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- France Tax Guide - déclaration 2042 (2025 income, declared in 2026)
France Tax Guide 2026 - investment taxes
Flat tax, PMP, crypto (form 2086), derivatives & foreign brokers
31.4% flat tax on 2025 income (12.8% income tax + 18.6% social levies), mandatory weighted-average cost basis, forms 2074 / 2047 / 2086 / 3916, the 2OP progressive-scale option and the separate 3CN crypto option
Last updated: · Reflects the millésime-2026 forms (2025 income). Informational only - not tax advice.
THE ESSENTIALS FOR THE 2026 DECLARATION (2025 INCOME)
THE FLAT TAX RISES TO 31.4% ON 2025 INCOME
The LFSS 2026 raised social levies from 17.2% to 18.6% (CSG 10.6%), retroactively for 2025 "revenus du patrimoine": capital gains on securities, crypto, and investment income collected without a French paying agent — the typical foreign-broker case. Total: 12.8% + 18.6% = 31.4% (source: service-public.gouv.fr, sheet F21618).
FOREIGN BROKERS PRE-FILL NOTHING
Revolut, IBKR, Trading212, Degiro, eToro and crypto exchanges send no IFU to the French tax office: nothing is pre-filled, no advance is withheld, and the "dispense de 2074" does not apply. You compute and declare everything yourself — and every account must be reported (3916/3916-bis, box 8UU).
MANDATORY PMP, DAY-BY-DAY CURRENCY CONVERSION
The cost basis is mandatorily the weighted-average acquisition price (PMP, CGI art. 150-0 D 3) — no FIFO or LIFO. Every foreign-currency buy and sell leg converts at the rate of its own date (BOFiP): the currency effect is part of the taxable gain.
TWO SEPARATE PROGRESSIVE-SCALE OPTIONS: 2OP AND 3CN
Box 2OP (global, irrevocable for 2025) moves dividends, interest and securities gains to the progressive scale — unlocking the 40% dividend allowance and the 6.8-point deductible CSG. Crypto has its own option, box 3CN, independent of 2OP.
Why declaring foreign-broker income in France is hard
- -Mandatory PMP: the cost basis is the weighted average of ALL your purchases of the same security — recomputed after every buy, across accounts
- -Per-leg currency conversion: each buy and each sell converts at ITS date's rate — the FX effect sits inside the taxable gain
- -Form 2074 is required: the dispense assumes your institutions computed everything — a foreign broker computes nothing under French rules
- -The crypto formula spans your WHOLE portfolio: every disposal needs the value of ALL your wallets and exchanges on the sale date
- -Per-country tax credits: foreign withholding capped at treaty rates, country-by-country 2047 table, boxes 8VL/8PL
- -One form 3916 per account, crypto included — omission costs €750 to €1,500 per account
What Tax-Wizard does for you
✅ Automatic calculations
- Statutory PMP applied per security, across all brokers
- ECB conversion at each leg's own date (buy AND sell)
- Securities + derivatives pooled, prior losses of the last 10 years imputed
- Crypto 150 VH bis formula with portfolio valuation at every disposal
- Foreign tax credits capped at treaty rates, country by country
📄 Filing-ready output
- Every amount mapped to its box: 2DC, 2TR, 2TT, 3VG/3VH, 3AN/3BN, 8VL/8PL
- 2074 detail, per-country 2047 table, 2086 rows column by column
- Checklist of accounts to declare on 3916/3916-bis
- PFU vs progressive-scale comparison for box 2OP, CEHR/CDHR alerts
Stocks, ETFs & bonds - capital gains (CGI art. 150-0 A)
Gains on disposals in an ordinary taxable account (CTO) pay the PFU: 12.8% income tax + 18.6% social levies = 31.4% for 2025 income, or the progressive scale on a global option (box 2OP). The cost basis is mandatorily the weighted-average acquisition price (PMP): each new purchase re-computes it; sales never change it. Acquisition costs (brokerage, the French FTT) are part of the cost; selling fees reduce the proceeds.
Rates on 2025 income
| Regime | Income tax | Social levies | Total |
|---|---|---|---|
| PFU (default) | 12.8% | 18.6% | 31.4% |
| Progressive option (2OP) | marginal rate 0-45% | 18.6% | varies + 6.8 pts deductible CSG |
Accumulating ETFs are tax-efficient here
France has no deemed-distribution regime (unlike Germany's Vorabpauschale, Austria's ausschüttungsgleiche Erträge or Ireland's 8-year deemed disposal): an accumulating ETF in a CTO is taxed only when sold. Internally reinvested dividends create no annual taxable event.
Holding-period allowance: progressive option + pre-2018 shares only
The 50% (2-8 years) / 65% (8+ years) allowance applies only under the 2OP option AND only to shares acquired before 1 January 2018 (box 3SG). It never reduces the social levies. The French FTT (0.4% since 1 April 2025 on large French caps) is an acquisition cost that raises your PMP.
Example - PMP and the FX effect
Buy 10 AAPL at $150 (rate 1.10) → €1,363.64; then 10 AAPL at $170 (rate 1.05) → €1,619.05. PMP = (1,363.64 + 1,619.05) ÷ 20 = €149.13/share.
Sell 8 shares at $180 (rate 1.08) → €1,333.33. Cost = 8 × 149.13 = €1,193.07. Gain = €140.26 → box 3VG. Tax ≈ 140.26 × 31.4% = €44.04.
Dividends & interest (revenus de capitaux mobiliers)
Dividends (box 2DC, gross) and interest (box 2TR) collected abroad flow through annex 2047, country by country. A French broker would withhold the 12.8% advance (credited in 2CK); a foreign broker withholds nothing — everything settles with the assessment notice, debited between September and December of the following year.
Foreign tax credit (2047 → 8VL/8PL)
| Situation | Withheld | French credit |
|---|---|---|
| US dividend with W-8BEN | 15% | 15% - fully credited (8VL) |
| US dividend without W-8BEN | 30% | 15% only - reclaim the excess from the US IRS |
| Mintos interest (Latvia) | 5% (identified EU resident) | Credited within the 10% treaty cap |
40% allowance: not for funds/ETFs without "couponnage"
Under the progressive option, company dividends (France/EU/treaty states) get a 40% allowance. ETF and fund distributions qualify only if the fund breaks down its coupons by nature and origin — which foreign-broker statements never show. The report marks each line as eligible or not.
Bonds: coupons and redemption premiums
Coupons are interest (2TR). A zero-coupon bond redeemed at maturity produces a redemption premium taxed as interest (CGI 238 septies A); selling on the market before maturity stays a capital gain (3VG). Bond losses join the common securities pool.
Derivatives - options, futures, CFDs (art. 150 ter)
For an occasional investor, profits on instruments financiers à terme (options, futures, swaps, CFDs, leveraged forex, covered warrants) follow the same PFU as securities — and crucially, their losses offset securities gains: same fiscal "nature", same 10-year carryforward, same 3VG/3VH boxes via form 2074. Turbos and certificates are legally debt securities and stay under 150-0 A — same practical outcome.
Two traps to know
ETNC: if your account holder (or counterparty) sits in a non-cooperative state, IFT profits are taxed at 50% (box 3PI) — regulated EU/UK/US platforms are not concerned. Habitual trading: intensive, professionally-equipped trading can be requalified as BNC business income; the report warns beyond 200 derivative trades.
Crypto-assets - the portfolio-wide formula (art. 150 VH bis)
France uses neither FIFO nor PMP for crypto: each disposal against fiat, goods or services is taxed with a formula spanning your ENTIRE portfolio, reported line by line on form 2086:
Gain = sale price − [ total acquisition cost × sale price ÷ whole-portfolio value ]
"Whole-portfolio value" = every wallet and exchange combined, valued at each disposal date. The total acquisition cost shrinks by the "fractions of initial capital" consumed by every prior disposal.
Official worked example (2086 notice)
Buy BTC for €1,000. The portfolio is worth €1,200; you sell €450 worth.
Gain = 450 − (1,000 × 450 ÷ 1,200) = €75; capital fraction consumed = €375.
Later, sell the rest for €1,300: gain = 1,300 − [(1,000 − 375) × 1,300 ÷ 1,300] = €675.
Not taxable
- Crypto ↔ crypto swaps without a cash balance (USDT/USDC stablecoins included) - the "sursis"
- Transfers between your own wallets
- Years whose total disposals ≤ €305 (2086 still due)
Taxable (30% in 2024 → 31.4% in 2025)
- Sale against euros or any fiat currency
- Paying for goods or services in crypto
- Swap with a cash balance (soulte)
Staking, airdrops, mining: an acknowledged grey zone
No statute fixes the taxation of staking and airdrops at receipt. Dominant tool position (used by the report): zero acquisition cost, fully taxed at disposal via the formula. Prudent alternative: BNC income at receipt. Mining is BNC (BOFiP). The report lists your rewards with their value at receipt so you can decide with an adviser.
Crypto losses NEVER carry forward
A net annual loss (box 3BN) only offsets same-year crypto gains and then evaporates — unlike securities (10-year carryforward). The crypto progressive-scale option is box 3CN, independent of 2OP. From 2026, platforms report your transactions to the tax office (DAC8).
P2P lending - 2TT or 2TR depending on the platform
| French platforms (prêts participatifs / minibons) | Foreign platforms (Mintos, PeerBerry, Esketit…) | |
|---|---|---|
| Box | 2TT (net of eligible losses) | 2TR, via the per-country 2047 |
| Rate | PFU 12.8% + social levies (or progressive scale via 2OP) | |
| Default losses | Deductible from 2TT interest: same year + 5 following, €8,000/year cap, claim definitively irrecoverable (CGI 125-00 A; boxes 2TU-2TY) | Dry losses - not deductible (loan assignments / "Notes", outside the French framework) |
| Withholding | 12.8% advance (unless RFR dispense €25k/€50k) | Per country (Mintos: 5% Latvian for identified EU residents) - treaty credit via 2047 |
| Account to declare | No | Yes - one 3916 per platform |
Capital losses: three very different regimes
| Category | Offsets | Carryforward |
|---|---|---|
| Securities + derivatives (150-0 A / 150 ter) | Same-nature gains (one shared pool) | 10 years (2074 cadre 12) |
| Crypto (150 VH bis) | Same-year crypto gains only | None |
| French P2P (125-00 A) | Same-nature 2TT interest | 5 years, €8,000/year cap |
File even in a loss year
The year's net loss (box 3VH) only enters your carryforward stock if declared. The report keeps the per-vintage table and warns about losses due to expire.
Foreign accounts - 3916 / 3916-bis and box 8UU
Every account opened, held, used or closed abroad during the year must be declared: bank and brokerage accounts (Revolut Lithuania, IBKR Ireland, Trading212, Degiro…) as well as digital-asset accounts (Binance, Kraken, Coinbase…). One 3916/3916-bis per account, box 8UU ticked on the 2042 — a single merged form online.
Fines per undeclared account
Bank account: €1,500 (€10,000 in a non-cooperative state). Crypto account: €750, raised to €1,500 when the account exceeded €50,000 at any point of the year — plus an 80% surcharge and a 10-year reassessment window on related adjustments. The report lists every platform found in your files.
Which box for which income (2026 forms)
| Income | Form | Box |
|---|---|---|
| Dividends (gross) | 2047 → 2042 | 2DC |
| Interest, bonds, foreign P2P | 2047 → 2042 | 2TR |
| French prêts participatifs | 2042 | 2TT (losses: 2TU-2TY) |
| Securities + IFT gains | 2074 → 2042 C | 3VG / 3VH (allowance: 3SG) |
| Crypto | 2086 → 2042 C | 3AN / 3BN (option: 3CN) |
| Foreign tax credit | 2047 → 2042 C | 8VL + 8PL |
| Global progressive option | 2042 | 2OP |
| Foreign accounts | 3916/3916-bis | 8UU |
2026 campaign deadlines (2025 income)
Online service opened 9 April 2026. Deadlines (23:59): 21 May (dép. 01-19 + non-residents), 28 May (20-54), 4 June (55-976); paper ~19 May. There is no file import for individuals: you key the amounts into the pre-filled online declaration — exactly what Tax-Wizard's box-by-box report prepares.
Cash-flow and high incomes
With no advance withheld by foreign brokers, the tax lands after the assessment: September to December 2026 (up to 4 debits). Above €250,000 of reference income (single), the 3-4% CEHR and the 20% minimum tax (CDHR) can apply on top — the report warns you.
Frequently asked questions
What is the flat tax on 2025 income?
31.4%: 12.8% income tax + 18.6% social levies. The CSG increase (LFSS 2026) applies retroactively to 2025 "revenus du patrimoine" — capital gains, crypto and income collected through foreign brokers.
Do I declare my Revolut / Trading212 / Binance account?
Yes: the income (nothing is pre-filled) AND the account itself — one 3916/3916-bis per account, box 8UU. Fines of €750 to €1,500 per omitted account.
FIFO or weighted average?
The weighted average (PMP) is mandatory for securities (CGI 150-0 D 3). FIFO only identifies pre-2018 shares for the holding-period allowance. Crypto uses neither — the portfolio-wide formula.
Are crypto-to-crypto swaps taxed?
No — they are tax-deferred, stablecoins included. Only disposals against fiat, goods or services trigger tax (and the €305 test).
What happens to my losses?
Securities and derivatives: 10-year carryforward (shared pool, 2074 cadre 12). Crypto: same-year offset only, no carryforward. French P2P: 5 years, €8,000/year cap.
How do I recover the 30% US withholding?
File the W-8BEN with your broker: withholding drops to 15%, fully credited in France (2047 → 8VL). Without it, France still credits only 15% — the excess must be reclaimed from the IRS.
When is the return due?
2026 campaign: online by 21 May, 28 May or 4 June depending on your département (paper ~19 May). The tax is debited September to December 2026.
Sources
- service-public.gouv.fr - Capital gains on securities (PFU 31.4%)
- BOFiP BOI-RPPM-PVBMI-20-10-20-40 - weighted-average price (PMP)
- BOFiP BOI-RPPM-PVBMI-20-10-20-20 - transaction-date currency conversion
- CGI art. 150 VH bis (crypto) - Légifrance
- Form 2086 and notice (2025 income) - impots.gouv.fr
- Form 2074 (2025 income) - impots.gouv.fr
- Form 2047 and notice (2025 income) - impots.gouv.fr
- CGI art. 125-00 A (crowdlending losses) - Légifrance
- 2026 filing calendar - economie.gouv.fr
Ready to prepare your French declaration?
Upload your broker files and Tax-Wizard prepares the box-by-box report: statutory PMP, ECB conversion at each transaction's date, the crypto portfolio-wide formula, per-country tax credits and your 3916 account checklist.
Start now →This guide is informational and does not constitute tax advice. It reflects the millésime-2026 forms (2025 income, declared in 2026); verify your specific situation with a French tax adviser (avocat fiscaliste / expert-comptable).
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