A child can have up to €13,132 tax free income* per year, which consists of three components:
€1,000 saver’s tax allowance: This can be activated by instructing a tax exemption order (Freistellungsauftrag) directly in the Scalable app. To do this select the account you want to manage under Profile > Tax exemption order in the app and Profile > Taxes > Tax exemption order in Web.
€12,096 basic tax allowance: This can be achieved by submitting a non-assessment certificate (NV-Bescheinigung). Once you have received your non-assessment certificate from your tax office, please send a copy of the document to:
Scalable Capital Bank GmbH
Seitzstraße 8e
80538 Munich
Germany- €36 special expense tax allowance.
Tax benefits mentioned only apply to Kids’ accounts in Germany.
If a tax exemption order (Freistellungsauftrag) has been submitted, the custodian bank will not withhold the otherwise due capital gains tax on capital gains until the maximum of €1,000 has been reached. When a non-assessment certificate (NV-Bescheinigung) is filed, no taxes will be withheld.
* Scalable Capital does not provide tax advice. Tax treatment is individual and can change. Assumption: non-assessment certificate for €13,096, capital gains tax: 25%, solidarity surcharge: 5.5%; church tax: 9%.