Last May, the Pacte law had already given a little facelift to the stock savings plan (PEA), which allows you to invest in a portfolio of shares of European companies (for the classic PEA) or in SMEs and mid-size companies (for PEA-PME). Among the measures taken at that time was an increase in the PEA-PME ceiling (from 75,000 euros to 225,000 euros) or the creation of a youth PEA (limited to 20,000 euros in payments). The goal? Make this investment more attractive to the general public when only 4.7 million French people owned it, compared to 7 million in the early 2000s.
To supplement these provisions and protect savers from any abuse, new rules on fees have also just been set by decree on February 5. "From July 1, 2020, a series of fees - four in total - billed by banking institutions, will be capped," explains Pauline Combes, tax lawyer for businesses and individuals at GMBA. Until now, there was no ceiling. From one bank to another, the fees were different, the rates too. "
Half the cost
So what will be the different ceilings in force in five months? First there are the costs of opening a PEA or a PEA-PME which cannot exceed 10 euros. The annual account maintenance fees will also be capped at 0.4% of the value of the securities held. The decree adds that these costs may "be increased by fixed costs per line of securities held or per unit of account not to exceed 5 euros" (or 25 euros in the case of unlisted securities). During an operation on a PEA (sale or purchase of shares for example), the costs may not be greater than 0.5% of the value of the transaction if it was carried out in a “paperless” manner, in other words in line, or 1.2% if it was done by any other means.
Finally, in the event of transfer of the PEA from one bank to another, the costs will also be supervised: “They cannot exceed 15 euros per line of securities transferred (or 50 euros for non-negotiable securities) within an overall limit of 150 euros ”, explains Pauline Combes. All these ceilings may be raised every three years, according to the Insee index.
A tax-efficient investment
According to the Ministry of Economy and Finance, this new regulation will "reduce the costs borne by savers in the management of their plans, especially for small PEA and PEA-PME and when they are invested in unlisted securities. "
And according to the figures put forward by Bercy, the gains are far from negligible for savers: "A person who has invested 1000 euros in shares of a listed company will pay no more than 9 euros in annual fees against 20 euros on average currently. If she wishes, she can transfer her PEA to another establishment offering more attractive pricing for a fixed cost of 15 euros at most, compared to around 100 euros currently. "
What encourage investors to invest more in this investment, losing momentum for several years while "from a tax point of view, it is very interesting," says the lawyer. Because, as she recalls: "After five years - against eight years before the Pacte law -, the dividends and capital gains generated by the PEA are indeed exempt from income tax (but not social security contributions) . "