Securities received by gift or inheritance: what acquisition price should be used to calculate capital gains?

When you sell securities received as a gift or inheritance, the purchase price is generally not what the person who gave them to you paid. This is the value used to calculate gift or inheritance tax. To this value are added the actual acquisition costs incurred: taxes due, the notary's fees for drafting the deed, and the costs of the deed and filing. The taxable capital gain is the difference between your selling price and this purchase price, before any transfer costs and applicable allowances.

This page deals with the acquisition price. It does not cover how the value of securities is determined for rights (stock market prices, unlisted securities), the starting point of the holding period for securities received by gift, nor the completion of the capital gains tax return.

The basic rule

For securities acquired free of charge, the BOFiP (French Official Tax Bulletin) uses "the value used to determine gift tax." The "Transfers of Securities" page on impots.gouv.fr (updated 08/04/2026) states the same thing in simpler terms: "the value used to calculate gift or inheritance tax, if you received securities free of charge.".

This rule applies to inheritance, simple gifts and gifts with division of property.

One point is surprising: benefiting from a tax allowance or exemption does not change the value used for tax purposes. If you pay no tax thanks to an allowance, the purchase price remains the value used for tax purposes. It is not zero.

Additional fees beyond the price

The BOFiP specifies that the purchase price or value "must be increased by the amount of acquisition costs." For a transfer free of charge, the eligible costs are:

Two additional conditions apply. The expenses must have been actually incurred by you, and you must be able to justify them. In an inheritance, some expenses relate to all the assets. The BOFiP (French Official Tax Bulletin) requires that these expenses be allocated according to the respective value of the assets: only the portion attributable to the transferred securities is added to their price.

Special cases

The following situations are described in the BOFiP (Official Bulletin of Public Finances). Each has its own conditions: the page outlines the principle, not the details. Some lines refer to social rights or securities in a specific situation, indicated in the left-hand column: the official text must be read before any application.

The BOFiP (Official Bulletin of Public Finances) consulted regarding the weighted average price does not address the case of shares received free of charge by someone who already held shares in the same company. This case will be handled in a meeting, based on your supporting documents.

Tax deferral and suspension: two key points of reference

These points primarily concern the person giving, with an obligation for the person receiving in one case.

• If the gifted securities originated from a contribution subject to tax deferral, the practical guide IR 2026 states that "transfer by way of gift or manual gift does not constitute an event that terminates the tax deferral." In the same section, the guide specifies a reporting obligation for the person receiving the securities when they control the company benefiting from the contribution: this is indicated on line 3WH of form 2042 C. The conditions are detailed in the guide.
• If the securities came from an exchange with deferred taxation, the BOFiP provides that the deferred gain is definitively exempt from income tax in the event of gratuitous transfer of the securities received in exchange, subject to article 150 duodecies of the CGI, not dealt with here.

Numerical example (fictitious profile)

Situation. Marc inherits listed securities from his mother. The inheritance tax return values them at €200,000. After the division of common estate expenses, €9,000 in taxes, notary fees, and deed costs, all documented and actually paid by Marc, are attributed to these securities. Marc did not own any shares in this company before the inheritance. In 2026, he sells them for €260,000. Marc is taxed at the flat rate. The sale costs are not taken into account. These amounts are hypothetical scenarios.

Issue. Marc believes the purchase price is the one his mother paid, namely €80,000 in this example. He fears a heavy tax burden.

Strategy. To reiterate the rule: acquisition price equals the value retained for the rights, plus the costs incurred and justified.

Result.

The page method reduces the base by €129,000 compared to the initial assumption. Adding expenses further reduces the capital gain by €9,000, resulting in €2,826 in tax under this scenario.

The rate of 31.4% is the sum of the flat rate of 12.8% (impots.gouv.fr, page "Les cessions mobilières") and the social security contributions of 18.6% for 2026 income (impots.gouv.fr and service-public.gouv.fr, fact sheet F2329, which also cites the total of 31.4% for the flat tax). For a sale on a date other than 2026, the social security contribution rate should be verified with the official source. This profile is fictitious: it illustrates the calculation and does not reflect your specific situation.

What changes depending on your situation

• The method of transmission: inheritance, simple gift, gift-partition, manual gift, split of ownership.
• The relationship between you and the person transferring the inheritance, and the matrimonial property regime if there is a surviving spouse.
• The amount of expenses actually incurred and their justification.
• Prior ownership of securities of the same company.
• The acquisition date of the securities: the holding period allowance only applies to securities acquired or subscribed to before January 1, 2018, with the option for the tax scale. For securities received by gift or inheritance, the relevant date is not addressed here: it must be verified on a case-by-case basis before any option is chosen.
• The nature of the securities: free shares, BSPCE and professional securities follow their own rules, not covered here.

The rule depends on your situation. No results are guaranteed.