€3,000 or €0 on the Same Profit? Europe's Tax-Free Accounts, Mapped
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Same €10,000 profit on an investment fund: €3,000 of tax in an ordinary Swedish account, €2,600 in an ordinary Italian one, and nothing on the gain inside Italy's PIR after five years. Europe is moving from taxing your profit to taxing your pot, and this video maps the tax-free investing accounts country by country. As of October 2026.
In this video we ask: How much can you put in each year in the UK, Italy, Poland, France and Germany? What do you pay on a profit outside these accounts, and what inside? What is the new yearly tax on the account's value in Sweden, Poland and Ireland, and when is it cheaper than a tax on your profit? Why is Germany's new pension account a deferral, not a tax-free account? And what is still moving in Spain, the UK, France and Brussels?
As of October 2026: several items depend on pending law. The UK Budget is on 28 October 2026, just days after this video, and it could change the ISA figures. Ireland's Investment Account is announced, and its bill is not yet published. Spain's Financia Europa account exists only by emergency decree that must still be confirmed. The Netherlands' changes are proposals, and France's 2027 budget is in parliament. We will pin a correction if anything changes.
⏱ Chapters
0:00 Same profit, different tax
0:58 How much can you put in?
3:57 What you pay on profit
7:15 The new tax on your pot
9:47 Germany, the odd one out
11:06 What's still moving
13:37 Wrap-up
???? Our German-language episode on Germany's Altersvorsorgedepot and the ETF savings plan: https://youtu.be/6hDut7eAJHs
???? Sources
• UK ISA allowance and how ISAs work (gov.uk): https://www.gov.uk/individual-savings-accounts
• UK capital gains tax rates and allowance (gov.uk): https://www.gov.uk/capital-gains-tax/rates
• UK cash ISA limit reduction (HMRC): https://www.gov.uk/government/....publications/reducti
• UK Budget date, 28 October 2026 (HM Treasury): https://www.gov.uk/government/....publications/chancel
• Sweden, investment savings account ISK (Skatteverket): https://www.skatteverket.se/investeringssparkonto
• France, PEA (service-public.fr): https://www.service-public.gou....v.fr/particuliers/vo
• France, personal retirement savings plan PER (service-public.fr): https://www.service-public.gou....v.fr/particuliers/vo
• Italy, PIR (Banca d'Italia): https://economiapertutti.banca....ditalia.it/aree-tema
• Italy, EU infringement case, according to reports (Eunews): https://www.eunews.it/en/2026/....10/01/eu-commission-
• Ireland, Budget 2027 Tax Policy Changes (Department of Finance): https://assets.gov.ie/static/d....ocuments/c6792805/Bu
• Ireland, exit tax on funds and ETFs (Revenue): https://www.revenue.ie/en/tax-....professionals/tdm/in
• Spain, Real Decreto-ley 29/2026 (BOE): https://www.boe.es/buscar/act.....php?id=BOE-A-2026-20
• Poland, OKI act, Dz.U. 2026 poz. 1098 (Sejm): https://api.sejm.gov.pl/eli/ac....ts/DU/2026/1098/text
• Netherlands, cabinet letter on Box 3, 30 September 2026 (Eerste Kamer): https://www.eerstekamer.nl/beh....andeling/20260930/br
• Germany, Altersvorsorgereformgesetz, BGBl. 2026 I Nr. 156: https://www.recht.bund.de/bgbl..../1/2026/156/regelung
• Germany, questions and answers on the pension reform (Federal Ministry of Finance): https://www.bundesfinanzminist....erium.de/Content/DE/
• EU, Commission recommendation on savings and investment accounts, 30 September 2025 (Council register): https://data.consilium.europa.....eu/doc/document/ST-1
Worked examples are calculations by Kapital Europa with the assumptions stated in the video: a single person, no other capital income that year, a long holding period, no church tax, euro conversions approximate at the ECB reference rates of 9 October 2026. They illustrate, they do not predict what you will pay.
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About Kapital Europa: for everyone who saves and invests here, we explain the money topics moving Europe. Every script is checked against primary sources. Noémi, who presents this video, is an AI-generated virtual presenter; her voice, the images and the animation are AI-generated. This is analysis for information and education, not investment or tax advice.
Which country's account would you pick? Tell us in the comments.
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