Teilfreistellung

In English: Partial tax exemption for funds

Part of the gains from investment funds is tax-free, because the fund already pays some tax itself: 30% for equity funds (e.g. most stock ETFs) and 15% for mixed funds. Bond and money-market funds get none.

Where it comes up

All terms in the glossary
These are estimates to help you plan – not financial, tax or legal advice. They use German tax rules for 2026, assume steady returns and interest rates, and simplify where the page says so. Check the figures with your bank or a tax adviser before you decide.