Capital Gains Tax by Country
Where would your investment gains be taxed the least? Compare the UK, Germany, France, Spain and Italy on the same gain - ranked from lowest to highest.
Standard taxable-account rates for a single person, 2024/25, using each country's main capital-gains allowance. Amounts are in the local currency (allowances shown at face value). A UK ISA or French PEA can cut this to zero - see our dedicated calculators. Not tax advice.
Frequently asked
Which European country has the lowest capital gains tax?
It depends on the size of the gain. Among the five largest EU markets, headline rates are: UK 18%/24% (with a £3,000 allowance), Germany 26.375% (with a €1,000 allowance), France 30% flat (PFU) in a taxable account, Spain 19%-28% progressive, and Italy 26% flat. On small gains the UK and Germany often win thanks to their allowances; on large gains Italy and Spain's lower entry rates can be competitive. This tool ranks them for your exact figure.
How is capital gains tax calculated in each country?
UK: 18% (basic) or 24% (higher rate) above a £3,000 annual allowance. Germany: a flat 25% Abgeltungsteuer plus 5.5% solidarity surcharge (26.375%) above a €1,000 Sparer-Pauschbetrag. France: a flat 30% PFU (12.8% income tax + 17.2% social charges) in a taxable account. Spain: progressive savings-base rates from 19% to 28%. Italy: a flat 26% (12.5% for government bonds).
Are tax wrappers included?
This comparison uses each country's standard taxable account. Tax-advantaged wrappers change the picture dramatically: a UK ISA or a French PEA (after 5 years) can reduce the tax to zero or to social charges only. See our dedicated ISA and PEA calculators for those.
Does residency determine which rate applies?
Generally yes - you are taxed on capital gains where you are tax-resident, subject to double-taxation treaties. This is a key reason internationally mobile investors compare rates. Always confirm your specific situation with a cross-border tax adviser.
What about social charges and surcharges?
They matter. France's 30% already includes 17.2% social charges; Germany's figure includes the solidarity surcharge. Church tax (Germany) and the regional part (Spain) can add more and are not fully reflected here - treat the result as an indicative comparison.
Is this tax advice?
No - it is an estimate using standard 2024/25 headline rates and each country's main allowance, for a single person with no other allowances used. It ignores losses, treaties and local surcharges. Confirm with a qualified adviser.