France Tax · Derivatives (produits dérivés)

Taxation of derivatives — options, futures, warrants & CFDs

Q: How are derivatives (produits dérivés) taxed in France?

Profits realised by an individual tax-resident in France acting on a non-professional basis on financial futures instruments (futures markets, negotiable options markets, option warrants, listed warrants) fall under article 150 ter of the CGI (supplemented by articles 150 quater to 150 septies). They are taxed under the prélèvement forfaitaire unique (PFU): 12,8 % income tax + social charges, i.e. 30 % → 31,4 % since the increase in the CSG (LOI n° 2025-1403 of 30 December 2025). There is no holding-period allowance on these gains.

Q: What about CFDs, warrants and turbos?

CFDs (contracts for difference) are assimilated to financial futures instruments and therefore follow the same regime as options and futures (article 150 ter CGI) → PFU. Warrants, turbos and listed certificates are treated as capital gains on disposal of securities → also taxed under the PFU. In both cases: no holding-period allowance and social charges are due.

Q: Are my losses on derivatives (produits dérivés) deductible from my income?

No. Net losses on futures transactions and derivatives can under no circumstances be offset against global income (wages, rental income, etc.). They are only deductible from profits of the same nature realised during the same year, then carried forward for up to 10 years. This rule is stricter than for ordinary securities capital gains — do not mix the two "pots".

Q: What happens if I trade "on a habitual basis" (à titre habituel)?

When derivatives trading is conducted on a habitual basis under conditions comparable to a professional activity, gains switch to the category of non-commercial profits (BNC — bénéfices non commerciaux) and are then taxed at the progressive income tax scale (guidance BOI-BNC-SECT-50). This regime also alters the treatment of expenses and losses. The boundary between wealth management and professional activity is assessed on a case-by-case basis.

Q: Which form should I file to declare my derivatives (produits dérivés)?

Profits falling under article 150 ter CGI are declared via form 2074, whose result is carried over to the 2042 / 2042-C return. Disposals of FCIMT units (fonds communs d'intervention sur les marchés à terme) are also declared via form 2074. Keep full records of each transaction: a foreign broker does not provide a pre-filled IFU for the French tax authorities.

How article 150 ter of the CGI taxes your gains on financial futures instruments: PFU with no holding-period allowance, and a treatment of losses that differs fundamentally from other income categories. The essentials you need to know before filing.

📅 Updated: 06/2026 · Legal basis: article 150 ter CGI

1Legal framework — article 150 ter CGI

📋 Article 150 ter CGI — profits on financial futures instruments (instruments financiers à terme) :

Profits realised by an individual tax-domiciled in France, acting on a non-professional basis, on financial futures instruments are taxable under article 150 ter of the CGI (supplemented by articles 150 quater to 150 septies).

Covered instruments include: the futures market (MATIF-type futures), the negotiable options market, option warrants (bons d'option) and listed warrants, as well as — by assimilation — CFDs. These gains are subject to the PFU, without any holding-period allowance.

⚠ Two cumulative conditions: this regime applies to the individual who is tax-resident in France and acts on a non-professional basis. Once the activity becomes habitual and professional, gains switch to non-commercial profits (BNC — bénéfices non commerciaux) — see section 4.

2Taxation under the PFU (flat tax) — which rate, which instrument

The PFU applies in the same way to the various derivatives. The overall rate rises from 30 % to 31,4 % with the increase in social charges (CSG) enacted by LOI n° 2025-1403 of 30 December 2025.

Instrument	Tax qualification	Tax regime	Holding-period allowance
Negotiable options, futures	Financial futures instrument (art. 150 ter CGI)	PFU — 12,8 % income tax + social charges	None
CFDs (contracts for difference)	Treated as a financial futures instrument	PFU — 12,8 % income tax + social charges	None
Warrants, turbos, certificates	Capital gains on disposal of securities	PFU — 12,8 % income tax + social charges	None
FCIMT units	Unit disposal (futures market fund)	PFU — to be declared via form 2074	None

💡 Rate breakdown: the PFU consists of 12,8 % income tax (unchanged) + 18,6 % social charges (CSG/CRDS, up from 17,2 %), totalling 31,4 %. By making a global election (box 2OP of the 2042), it is possible to subject these gains to the progressive income tax scale — a choice to evaluate against your marginal tax rate. → PFU & progressive scale — the complete guide

3The particular treatment of losses

⚠ Key point — losses are never deductible from global income:

Net losses on futures transactions and derivatives can under no circumstances be offset against your global income (wages, rental income, pensions, etc.).

They are only deductible from profits of the same nature — i.e. other gains on financial futures instruments — realised during the same year, then carried forward for up to 10 years.

This is a fiscally ring-fenced "pot": a loss on derivatives does not offset a capital gain on shares, and vice versa. Do not mix the two regimes.

💡 Track your losses carefully: the 10-year carryforward only works if the loss was correctly declared in the year it arose. Keep precise records of your derivatives transactions, separate from your equity holdings. → Offsetting and carrying forward losses (moins-values)

4Trading "on a habitual basis" (à titre habituel) — switch to BNC

The application of article 150 ter CGI presupposes an activity carried out on a non-professional basis. When trading becomes habitual and displays the characteristics of a genuine professional activity, the regime changes.

Situation	Applicable regime	Taxation	Guidance / basis
Wealth management, non-professional basis	Article 150 ter CGI	PFU (or progressive scale by election)	Art. 150 ter à 150 septies CGI
Habitual / professional trading	Non-commercial profits (BNC — bénéfices non commerciaux)	Progressive income tax scale	BOI-BNC-SECT-50

⚠ Boundary assessed on a case-by-case basis: the classification as "professional" depends on frequency, means deployed and operating conditions. Under the BNC regime, the treatment of expenses and losses differs considerably from the private-individual regime — a point to clarify with a tax adviser.

5Filing — form 2074

Profits falling under article 150 ter CGI, as well as disposals of FCIMT units, are declared via form 2074, whose result is carried over to the 2042 / 2042-C return.

✅ Key filing reminders:
• Calculate and report profits/losses on form 2074.
• A foreign broker (IBKR, etc.) does not provide a pre-filled IFU for the French tax authorities: keep full records of each transaction.
• Losses must be declared in the year they arise to preserve the 10-year carryforward.

💡 Which form for which income? Form 2074 is just one of several possible forms depending on your transactions. → Which forms to file?

Frequently asked questions

How are derivatives (produits dérivés) taxed in France?

Profits realised by an individual tax-resident in France acting on a non-professional basis on financial futures instruments (futures markets, negotiable options markets, option warrants, listed warrants) fall under article 150 ter of the CGI (supplemented by articles 150 quater to 150 septies). They are taxed under the prélèvement forfaitaire unique (PFU): 12,8 % income tax + social charges, i.e. 30 % → 31,4 % since the increase in the CSG (LOI n° 2025-1403 of 30 December 2025). There is no holding-period allowance on these gains.

What about CFDs, warrants and turbos?

CFDs (contracts for difference) are assimilated to financial futures instruments and therefore follow the same regime as options and futures (article 150 ter CGI) → PFU. Warrants, turbos and listed certificates are treated as capital gains on disposal of securities → also taxed under the PFU. In both cases: no holding-period allowance and social charges are due.

Are my losses on derivatives (produits dérivés) deductible from my income?

No. Net losses on futures transactions and derivatives can under no circumstances be offset against global income (wages, rental income, etc.). They are only deductible from profits of the same nature realised during the same year, then carried forward for up to 10 years. This rule is stricter than for ordinary securities capital gains — do not mix the two "pots".

What happens if I trade "on a habitual basis" (à titre habituel)?

When derivatives trading is conducted on a habitual basis under conditions comparable to a professional activity, gains switch to the category of non-commercial profits (BNC — bénéfices non commerciaux) and are then taxed at the progressive income tax scale (guidance BOI-BNC-SECT-50). This regime also alters the treatment of expenses and losses. The boundary between wealth management and professional activity is assessed on a case-by-case basis.

Which form should I file to declare my derivatives (produits dérivés)?

Profits falling under article 150 ter CGI are declared via form 2074, whose result is carried over to the 2042 / 2042-C return. Disposals of FCIMT units (fonds communs d'intervention sur les marchés à terme) are also declared via form 2074. Keep full records of each transaction: a foreign broker does not provide a pre-filled IFU for the French tax authorities.

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Trades options and futures himself via IBKR and knows the complexity of the financial futures tax regime — especially the loss offset rule, which surprises many investors.

⬅️ Overview — France Tax

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Education, Not Tax Advice

This content is general education — not tax or legal advice. For binding guidance, consult a qualified tax advisor. As of: 06/2026