Tax is where "European" stops being one market. EU law harmonises how brokers treat you, but each country taxes trading gains its own way. This page summarises the main rules we have checked; the country guides link to each tax authority. It is general information, not tax advice.
Key rates at a glance
| Country | Headline treatment of trading gains (checked 2026) |
|---|---|
| Germany | 25% flat withholding tax + 5.5% solidarity surcharge (+ church tax). €1,000 saver's allowance. The €20,000 cap on derivative-loss offsetting was abolished retroactively in 2024. |
| France | 31.4% flat tax (PFU) from 2026 – 12.8% income tax + 18.6% social levies – or opt for the progressive scale. |
| Italy | 26% on capital gains; Italian brokers can withhold it for you. |
| Spain | Savings base: 19% to 30% in bands up to above €300,000. |
| Austria | 27.5% special rate. |
| Belgium | New 10% capital gains tax on financial assets from 2026, with an annual exemption of €10,000 (indexed). |
| Poland | 19% flat, declared on PIT-38. |
| Ireland | Capital Gains Tax 33%, €1,270 annual exemption. |
| Finland | Capital income 30%, 34% above €30,000. |
| United Kingdom | CFDs: Capital Gains Tax at 18%/24% above the £3,000 exemption. Spread betting: generally tax-free for individuals. |
| Switzerland | Private capital gains generally tax-free, unless you are classed as a professional securities dealer. |
For other countries, our guides describe the general approach and link to the official source.
Things that catch traders out
- Foreign broker, no withholding. With a broker licensed in another country you usually receive no tax certificate in your national format and must calculate gains yourself.
- Currency conversion. Many countries require gains to be calculated in local currency at the exchange rates of each transaction date, so currency moves create taxable gains or losses.
- Different baskets. Some countries separate share gains from derivative gains, or ordinary income from capital income, with rules on which losses can offset which gains.
- Frequent trading. In some countries, very active trading can be treated as a business, changing the rate and social contributions.
- Reporting foreign accounts. Some tax authorities require you to declare foreign brokerage accounts, even if there is no tax to pay.
Records to keep
- Annual account statements and the broker's annual report of realised profit and loss.
- Deposits, withdrawals and currency conversions.
- Financing charges and commissions (usually deductible against gains).
- For each year, a summary in your local currency.
When amounts are significant, a local tax adviser who knows investment income is worth the fee. Tax treatment can also influence product choice – for example spread betting in the UK, or ETF savings plans inside tax-advantaged accounts.
Frequently asked questions
Does my broker deduct tax for me?
Are CFD losses deductible?
This guide is general information, not personal financial, tax or legal advice. Rules change; we review this page regularly and show the date of the last update above. Found an error? Tell us. See our editorial policy.
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