Introduction

The withholding tax

The regulations on withholding tax have been applicable since 1 January 2009. They deal with the taxation of private investment income, which will in future also include capital gains. These provisions basically replace the existing regulations on the taxation of income from capital assets as part of the "half-income procedure" and on the taxation of capital gains made in private speculative transactions within the one-year speculation period.

Discontinuation of the one-year speculation period primarily reduces the appeal of direct investment in equities and bonds. Each time the portfolio is adjusted to personal circumstances or the market situation through reallocation, the tax authorities will retain a portion of the gains in the case of securities acquired from 1 January 2009 onwards. Removal of tax exemption for capital gains after expiration of the speculation period also affects certificates*. They lose their tax benefit while the issuer risk remains the same. Your investment decision should always be consistent with your personal circumstances and not be dominated by tax aspects. We would nevertheless like to highlight the most important tax changes that you should take into account in your investment decision.

*In the context of withholding tax, directly-invested certificates are subject to regulations that differ from those applicable to certain certificates that an investment fund holds. In this respect, please ask the relevant issuer or your tax advisor.

 

 

Disclaimer:
The information on withholding tax [Abgeltungsteuer] is of a general nature, is directed at private investors ("Investor" below) and is not addressed to the specific situation of an Investor. Such information is based exclusively on German law, which may be amended retroactively under certain circumstances. We advise that the information as presented does not constitute tax advice and does not claim to offer a comprehensive basis for decision-making. Although we make every effort to provide reliable and up-to-date information, we cannot guarantee that all the information is accurate at the time of compiling this website, nor that such information will be accurate in the future. No Investor should act solely on the basis of the information on this website. Instead, appropriate professional advice should always be obtained and a thorough analysis of the particular tax situation should be carried out. Barclays Global Investors (Deutschland) AG does not guarantee that such information is complete and accurate; in particular, it shall not be liable for losses or damage that result or have resulted from use of the above-mentioned information on withholding tax.

 


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