| Austria (AT) |
27.5% |
– |
| Belgium (BE) |
10.0% |
Capital gains from the sale of financial assets exceeding the annual exemption of 10,000 EUR will be taxed at 10%. Each year, 10% of the annual exemption can be carried forward for a maximum of five years. Capital gains from shareholdings of at least 20% are taxed at progressive rates up to 10%. Capital gains realized outside the normal management of someone’s private assets that are considered speculative gains remain subject to a 33% taxation. |
| Bulgaria (BG) |
10.0% |
Capital gains are subject to flat PIT rate at 10%. |
| Croatia (HR) |
12.0% |
– |
| Cyprus (CY) |
0.0% |
Shares listed on any recognised stock exchange are excluded from CGT. |
| Czech Republic (CZ) |
0.0% |
Capital gains included in PIT but exempt if shares of a joint stock company were held for at least three years (five years if limited liability company). |
| Denmark (DK) |
42.0% |
Capital income from shares up to DKK 79,400 is taxed at 27%. Share income in excess of this amount is taxed at 42%. |
| Estonia (EE) |
22.0% |
Capital gains are subject to PIT. From 20% in 2024 |
| Finland (FI) |
34.0% |
Capital gains are fully taxable and included in the taxable capital income subject to 30% tax rate up to taxable capital income of EUR 30,000 and 34% tax rate on the excess. |
| France (FR) |
34.0% |
Flat 30% tax on capital gains, plus 4% for high-income earners. |
| Germany (DE) |
26.4% |
Flat 25% tax on capital gains, plus a 5.5% solidarity surcharge. |
| Georgia (GE) |
0.0% |
Capital gains from shares held for more than two years is generally exempt from PIT. |
| Greece (GR) |
0.0% |
Capital gains only applies to the sale of shares at a 15% rate if an individual holds at least 0.5% of the share capital of the listed entity. |
| Hungary (HU) |
15.0% |
Capital gains are subject to flat PIT rate at 15%. |
| Iceland (IS) |
22.0% |
Exemption for capital income up to ISK 300,000 per year. |
| Ireland (IE) |
33.0% |
Annual gains of up to EUR 1,270 for an individual are exempt from CGT. |
| Italy (IT) |
26.0% |
– |
| Latvia (LV) |
28.5% |
Flat 25.5% on capital gains, plus 3% for high-income earners. |
| Lithuania (LT) |
20.0% |
Capital gains are subject to PIT, with a top rate of 20%. |
| Luxembourg (LU) |
0.0% |
Capital gains are tax-exempt if a movable asset (such as shares) was held for at least six months and is owned by a non-large shareholder. Taxed at progressive rates if held <6 months. aAdependency contribution of 1.4 percent is due for individuals subject to the Luxembourg social security system on the taxable part of the gains. |
| Malta (MT) |
0.0% |
Transfers of shares listed on recognized stock exchanges are usually exempt from PIT. |
| Moldova (MD) |
6.0% |
Capital gains are taxed at 50% of the PIT rate. |
| Netherlands (NL) |
36.0% |
Net asset value is taxed at a flat rate of 36% on a deemed annual return (the deemed annual return varies by the total value of assets owned) above an annual amount of EUR 59,357 per person. |
| Norway (NO) |
37.8% |
Capital gains are taxed at a 22% rate. A multiplier of 1.72 before taxation applies to gains from the sale of shares. |
| Poland (PL) |
19.0% |
– |
| Portugal (PT) |
19.6% |
PIT applies if the assets were held for less than one year. Otherwise, a flat capital gains tax rate of 28 percent from the sale of shares and other securities. Capital gains income is 10 percent tax-free for holding periods between 2 and 5 years, 20 percent for 5 to 8 years, and 30 percent after 8 years. |
| Romania (RO) |
1.0% |
Gains derived from the transfer of securities and from operations with derivative financial instruments through intermediaries are taxed at 3 percent for holding periods less than 356 days and at 1 percent thereafter. |
| Slovakia (SK) |
0.0% |
Shares are exempt from capital gains tax if they were held for more than one year and are not part of the business assets of the taxpayer. |
| Slovenia (SI) |
0.0% |
Capital gains rate of 0% if the asset was held for more than 15 years (rate up to 25% for periods less than 15 years). |
| Spain (ES) |
30.0% |
– |
| Sweden (SE) |
30.0% |
– |
| Switzerland (CH) |
0.0% |
Capital gains on movable assets such as shares are normally tax-exempt. |
| Turkey (TR) |
0.0% |
Shares that are traded on the Stock Exchange and that have been held for at least one year are tax-exempt (two years for joint stock companies). |
| Ukraine (UA) |
19.5% |
Capital gains are subject to PIT. |
| United Kingdom (GB) |
24.0% |
– |
