What is the French flat tax on investments for 2025 income?

12.8% income tax plus 18.6% social levies = 31.4% for 2025 income declared in 2026. The LFSS 2026 raised social levies from 17.2% to 18.6% retroactively for income assessed via the return (capital gains, crypto, foreign-collected dividends and interest). You can instead opt for the progressive scale — globally via box 2OP, or box 3CN for crypto.

Do I have to declare my Revolut or Trading212 account in France?

Yes, twice over: the income itself (nothing is pre-filled from foreign brokers), and the account, on one form 3916/3916-bis per account with box 8UU ticked. Penalties reach €1,500 per undeclared bank account and €750–€1,500 per crypto account.

Does France use FIFO for the cost basis?

No. France mandates the weighted-average acquisition price (prix moyen pondéré, PMP — CGI art. 150-0 D 3) for fungible securities. FIFO only serves to identify which pre-2018 shares qualify for the holding-period allowance under the progressive-scale option.

Are crypto-to-crypto swaps taxable in France?

No — swaps between digital assets, stablecoins included, are tax-deferred (sursis, CGI art. 150 VH bis). Tax arises only when you dispose of crypto for fiat, goods or services, computed with the portfolio-wide formula on form 2086. Total disposals up to €305 per year are exempt.

What happens to my capital losses?

Securities and derivatives losses share one pool: they offset same-year gains and carry forward 10 years (form 2074, box 3VH for the year's net loss). Crypto losses only offset same-year crypto gains and never carry forward.

How do I recover US withholding tax on dividends?

With the W-8BEN filed, the US withholds 15%, which France credits in full via annex 2047 and box 8VL. Without it, the US withholds 30% but France still credits only 15% — the excess can only be reclaimed from the IRS.

When is the 2026 French tax return due?

Online, by département: 21 May (dép. 01–19 and non-residents), 28 May (20–54), 4 June 2026 (55–976). The online service opened 9 April 2026. There is no file import — amounts are keyed into the pre-filled declaration on impots.gouv.fr.

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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: 16 August 2026 · Reflects the millésime-2026 forms (2025 income). Informational only - not tax advice.

Box-by-box report: 2DC, 2TR, 3VG, 3AN… ready to copy into the online declaration

Statutory PMP computed for you with ECB conversion at each leg's own date

Annexes prepared: 2074 detail, per-country 2047 table, 2086 rows, 3916 checklist

PFU vs progressive-scale comparison (2OP) and 10-year loss tracking

Generate my France report →

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.

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Stocks, ETFs & bonds

PMP, 31.4%, boxes 3VG/3VH, form 2074

₿

Crypto-assets

150 VH bis formula, form 2086, deferred swaps

💰

Dividends & interest

2DC/2TR, 2047, 8VL credit, W-8BEN

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Derivatives (IFT)

Options, futures, CFDs - art. 150 ter

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P2P lending

2TT vs 2TR, €8,000 loss cap

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Capital losses

10-year carryforward (securities) - none (crypto)

🌍

Foreign accounts

3916/3916-bis, box 8UU, penalties

🗂️

Boxes & forms

Which box for which income, 2026 deadlines

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

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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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