What should be considered for tax purposes?
A change of securities account may require different tax treatment. If the papers are transferred to a third party, the transfer is taxed like a sale of securities. If fictitious exchange gains are “realized”, these are subject to taxation and capital gains tax is levied. Here are four common scenarios for transferring securities accounts and the associated tax treatment:
Transfer of custody account by the same person from one bank to another: In this case, it is a so-called custody account transfer without a change of creditor. When changing custody accounts, all acquisition data, ie data on securities purchases and prices when buying securities, are transferred to the new securities account. This transfer is tax-neutral.
Transfer of securities accounts between spouses or due to a gift: If you transfer your securities account to your spouse’s securities account, this is a transfer of securities accounts with a change of creditor. The transfer does not correspond to a sale of securities, but the bill of exchange and the acquisition data transferred with it for the respective securities are transmitted to the tax office due to the possible gift tax.
Transfer of custody account to the heirs: If a custody account is transferred to the heirs, it is not a sale for tax purposes. Accordingly, no tax is due. However, a report is made to the tax office with regard to inheritance tax.
Transfer of securities account to third parties: If you transfer your securities account to third parties, it is a transfer of securities account with a chargeable change of creditor. From a tax point of view, this is a sale and you must expect the withholding tax to be paid if exchange rate gains and / or income have been achieved and the saver lump sum is exceeded. The amount of the withholding tax is 25 percent withholding tax, plus solidarity surcharge and, if applicable, church tax.
Loss offsetting pots can be taken along when changing securities accounts
In order to calculate the final withholding tax for securities, banks work with so-called “loss pots”. This is a virtual calculation of how much profit or loss an investor has made with his securities. Profits and losses from funds, warrants, stocks or bonds are offset against each other. The loss offsetting pots can be transferred to the new securities account when the securities are transferred in full. This is to be noted accordingly in the order. If only individual shares are transferred to a new custody account, the loss offsetting pots cannot be transferred.
Can I buy and sell securities while the securities account is being transferred?
Please note: you cannot dispose of your securities during the change. For this reason, you should definitely check before transferring the securities account whether you want to sell the securities to be transferred at short notice. Then the transfer is not worthwhile.
Should I close my previous depot after the depot transfer?
If you change your depot, you do not necessarily have to close your old depot. It depends on whether you “move” all securities. If, however, you transfer your entire securities portfolio to a new securities account, it can make sense to close the old securities account and cancel it in order to save costs. It also usually gives you a better overview of your overall financial situation.
What happens to my fund savings plan when I transfer my account?
If you use a securities savings plan, this is not automatically transferred. You can then set up a new savings plan with the new provider. When transferring the securities from this savings plan, you must ensure that only entire units (funds, stocks, ETFs) can be transferred. Any existing fragments cannot be transferred and must be sold in the course of the transfer of the deposit.
Is a deposit transfer worthwhile?
You can find out whether a deposit transfer is worthwhile for you with a deposit comparison. To do this, compare the order fees and the administrative costs of your previous securities account with the fees of your new provider. You should also check what additional services your new bank can offer after you have changed your account.