Custody transfer
A securities account transfer is the transfer of securities from one securities account to another. The process differs depending on whether both custody accounts are held with the same or different credit institutions . The transfer of a deposit now takes place largely electronically. The securities are deposited as global certificates that are physically held by central securities depositories . The transfer of securities is the fact that the papers in a deposit removing and are booked in another without effective pieces are physically moved, whereby the rules of depot law , in particular § 13 are to be observed Custody Act.
Tax treatment in Germany
Since the introduction of the final withholding tax , the implementation of a deposit transfer has become more complex. Since exchange rate gains are also taxed when determining the final withholding tax, it is necessary to forward the information about the purchase date and the purchase price from the transferring bank to the recipient bank. When transferring the entire depot, the existing pots must also be transferred to offset losses.
In terms of taxation, a distinction must be made between two situations: If the securities account is transferred to a securities account of the same person, the recipient bank takes over the tax data. So nothing changes in terms of taxation. If the transfer is made to another person, the legislature assumes a sale (which would trigger tax liability with regard to the profit) according to Section 43 (1) sentence 4 EStG . In order to prevent this, the account holder can inform the bank that the transfer was made without payment. The new account holder then takes over the securities with the existing tax data ( Section 43 (1) sentence 5 EStG).
In order to prevent misuse, the bank is obliged to inform the tax authorities that a transfer has taken place, in which the customer states that it was carried out without payment, Section 43 (1) sentence 6 EStG. This ensures that the tax authorities are made aware of facts relating to inheritance and gift tax.
Cost of transferring the securities account
According to the case law of the BGH , a bank in Germany is only allowed to pass on third-party fees ( e.g. to the depository) for the transfer of custody accounts , because it thereby fulfills the legal obligation to surrender the securities it is only holding in custody. It does not matter whether the entire inventory is transferred as part of a depot closure or only partial inventory is transferred while the depot is continued.
Individual evidence
- ↑ Federal Court of Justice , judgment of November 30, 2004, file number: XI ZR 200/03