40% dividend abattement + deductible CSG |64| 30% | Compute both | Depends on composition (dividends vs interest vs gains) |65| 41% or 45% | PFU | Flat 12.8% < 41%/45% bracket |6667**Critical rule:** the barème option is **global** (all capital income for the year) and **irrevocable**. Never recommend without checking the full composition.6869### Worked comparison — Single, TMI 30%, EUR 10,000 dividends (2025)7071**Under PFU (dividends = produits de placement, PS 17.2%):**7273| Component | Amount |74|---|---|75| IR: 10,000 × 12.8% | 1,280 |76| PS: 10,000 × 17.2% | 1,720 |77| **Total** | **3,000** |7879**Under barème:**8081| Component | Amount |82|---|---|83| Taxable base: 10,000 × (1 − 40%) | 6,000 |84| IR: 6,000 × 30% | 1,800 |85| PS: 10,000 × 17.2% | 1,720 |86| CSG déductible N+1: 10,000 × 6.8% × 30% | −204 |87| **Net total** | **3,316** |8889→ PFU more favourable (EUR 3,000 < EUR 3,316) despite the 40% abattement.9091---9293## Section 3 — Types of Capital Income9495### Dividends (case 2DC)9697- Default PFU 30% (2025); rising to 31.4% from dividends received in 202698- Option barème: 40% abattement + progressive IR + PS99- Foreign dividends: may carry withholding tax from source country — credit under tax treaty100101### Interest / RCM (case 2TR)102103- Bonds, crowdfunding interest, taxable savings accounts, term deposits104- PFU or barème on option. **No abattement** (unlike dividends)105- Crowdfunding immobilier: taxed as RCM, not rental income106- Livrets réglementés (Livret A, LDDS, LEP): **fully exempt** from IR and PS107108### Capital gains on securities (case 3VG)109110- Net gain on sale of shares, partnership interests, UCITS111- PFU or barème on option112- Holding period abattements: **only for shares acquired before 2018 AND barème option**113- Director retirement abattement: EUR 500,000 lump sum under strict conditions114115---116117## Section 4 — PEA (Plan d'Épargne en Actions)118119### Contribution ceilings120121| Plan | Ceiling |122|---|---|123| PEA classique | EUR 150,000 |124| PEA-PME | Combined PEA + PEA-PME ≤ EUR 225,000 |125| PEA jeune (adult child attached to household) | EUR 20,000 |126127Ceilings apply to **contributions**, not plan value. A plan can exceed EUR 150,000 through gains.128129### Tax treatment by plan age130131| Plan age | Withdrawal effect | IR | PS |132|---|---|---|---|133| < 5 years | **Closure** of plan | PFU 12.8% (or barème) | 17.2% |134| ≥ 5 years | Free withdrawals, no closure | **Exempt** | 17.2% (→ 18.6% from 01/01/2026) |135136After 5 years: **total IR exemption on gains**. Only PS are due at each withdrawal.137138PS 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).139140**Eligible assets:** European equities (EU + EEA), UCITS with ≥75% European equities, eligible European ETFs. Non-eligible: US/Asian stocks, bonds, gold, crypto.141142---143144## Section 5 — Assurance-Vie (Life Insurance) — Taxation of Withdrawals (Rachats)145146### Proportionality principle147148A partial withdrawal does **not** extract only non-taxable capital. It extracts a **proportional** fraction of gains and capital.149150```151taxable_gain_portion = (total_gains / total_contract_value) × withdrawal_amount152```153154### Annual abattement after 8 years155156| Situation | Annual abattement |157|---|---|158| Single, widowed, divorced | EUR 4,600 |159| Couple (joint filing) | EUR 9,200 |160161Condition: 8 years of **contract** age (not contribution age). Renewable each calendar year.162163### Tax rates by contribution date164165**Contributions after 27 September 2017:**166167| Situation | Rate |168|---|---|169| Contract < 8 years | PFU 30% (12.8% IR + 17.2% PS) |170| Contract ≥ 8 years, total contributions < EUR 150,000 | 24.7% (7.5% IR + 17.2% PS) after abattement |171| Contract ≥ 8 years, total contributions ≥ EUR 150,000 | 30% on fraction above EUR 150,000 of **net contributions** |172173The EUR 150,000 threshold is assessed across **all AV contracts** of the household.174175**Contributions before 27 September 2017:** Degressive PFL rates (35% / 15% / 7.5%) by contract age.176177**PS rate on AV: 17.2% unchanged** (excluded from LFSS 2026 increase).178179### Strategy: optimised withdrawals after 8 years180181Spread 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.182183---184185## Section 6 — RSU / AGA (Restricted Stock Units / Actions Gratuites)186187### Two distinct taxable events188189**1. Gain d'acquisition (at vesting)**190191| Attribute | Detail |192|---|---|193| Nature | **Salary income** (traitements et salaires) |194| 2042 box | 1TT / 1UT |195| Tax | Progressive IR schedule (after 10% salary abattement on total salaries) |196| Social contributions | CSG/CRDS 9.7% + salarial contribution 10% (qualifying plans, within caps) |197198**2. Plus-value de cession (at sale)**199200| Attribute | Detail |201|---|---|202| Nature | PV mobilière |203| Tax | PFU **31.4%** for disposals from 2025 (12.8% IR + 18.6% PS) or barème on option |204| Qualification | "Revenus du patrimoine" (L. 136-6 CSS) → PS 18.6% from 2025 |205206**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.207208**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%.209210---211212## Section 7 — BSPCE (Bons de Souscription de Parts de Créateur d'Entreprise)213214**Key difference vs RSU:** no acquisition gain taxed as salary. The gain is only realised and taxed **at sale** of the underlying shares.215216### Tax rate on disposal gain217218| Tenure in the company at sale date | Total rate (2025 disposals) |219|---|---|220| **≥ 3 years** | **31.4%** (12.8% IR + 18.6% PS — PV mobilière) |221| **< 3 years** | **50%** (30% IR + 20% PS — specific salarial contribution) |222223**Early departure penalty** (< 3 years) is severe. Factor into departure decisions.224225### Issuing company eligibility226227- SA or SAS incorporated in France228- Registered < 15 years229- Unlisted or listed on SME compartment230- Subject to IS231- Capital ≥ 25% held by natural persons232- No restructuring history (merger, demerger, takeover)233234If conditions not met: requalification as salary → progressive IR + full social contributions.235236---237238## Section 8 — Stock-Options239240| Plan period | Regime |241|---|---|242| Before 2012 | Favourable specific schedule (by holding period) |243| 2012–2016 | Salary (IR barème + specific social contributions) |244| After 2017 | Salary (barème) + salarial contribution 10% on qualifying plans |245246**Excess discount** (rabais excédentaire): difference between market price at grant and exercise price, above 5% → taxed as salary at exercise.247248Always consult the plan to determine the applicable regime.249250---251252## Section 9 — PEE / PERCO / Employee Savings253254### PEE (Plan d'Épargne Entreprise)255256| Feature | Detail |257|---|---|258| Employer match (abondement) | IR-exempt + PS-exempt within caps |259| Match cap | ~EUR 3,709 per beneficiary (8% PASS — verify annually) |260| Lock-up | 5 years (early exit for marriage, 3rd child birth, home purchase, job loss, etc.) |261| Exit after 5 years | **IR-exempt**, only PS 17.2% on gains |262263### PERCO / PERO (Company PER)264265| Feature | Detail |266|---|---|267| Exit | At retirement — annuity or lump sum |268| Tax at exit | Same as individual PER (contributions at barème, gains at PFU) |269| Match cap | ~EUR 7,418 (distinct from PEE cap) |270271### Priority rule272273| Priority | Envelope | Why |274|---|---|---|275| 1st | PEE + employer match | Match = 50–300% instant return — unbeatable |276| 2nd | PERCO/PERO + employer match | Same logic, retirement lock |277| 3rd | Individual PER | Only TMI deduction, no match |278279**Golden rule:** never contribute to an individual PER before saturating the employer match on PEE + PERCO. The match is free money.280281---282283## Section 10 — PER Sortie en Capital (Exit Taxation)284285When exiting an individual PER as a lump sum:286287| Component | Tax treatment |288|---|---|289| **Contributions (previously deducted)** | Progressive IR schedule (barème) — treated as income |290| **Investment gains** | PFU: 12.8% IR + PS (17.2% before 01/01/2026; 18.6% from 01/01/2026) |291292PER gains are "produits de placement" (L. 136-7 CSS).293294**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.295296---297298## Section 11 — Conservative Defaults299300| Ambiguity | Default |301|---|---|302| PFU vs barème unclear | Apply PFU (simpler, no global commitment) |303| RSU gain classification unclear | Treat as salary (acquisition gain) |304| BSPCE tenure unclear | Assume < 3 years (50% rate — conservative) |305| PEA age unclear | Assume < 5 years (taxable) |306| AV abattement eligibility unclear | No abattement applied |307| PS rate unclear for 2025 income | Apply 18.6% for PV mobilières, 17.2% for dividends/interest |308309---310311## Section 12 — Key Legal References312313| Rule | Article |314|---|---|315| PFU | art. 200 A CGI |316| Option barème | art. 200 A-2 CGI |317| Dividend 40% abattement | art. 158-3° CGI |318| Capital gains on securities | art. 150-0 A to 150-0 D CGI |319| Prélèvements sociaux | art. L. 136-1 et seq. CSS |320| PS differentiation (patrimoine vs placement) | art. L. 136-6 and L. 136-7 CSS |321| LFSS 2026 CSG increase | loi n° 2025-1403, art. 12 |322| RSU / AGA | art. 80 quaterdecies CGI |323| BSPCE | art. 163 bis G CGI |324| Stock-options | art. 80 bis CGI |325| PEA | art. 163 quinquies D CGI, art. L. 221-30 CMF |326| Assurance-vie rachats | art. 125-0 A CGI |327| AV abattement | art. 125-0 A-I-2° CGI |328| AV 150k threshold | art. 125-0 A-I-2° bis CGI |329| PEE | art. L. 3332-1 et seq. Code du travail |330331---332333*OpenAccountants — open-source accounting skills for AI*334*This output must be reviewed by a qualified professional before filing or acting upon.*335*Latest verified skills: **openaccountants.com** | Report errors: **github.com/openaccountants/openaccountants***336337---338339_Source: [OpenAccountants](https://openaccountants.com/skills/fr-capital-gains) — open tax Guides for AI, reviewed by named CPAs/CAs/EAs. Quality: **source-cited draft**. For always-current figures and named-accountant backing, connect the OpenAccountants MCP server (`openaccountants-mcp`)._
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