What works in France

Tactical asset allocation after tax in France: the rules of the CTO, PEA, Assurance-vie, in plain words with sources, and what they cost 107 strategies over 2006 to 2026.

Version: 1.0
Published: 8 October 2026
Rules last checked: 8 October 2026

Compte-titres ordinaire (CTO)

A high flat rate on every winning switch.

Tax cost a year (median): 2.9 pts
Median strategy, before / after tax: 9.3% / 6.4%
S&P 500 held, after tax: 9.6%
60/40 after tax (worst fall): 6.9% (-20%)

20 of 107 strategies beat a 60/40 after tax in this account with a smaller worst fall; 6 beat the S&P 500 held throughout. Returns a year, in EUR.

The rules

31.4% flat tax in 2026: 12.8% income tax plus 18.6% social charges.
Losses offset gains of the same kind and carry forward 10 years.
No transaction tax on ETF units.

Confidence in these rules: high. Checked 8 October 2026. Sources: Service-public.fr F21618: Plus-values sur valeurs mobilieres (verified 15 April 2026); CMS Francis Lefebvre: Revenus du patrimoine et revenus de placement, attention a la hausse de la CSG; Legifiscal: Janvier 2026, hausse de la CSG sur certains placements financiers.

Plan d'epargne en actions (PEA)

Tax-free switching, but no bonds or gold: the defensive half of most strategies turns into cash.

Tax cost a year (median): 4.4 pts
Median strategy, before / after tax: 9.3% / 4.0%
S&P 500 held, after tax: 10.4%
60/40 after tax (worst fall): 6.3% (-30%)

28 of 107 strategies beat a 60/40 after tax in this account with a smaller worst fall; 11 beat the S&P 500 held throughout. Returns a year, in EUR.

The rules

Switches inside the plan are not taxed. After 5 years, only the 18.6% social charges apply to the gain.
Contributions capped at EUR 150,000.
Only EU-equity-eligible funds: synthetic ETFs on the S&P 500, Nasdaq-100 or MSCI World qualify, and so do Amundi's 2x Nasdaq-100 and MSCI USA ETFs.
No bond, gold or commodity funds. In this study their weight sits in cash at 0%, the only safe asset a PEA can hold.

Confidence in these rules: high. Checked 8 October 2026. Sources: Service-public.fr F2385: Plan d'epargne en actions (verified 22 May 2026); Auguste Patrimoine: PEA et hausse de la CSG en 2026; Legifrance: Code monetaire et financier (art. L221-30 to L221-32).

Assurance-vie (unit-linked)

Switching is free, the fee is not.

Tax cost a year (median): 2.6 pts
Median strategy, before / after tax: 9.3% / 6.1%
S&P 500 held, after tax: 9.5%
60/40 after tax (worst fall): 7.0% (-21%)

28 of 107 strategies beat a 60/40 after tax in this account with a smaller worst fall; 16 beat the S&P 500 held throughout. Returns a year, in EUR.

The rules

Switches inside the contract are not taxed.
After 8 years: 17.2% social charges on the gain plus 7.5% income tax above a EUR 4,600 yearly allowance.
Only the insurer's fund list: usually UCITS ETFs including bonds, but no ETCs (gold sits in cash here).
We assume a 0.5% yearly contract fee, typical of online contracts.

Confidence in these rules: high. Checked 8 October 2026. Sources: Service-public.fr F22414: Fiscalite de l'assurance-vie (verified 15 April 2026); Legifiscal: Janvier 2026, hausse de la CSG (exclusion of assurance-vie); Selectra: Assurance-vie, abattement 4 600 euros apres huit ans.

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How this was computed, the limits, and every other country are in the full study.