Good news for all investors with tax residence in Germany: the tax allowance, i.e. the tax-free amount that you can use for your investment income, is increasing.
The statutory increase applies from 2023 and includes an increase from €801 to €1,000 or from €1,602 to €2,000 in the case of a joint allowance. This tax allowance increase makes it all the more worthwhile for German clients to participate in the capital markets.
Our custodian bank will take these changes into account and automatically adjust the tax exemption of your Scalable account for 2023.
In your Scalable account, you have set the amount of your tax exemption under Profile. This will be automatically adjusted on 3 January 2023 in accordance with the statutory increase. You do not have to do anything yourself.
If you did not set up a tax exemption, no change will be made.
You have specified the maximum amount of €801 in your tax exemption with Scalable Capital. As of 3 January 2023, this value will automatically increase to the new maximum amount for single persons of €1,000.
If you have specified any lower amount instead of the maximum amount, the value will automatically increase by 24.844%. This percentage corresponds to the proportionate amount by which the tax allowance increases for the maximum values (€801 to €1,000).
If you have not set up a tax exemption, the amount will continue to be €0.
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