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Share savings plan in:
Verified 16 June 2021 - Directorate for Legal and Administrative Information (Prime Minister)
Minor or adult child attached to his or her parents' tax home, which is taken into account for the purposes of calculating income tax
Payment in cash, which can be in the form of cash, checks, transfers, etc.
Marriage, Civil partnerships or cohabitation (common-law)
The person from whom you come: parent, grandparent, great-grandparent,...
Child, grandchild, great-grandchild
Savings product. The money is invested in several types of media.
Investment vehicles other than euro funds. Units of account represent undertakings for collective investment in transferable securities (UCITS). Their value goes up and down.
A group of people who complete a single tax return (e.g., spouse, dependent children)
A registered, non-marketable financial instrument that allows individuals to invest in crowdfunding businesses.
Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden
Collective investment funds other than undertakings for collective investment in transferable securities (UCITS)
Amount paid periodically until death of beneficiary
The stock savings plan (PEA) is a regulated savings product. It allows the acquisition and management of a portfolio of shares in European companies, while benefiting, under conditions, from a tax exemption. There are 2 types of PEA: the traditional PEA (banking or insurance) and the PEA-SME, which is dedicated to the securities of SMB: titleContent and ETI: titleContent. The conditions governing the opening of the plan, the securities which it may contain and the conditions for payment, withdrawal and entitlement to the tax advantage are regulated.
What applies to you ?
Banking Classic PEA
The banking PEA allows the acquisition of a portfolio of shares in European companies while benefiting, under conditions, from a tax exemption. The payment ceiling is €150,000.
Tax domicile
You can open a PEA as long as you resident for tax purposes in France.
Age
You have to be of age to open an AEP.
Number of AEPs per person
Only one AEP may be opened per adult.
Your Civil partnership or partner and your adult children tax-indebted can also open an AEP.
But the cap on the PEA for dependent children, called PEA-Jeunes, is limited to €20,000.
Please note
You can combine a bank PEA and a SME-PEA.
Signature of a contract
When opening the PEA, you sign a contract with the bank.
The opening date is the date of 1er payment.
Only the cash payments are allowed.
Payments are made into a cash account.
The money paid into the cash account is used to purchase securities which are then entered into a securities account.
The following securities may appear on a bank PEA:
- Shares, investment certificates, shares of SARL: titleContent
- Shares in collective investment undertakings (UCITS: titleContent, Sicav: titleContent, etc.)
To find out if a title can be included in your PEA, you can consult its description on a stock exchange website or in a specialized journal. The title description indicates whether it is eligible for the EAP.
As of December 6, 2016, amounts paid into the AAP cannot be used to acquire securities held outside of the AAP by:
- Plan holder
- Person he/she lives with as a couple
- Ascending or descendant
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Before 5 years
Partial withdrawals before age 5 result in plan closure, except in the following cases:
- Recovery or company creation
- Dismissal, invalidity or early retirement of the holder or of the holder's Civil partnership or partner
- Withdrawal from the plan of securities of businesses in liquidation
After 5 years
Partial withdrawals after 5 years shall not result in the closure of the plan.
The plan continues to work and new payments can be made.
The ceiling for the bank's PEA is €150,000. Its calculation does not take into account the gains made since the opening of the plan.
The EAP income tax depends in particular on the date of withdrawal.
The revenues of the PEA are subject to the social security contributions regardless of the date of withdrawals.
The following operations result in the closure of the EAP:
- Any withdrawal before 5 years (except in authorized cases of withdrawal)
- Non-compliance with one of the operating conditions (e.g. exceeding the ceiling on payments)
- Death of the holder
- Withdrawal after 5 years of all sums or values and conversion of capital into life annuity
Classic PEA Insurance
The PEA insurance is purchased from an insurance company. It takes the form of a capitalisation contract in units of account. The sums paid are invested in securities which may be shown on a bank PEA.
Tax domicile
You can open a PEA as long as you resident for tax purposes in France.
Age
You have to be of age to open an AEP.
Number of AEPs per person
Only one AEP may be opened per adult.
Your Civil partnership or partner and your adult children tax-indebted can also open an AEP.
But the cap on the PEA for dependent children, called Young AEPs, is limited to €20,000.
Please note
you can combine one insurance PEA and one SME-PEA.
Signature of a contract
When you open the PEA, you sign a contract with the insurance company.
The opening date is the date of 1er payment.
The PEA insurance shall consist of a capitalisation contract in units of account. The insurance company records the amount of cash payments. The amounts paid are used to pay premiums and contract fees.
The investment vehicles are identical to the bank PEA, but you cannot buy them on-line:
- Shares, investment certificates, shares of SARL: titleContent
- Shares in collective investment undertakings (UCITS: titleContent, Sicav: titleContent, etc.)
As of December 6, 2016, amounts paid to the PEA cannot be used to acquire securities held outside this plan by
- Plan holder
- Person he/she lives with as a couple
- Ascending or descendant
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Before 5 years
Redemptions before 5 years shall result in the closure of the plan, except in the following cases:
- Recovery or company creation
- Dismissal, invalidity or early retirement of the holder or of the holder's Civil partnership or partner
- Withdrawal from the plan of securities of businesses in liquidation
After 5 years
Buybacks after 5 years do not result in the closure of the plan.
The plan continues to work and new payments can be made.
The ceiling of the PEA insurance is €150,000. Its calculation does not take into account the gains made since the opening of the plan.
Please note
the classic insurance AEP and the SME AEP may be combined. However, the total amount paid on these two plans by the same holder cannot exceed €225,000.
The EAP income tax depends in particular on the date of withdrawal.
The revenues of the PEA are subject to the social security contributions regardless of the date of withdrawals.
The following operations result in the closure of the PEA assurance:
- Any redemption made on the capitalization contract before 5 years (except in the cases of authorized redemption)
- Non-compliance with one of the operating conditions (e.g. exceeding the ceiling on payments)
- Death of the holder
- Total redemption after 5 years of the capitalization contract
PEA-SME
The SME-EAP is intended to finance small and medium-sized companies (SMEs) and mid-cap companies (MID-cap companies). It operates like a bank PEA, except for the ceiling on payments (€225,000), and securities that may be invested in it.
Tax domicile
You can open a PEA as long as you resident for tax purposes in France.
Number of SME-EAPs per person
Only one SME-EAP can be opened per person, up to 2 plans per tax shelter (one PEA-SME for you and the other for your Civil partnership or partner).
People fiscally at your expense (e.g. children) may not hold an SME-PEA.
Please note
You can combine a typical PEA (bank or insurance) with an SME-PEA.
Signature of a contract
When opening the PEA, you sign a contract with the bank.
The opening date is the date of 1er payment.
Disbursements and authorized uses
Only the cash payments are allowed. They feed a cash account to buy securities.
The securities acquired are then recorded in a securities account. Only certain securities may be acquired by payments made to the PEA and entered in the securities account. They must be held by the following people:
- Plan holder
- Person he/she lives with as a couple
- Ascending or descendant
Securities which may be the subject of direct investment
The payments made to the SME-EAP are intended to finance small and medium-sized companies and mid-sized companies. They may be invested in the following securities:
- Shares (excluding preferential shares), or business investment certificates, and cooperative investment certificates
- Shares of SARL: titleContent or businesses of equivalent status, and securities representing the capital of cooperative businesses
- Bonds convertible or redeemable in shares (excluding bonds redeemable in unquoted shares)
- Participating securities and fixed-rate bonds acquired through a trader of an investment service provider or a participatory investment advisor via a website approved by the Autorité des marchés financiers
- Minibons
If the business issuing the securities is an unlisted company, it must fulfill the following criteria;
- Employed persons under 5 000
- Annual sales less than €1.5 billion,or a balance sheet total not exceeding €2 billions
If the issuing business is a listed company, it must:
- Employed persons less than 5,000 persons
- Annual sales less than €1.5 billion, or a balance sheet total not exceeding €2 billions
- Market capitalization less than €1 billion euro in at least one of the last 4 accounting years
FYI
those thresholds shall be examined on the basis of the consolidated accounts of the securities issuing business, taking into account, where necessary, the performance of its subsidiaries.
The possibility of a business' securities being bought by the money invested in the SME-EAP is examined on the basis of its accounts. In particular, the examination shall cover the penultimate closed accounting year preceding the date of acquisition of the securities in the plan.
Once a security is acquired in the SME-EAP, it can be retained there even if the accounting situation of the business subsequently changes on the basis of the number of employees, turnover or balance sheet total. The same is true if the market capitalization criterion is changed.
But if the business issues new securities, its accounting situation will be reviewed again before these securities can also benefit from the investments of the PEA-SME.
Securities which may be subject to indirect investment
Indirect investment is the purchase of securities from a business whose business is to invest on behalf of others.
Amounts paid to the SME AAP may be indirectly invested in the following securities:
- Shares in open-end investment businesses, the capital of which is more than 75%of securities ofETI: titleContent, of which at least two thirds are shares, shares, investment certificates or bonds which are convertible or redeemable into shares
- Mutual fund shares (UCITS: titleContent, Sicav: titleContent, etc.) whose capital is more than 75 % of shares inETI: titleContent, of which at least two thirds are shares, shares, investment certificates or bonds which are convertible or redeemable into shares
- Shares in collective investment undertakings (UCITS: titleContent, Sicav: titleContent, etc.) established in the European Economic Area, whose capital is composed of more than 75% of securities ofETI: titleContent, of which at least two thirds are shares, shares, investment certificates or bonds which are convertible or redeemable into shares
- Mutual fund shares at risk
- Shares or shares of AIF authorized, provided that more than half of their assets are permanently invested in shares, shares, investment certificates or bonds which are convertible or redeemable into shares and that they do not hold dematerialized real estate assets.
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Before 5 years
Partial withdrawals before 5 years shall result in the closure of the plan, except in the following cases:
- Recovery or company creation
- Dismissal, invalidity or early retirement of the holder or of the holder's Civil partnership or partner
- Withdrawal from the plan of securities of businesses in liquidation
After 5 years
Partial withdrawals after 5 years shall not result in the closure of the plan.
The plan continues to work and new payments can be made.
The SME-EAP ceiling is €225,000. Its calculation does not take into account the gains made since the opening of the plan.
Please note
the SME-EAP and the traditional EAP (banking or insurance) may be combined. However, the total amount paid on these two plans by the same holder cannot exceed €225,000. Even in case of cumulation, the ceiling of the traditional EAP shall not exceed €150,000.
The EAP income tax depends in particular on the date of withdrawal.
The revenues of the PEA are subject to the social security contributions regardless of the date of withdrawals.
The following operations result in the closure of the EAP:
- Any withdrawal before 5 years (except in authorized cases)
- Non-compliance with one of the operating conditions (e.g. exceeding the ceiling on payments)
- Death of the holder
- Withdrawal after 5 years of all sums or values and conversion of capital into life annuity
Definition and operation of the EAP
Definition and operation of the SME-midcap EAP
Opening of the SME-midcap EAP and thresholds for SME-midcap EAP eligible companies
Online service
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Autorité des marchés financiers (AMF)
Institute for Public Financial Education (IEFP)
Autorité des marchés financiers (AMF)
Institute for Public Financial Education (IEFP)