Discount scale
A discount scale is a table that links the amount of a discount for interest-bearing receivables with the term and / or the interest rate of the receivable.
When mortgages are loans (for the same duration) different nominal interest rates associated with various discounts (discount) of the payout.
In the case of bonds , the amount of an issue discount is linked to the term of the securities or to the interest rate.
Tax framework (Germany)
Until 2008
With the “Disagioerlass” of the German Federal Ministry of Finance (BMF) of November 24, 1986 (BStBl. 1986 I, p. 539), a discount scale was published that was used for taxation in Germany until 2008.
The decree stipulated that a bond for private investors is tax-favored if the issue discount is limited to a maximum
- 1% for bonds with a term of less than 2 years
- 2% for bonds with terms of 2 to 4 years
- 3% for bonds with terms of 4 to 6 years
- 4% for bonds with terms of 6 to 8 years
- 5% for bonds with terms of 8 to 10 years
- 6% for bonds with terms of more than 10 years
The price gains on interest-bearing securities that kept within this framework did not have to be taxed as capital gains by private investors. If the issue price was outside this discount scale, the bond was classified as a financial innovation by the German tax authorities .
In the case of mortgage loans, the discount, in order to be recognized as immediately tax deductible, could not exceed 2% per year of fixed interest and should not exceed 10% of the nominal loan amount.
Since 2009
With the introduction of the final withholding tax on January 1, 2009, the previous tax exemption for issuing discounts within the so-called discount scale will no longer apply.
Individual evidence
- ^ New issue of bonds (accessed June 23, 2008)
- ↑ The taxation of bonds ( Memento of the original from May 14, 2008 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. (accessed June 23, 2008)
