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Securities account simulator (CTO): capital gains, flat tax 31.4% % or tax brackets
The standard securities account is the most flexible option: no limit, no minimum holding period, and all securities can be held. It also offers the least tax protection, as dividends, interest, and capital gains are subject to a flat tax rate of 31.4% (%), unless the progressive tax scale is chosen. This simulator calculates the tax liability upon withdrawal, compares the two systems, and measures the difference with a PEA (equity savings plan).
All securities (French and foreign stocks, ETFs, bonds, funds), free withdrawals at any time
12.8 % of income tax and 18.6 % of social security contributions, or the overall option for the tax scale
These can be offset against capital gains of the same nature in the current year, and then in the following ten years.
The simulator
Simulate your securities account
The projection compares the flat tax rate (PFU) and the progressive tax scale, then the difference with a PEA (equity savings plan). Your data is neither stored nor transmitted.
Securities account simulator
Project the value of your ordinary securities account and the tax due on exit, at the flat tax rate or the progressive scale.
This is an indicative calculation, based on the 2026 rules and the assumptions entered above. Gains are assumed to be realized in a single lump sum upon exit; dividends are deemed to be reinvested in the return.
Why
Securities accounts: flexibility, at the cost of taxation
The ordinary securities account (CTO) is the standard investment vehicle when you want to invest without constraints: No limit on contributions, no minimum term, no restrictions on the type of securities. French and foreign stocks, ETFs, bonds, mutual funds, and securities not eligible for a PEA (French equity savings plan): everything can be held there, and withdrawals are free at any time. This makes it the natural complement to a PEA capped at €150,000 or a assurance-vie policy whose investment universe is limited to the listed funds.
The counterpart is tax. Dividends, interest, and capital gains are subject to single flat-rate levy of 31.4 %, This amounts to 12.8% of income tax and 18.6% of social security contributions. Dividends and interest are taxed annually, while capital gains are taxed upon sale. No exemptions are acquired over time, unlike... PEA, Holding it for ten years does not reduce the rate.
Two levers allow you to manage this taxation: opting for the progressive tax scale when your tax bracket is low, and managing capital losses, which can be offset against capital gains of the same nature for ten years. This simulator highlights these options.
What the calculation shows
The 3 key actions that change the tax treatment of a securities account
The flat tax rate is applied by default. However, you can opt for the progressive scale The option is comprehensive, irrevocable for the year, and valid for all Your investment income and capital gains. It becomes advantageous for a marginal tax bracket of 0 or 11, or when dividends are received, which then benefit from a 40 allowance. From 30 onwards, the flat tax rate (PFU) is almost always more favorable. The best approach is to re-examine the options each year, as the choice is only made when filing your tax return.
A capital loss on the sale of securities is offset against capital gains of the same nature for the year, then against those of the ten years later. It is only useful if it is declared: it must be reported on the tax form, year after year. In an actively managed portfolio, adjusting positions while taking into account existing losses allows you to realize gains while minimizing the actual tax paid. Conversely, failing to declare anything results in the loss of an acquired advantage.
A securities account (CTO) is not chosen in isolation: it is linked to the PEA (equity savings plan), assurance-vie, and the PER (retirement savings plan). Generally, one first fills up the tax-reducing accounts (PEA for eligible shares, assurance-vie regarding its exit taxation and its transfer, PER (for the deduction), then the securities account for what doesn't fall within it: securities outside of a PEA (equity savings plan), amounts exceeding the limits, need for total liquidity. The PER or assurance-vie comparison helps to arbitrate between the first two.
Numerical example
€20,000 then €500 per month for 15 years
To illustrate, let's take an investor who invests €20,000 initially and then €500 per month for 15 years, with a net return of 5% after fees. Here's what the simulator projects, depending on the chosen investment vehicle and tax regime (example for educational purposes only, excluding dividends and other household income):
| Indicator | CTO at PFU (31.4 %) | CTO at the tax rate (TMI 30 %) | PEA after 5 years |
|---|---|---|---|
| Projected capital after 15 years | ≈ €175,919 | ≈ €175,919 | ≈ €175,919 |
| Total paid in | €110,000 | €110,000 | €110,000 |
| Capital gain | ≈ €65,919 | ≈ €65,919 | ≈ €65,919 |
| Tax on a total withdrawal | ≈ €20,698 | ≈ €30,692 | ≈ €12,261 (social security contributions) |
With identical payments and performance, the flat-rate tax (PFU) is more advantageous here than the progressive tax scale for a taxpayer in the 30th tax bracket (%). But the benefit of the tax package is revealed in the last column: approximately €8,438 difference The difference between a standard brokerage account (CTO) with flat tax (PFU) and a French equity savings plan (PEA) lies solely in the exit tax. This difference is only offset for securities eligible for the PEA and up to its limit; beyond that, the standard brokerage account remains the preferred tool, and tax management is what matters.
In practice
Opening a securities account: the choice of institution is just as important as the investment amount.
The taxation of securities accounts is the same everywhere, but the conditions vary: brokerage fees, custody fees, transfer fees, the range of securities available, execution quality, and monitoring tools. On a long-term portfolio, a few tenths of a percent in annual fees weighs as heavily as the tax itself. Added to this is the question of structure: securities account held in one's own name, with ownership split, or via a third party. asset holding company when the investment is made by a company.
Balmont Conseil is a wealth management consulting firm based in Lyon, a member of ANACOFI-CIF, and has no capital ties to any bank. We offer securities accounts with several partner institutions, allowing us to select the one that best suits your profile, investment amounts, and strategy, rather than choosing one from a network. Let's book an appointment to integrate your securities account into an overall allocation, consistent with your wealth review.
Frequently asked questions
What clients ask us.
How is a securities account taxed?
By default, dividends, interest, and capital gains are subject to single flat-rate levy of 31.4 % 12.8% income tax and 18.6% social security contributions. Dividends and interest are taxed in the year they are received, capital gains in the year of sale. There is no exemption based on the holding period: the rate is the same after one year or after twenty years.
PFU or progressive tax scale: which to choose?
The option for the pricing scale is global It applies to all your investment income and capital gains for the year and is determined when you file your tax return. It can be advantageous if your marginal tax bracket is low (around 11 or less), or if you receive dividends that qualify for the 40 allowance. From a tax bracket of 30 or higher, the flat tax rate (PFU) is generally more favorable. The comparison is made annually, using your household's figures.
What happens to my losses?
A capital loss on the sale of securities is first offset against capital gains of the same nature for the year, and then, for the remaining balance, against those of the ten years later. It must be declared annually to be carried over. It's an acquired benefit that would be a shame to lose due to failure to declare.
Securities account, PEA or assurance-vie: which to choose?
These envelopes are not opposed, they complement each other. The PEA significantly reduces the tax on eligible European shares after 5 years, up to a limit of €150,000 in contributions.’assurance-vie offers a sliding scale of exit taxes and an advantageous inheritance framework. securities account It has no ceiling, no duration, and no universe restrictions: it takes over for everything that doesn't fall under the other two categories. The order in which you fill it out depends on your tax bracket, your time horizon, and your objective.
Is there a maximum or minimum duration?
No. A standard securities account has no deposit limit, no minimum holding period, and no eligibility requirements for securities. You can withdraw funds at any time, which triggers taxation on any capital gains realized. This is its main advantage, and the reason it's reserved for needs that other investment vehicles don't cover.
How does Balmont Conseil differ from a bank advisor for my securities account?
Balmont Conseil is a wealth management consulting firm based in Lyon, a member of ANACOFI-CIF, and has no capital ties to any bank. A bank advisor will offer you their institution's securities account. We offer securities accounts with several partner institutions and select the one best suited to your situation. We then integrate this securities account with your other investment vehicles (PEA, assurance-vie, PER) within a comprehensive strategy.
