2024-07-31 23:40:44
Capital gains such as interest are subject to 25 percent tax. This can be partially avoided, but many savers do without it.
The state taxes interest from a call money account or profits from a fund savings plan at a flat rate of 25 percent, plus a solidarity surcharge and, if applicable, church tax. The so-called capital gains tax is automatically paid by the respective credit institution to the tax office – unless the customer has issued an exemption order.
Then capital gains of up to 1,000 euros for singles and 2,000 euros for married couples are protected from tax by the savings allowance. However, according to a recent survey by the opinion research institute YouGov on behalf of Postbank, a surprising number of consumers do not claim the allowance directly. Read here how to set up an exemption order.
According to the study, only around one in two savers (55 percent) has set up an exemption order. Around one in four (27 percent) has not given their bank such an order. One in eight (13 percent) answered “don’t know”. Investors who invest the largest share of their savings in shares (81 percent) or interest-bearing investments (64 percent) are particularly likely to use this option.
“The money is not lost if you have neglected to give your bank an exemption order. Consumers can claim the savings allowance as part of their income tax return. But you have to wait until the tax office refunds the money in the following year,” explains Frank Kuczera from Postbank. You also have to remember to file a tax return in the first place. Read here how you can easily do this yourself.
Most banks offer their customers their own forms for issuing the exemption order. You must also enter your tax identification number there. “If savers invest money in different institutions, they can split the exemption amount – depending on the amount of expected income. In this case, they must ensure that the total of all exemption orders issued does not exceed the exemption amount to which they are entitled,” says the Postbank expert.