Effects on tax evaluations

These regulations have a significant impact on tax-relevant evaluations, particularly during the transition period:

Grandfathering with all special regulations

• Financial innovations
  • no grandfathering
• Certificates that are not financial innovations
  • unlimited inventory protection only until purchase including 14.3.2007
  • from purchase 15.3.2007 limited protection until 30.6.2009
  • from purchase 1.1.2009 directly without grandfathering
• Special funds
  • Protection only until purchase including 9.11.2007
  • from purchase 10.11.2007 no grandfathering

Other important changes

• Delimitation of validity HEV / no HEV.
• Deferral of gains on shares and other capital gains.
• Gains and losses from financial innovations can be offset against the old loss from section 23 in the same way as gains and losses from other securities.
• Since January 1, 2009, it is no longer possible to deduct income-related expenses.
• Since January 1, 2009, option writer premiums no longer constitute a separate tax category.
• Devisentermingeschäfte sind ab 1.1.2009 abgeltungsteuerpflichtig.
• Profits and losses on non-euro securities must be converted directly into euros on the respective order date.
• Transactions on accounts and custody accounts marked as "Exclude from tax consideration" must be filtered out for the tax-relevant evaluations.