SCPI: taxation of rental income and capital gains

Rental income distributed by a SCPI (Société Civile de Placement Immobilier) is taxed as property income: according to the progressive income tax scale, and subject to social security contributions of 17.2%. The increase in the CSG (Contribution Sociale Généralisée) under the 2026 Social Security Financing Law does not affect property income, which remains at 17.2%.

Upon resale of the shares, economie.gouv.fr indicates a capital gain taxed at a flat rate of 19%, plus social security contributions, with a possible reduction depending on the holding period. The rate of these social security contributions on resale is not included here: the official sources consulted do not agree; this should be verified with the source at the time of the sale.

This page is partial. It only deals with SCPI units held directly by a taxpayer domiciled in France and affiliated with the French social security system, and only two subjects: rents and capital gains on resale.

Rents: property income

Shareholders receive quarterly income taxed as "property income" (INC/AMF fact sheet, September 2018). Each shareholder is personally subject to income tax on their share (IR 2026 practical guide, p. 342).

Income tax. Rental income is added to your other income and follows the progressive tax scale. The tax scale for 2025 income, declared in 2026, is as follows, for one share of the family quotient (service-public.gouv.fr, fact sheet F1419).

Social security contributions. economie.gouv.fr (05/08/2025) states 17.2 %. The Social Security Financing Act for 2026 (Law of 30/12/2025, Article 12) increased the CSG (General Social Contribution) from 9.2 % to 10.6 % for income from assets and investment products, totaling 18.6 %. Rental income remains at 9.2 % for CSG, totaling 17.2 % (service-public.gouv.fr, Fact Sheet F2329, verified on 30/06/2026; 2026 Income Tax Practical Guide). Review these rates with each declaration: they are those for 2026. Fact sheet F2329 provides for a different scheme for persons affiliated to a compulsory social security scheme of another EEA country or Switzerland: it is not dealt with here.

Declaring your SCPI income

According to the 2026 Income Tax Guide (pages 341 to 343), the holder of shares in real estate companies not subject to corporate income tax is personally liable for income tax on their share. The guide refers to "shares in real estate companies"; it only mentions SCPIs (French real estate investment trusts) on page 343, in relation to other investment schemes. Applying these lines to SCPI shares is an analogy and should be confirmed for your specific situation.

• If these shares are your only rental income, You can enter the income directly on line 4BA of the 2042 declaration, with an annex listing the companies.
• Otherwise, you use form 2044, section "shares in real estate companies not subject to corporation tax", line 110.
• In both cases, You transfer the information appearing on the annual certificate issued by the company.

Personal loan. If you borrowed personally to acquire your shares, you add the interest on this loan to that of the company, item 410 of the 2044 declaration.

Land deficit. According to impots.gouv.fr (unfurnished rentals), the deficit not arising from loan interest is deductible from total income up to an annual limit of €10,700, provided the property remains rented until December 31st of the third year following the deduction. The portion arising from loan interest can only be offset against rental income in the following ten years, as can any excess beyond the limit (impots.gouv.fr; economie.gouv.fr, SCPI). Specific cases are not addressed here.

Resale of shares: rates and holding periods

The official sources consulted provide three points of reference.

• The rate. The capital gain is taxed at a flat rate of 19 %, plus social security contributions, with a possible allowance depending on the holding period (economie.gouv.fr, 05/08/2025).
• Tax exemption. It is acquired if the shares have been held for more than 22 years (AMF guide, June 2019).
• Exemption from social security contributions. It is only possible after 30 years of detention (AMF guide, June 2019).

The social security contribution rate applicable to a capital gain on resale is not given here; it is calculated on the date of the sale. The 22- and 30-year periods are taken from a 2019 guide; please review them before deciding to sell.

What this page does not cover

• SCPIs investing internationally: economie.gouv.fr indicates that taxation may vary, with possible local taxation and possible credits via tax treaties.
• The potential financial income of a SCPI (cash investments), which economie.gouv.fr distinguishes from property income.
• Shares held through a life insurance contract or a company.
• Details of the calculation of the capital gain on resale, its allowances and any applicable surcharges.

Numerical example (fictitious profile): €6,000 of rental income, with or without a personal loan

Situation. A taxpayer residing in France receives €6,000 in rental income annually from their SCPI units. Their marginal tax rate is assumed to be 30%. In a second scenario, they borrowed personally to acquire their units and pay €1,500 in interest annually.

Issue. Knowing what these revenues cost in income tax and social security contributions, with and without the deduction of interest.

Strategy. Report the share on the declaration, add the interest to section 410 of form 2044 in the second case, then apply the tranche to 30 % and the social security contributions of 17.2 %.

Result.

The interest deduction reduces the total by €708, or 47.2% of the amount, which is the sum of the 30% tax bracket and 17.2% of social security contributions. The interest remains an actual expense of €1,500: the savings only cover a portion of it.

The profile is fictitious and the values are assumed. The calculation assumes a marginal tax rate of 30% in both cases and social security contributions calculated on the same net income. It does not predict the outcome of your specific situation.

What changes depending on your situation

• Your marginal income tax bracket.
• Your other property income and how to declare it.
• The presence of a personal loan, and the amount of its interest.
• The location of the SCPI investment: France or abroad.
• The holding period for your shares, in the event of resale.
• Your tax residence and your social security affiliation: this page assumes a taxpayer domiciled in France and affiliated with French social security.

No results are promised: the rule depends on your situation.