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Why investment fund owners have to expect higher taxes in 2024: The effects of the advance flat rate simply explained.
How investment funds will cost you more in 2024: More about the advance flat rate and new taxes for savers. Everything you need to know, here! 📈💰 #Investment Fund #Taxes2024 #Advance Flat Rate
Why investment fund owners have to expect higher taxes in 2024: The effects of the advance flat rate simply explained.
Savers will have to pay in 2024: That's why the advance flat rate was introduced
The 2018 investment tax reform requires investors to pay taxes on their funds and ETFs. The advance flat rate is deducted from the capital gains and applies to both distributing and accumulating funds and ETFs. This reform eliminates the unequal tax treatment and means that income is taxed annually, even without the sale of the shares.
It becomes expensive for savers because of the base interest rate: this is how the advance flat rate is determined
The advance flat rate was introduced in 2018, but was not used due to the Bundesbank's base interest rate, which was zero for a long time. From 2023, the base interest rate will be 2.55 percent, which means that investors will now have to pay relevant tax amounts. The advance flat rate is calculated based on the initial fund value multiplied by a percentage of the base interest rate.
An upfront flat rate is not always due: savers need to keep this in mind
An exemption order can make capital gains tax-free up to 1,000 euros per person and up to 2,000 euros per couple. The advance flat rate does not apply if the fund shares show no increase in value or if the annual profit is lower than the flat rate. Savers should always keep an eye on their individual financial situation and, if necessary, seek advice from experts.