Stock certificate

A board paper is banking a security that the bank customer can effectively deliver and self- administered or in a safe deposit box (closed depot) deposit it. Transactions with board papers are called counter transactions.

General

Counter transactions are generally all train to train - bank transactions in which the bank customer for cash at the bank counter - ie " on the table" - receives an immediate return by the bank without the customer's bank accounts must be switched on for this. Typical counter transactions of this type of buying or selling varieties, precious metals and traveler's checks at the bank counter. The term was, however, in the context of the debate on the tax honesty concentrated to the purchase and sale of securities. However, some special considerations, because in securities - unlike varieties and precious metals - taxable interest income are connected.

The similar-sounding English term over-the -counter products (OTC ) is a general term for nichtbörslich traded securities, which captures the papers which are not handed ( can ).

Securities are traded today, principally by means of the collective custody or the value of law, therefore recorded on dematerialized securities accounts. Therefore, physically deliverable securities certificates are the exception, so that counter transactions in the securities sector represent an exception.

Legal Issues

Securities may be legally purchased by each bank customers by way of board business. The Federal Constitutional Court confirmed this decision of the Federal. Accordingly, founded the mere ownership of board papers and their admission to a securities account by itself does not have reasonable suspicion of tax offenses. However, where there is evidence of a deliberate anonymity, so someone sits on the suspicion that he had made ​​the switch for a subsequent tax evasion or evasion with this type of business transaction. This is especially true when accounts and deposits are held with a credit institution, however but there Securities transactions are made ​​as cash transactions.

Both judgments relate only to bank customers, which handle counter transactions at their local bank, where they also maintain their bank accounts. Conversely, the banking customers are not covered by these judgments which either lead with another bank or even their accounts do not have bank accounts. This may occur for rational reasons. If counter transactions made ​​at another bank than the bank, fees grounds exist; maintains a customer no bank accounts, board shops are the only way for him to carry on banking business.

Tax law there is a panel shop when securities are paid or credited against the handing over and these are neither held nor managed by the credit institution are or paid or credited against surrender of the interest coupons and the bonds are not held by the debtor or the domestic financial institution. Then, these securities can be taxed only still on the exception under § 49 Section 1 No. 5d Income Tax Act.

Motives for counter transactions

Legal grounds for a self-custody: it saves the bank customer deposit fees or he can give particularly ornate securities certificates. Also, the bank customer can be prevented by the panel business that the bank under the Conditions of lien has access to this. Already illegal is the concealment of assets in the event of any gain equalization of a spouse or hiding assets from creditors or heirs. These acts may be challenged pursuant to § 3 contestation law. Some bank customers mistakenly believe that they would have to save the purchased securities from insolvency of the credit institution by panel shops. In an insolvency of the credit institution, the customer can posted on his investment account securities at any time extract lossless ( in technical jargon: discard ): see Article insolvency of the custodian.

Anonymity

Below the counter transactions certain threshold amounts, the bank customer remains anonymous, as in cash his bank accounts are not affected and the transaction will not be recorded by credit institutions. This anonymity of bank customers will be lifted when exceeding two threshold amounts:

• Acceptance and delivery of cash, securities or precious metals exceeding 15,000 euros, regardless of whether a bank account is turned on;
• Buying and selling of varieties of more than 2,500 euros if no bank account is turned on; when connecting a bank account the threshold of more than 15,000 euros applies.

In these cases, because of § 1 para 5, § 1 paragraph 2 of the MLA an identification obligation to the credit institution by presenting the identity card or passport, from which the name, date of birth and address, if they are contained therein, and to determine the nature, number and authority of the document shall be recorded.

At border crossings, the traveler must be within the EU on demand, declare outside the EU and return a written collection through cash, securities and due interest warrants, if they exceed the threshold amount of 10,000 euros.

Banking secrecy

In a further decision about the BFH has clarified on 2 August 2001 that in anonymized table stores bank secrecy unfolds no confidence and protection. The judgment concerned cases of audit of banks by the tax which were subsequently discovered panel shops and traced back to the bank customers. Despite the anonymized table stores the discovered Bank customers could not rely on banking secrecy.

Taxation of counter transactions

By withholding tax table stores lose much of their importance for potential tax evaders. Income from capital assets are no longer burdened with the individual tax rate since January 2009. Capital gains tax rate of 25% ( § 32d para 1 German Income Tax Act ) applies, the income tax is paid so. With the introduction of the flat tax as of January 2009 25 % will be deducted from income by the bank at time of redemption of coupons by way of board business. The force under the old law distinction between a withholding tax of 30 % on proceeds of amounts recognized in securities accounts securities and 35% for the-counter transactions is eliminated because the new law does not require special arrangements for counter transactions provides more. The capital income with withholding tax - including income from panel business - have not since it is indicated in the tax return.

Disadvantages

In their own custody the owner to interest and dividend payments, the maturity of bonds and the exercise of subscription rights must take care of yourself and observe the corresponding deadlines. To this end, he must coupons separated from the bow of the security and submit it to the bank itself for payment. He bears the risks from theft and destruction, unless he deposit it the actual pieces of the securities in a bank safe deposit box. There is also the risk of the validity of claims for missing the deadline. Home For the self-custody that cash and securities in the insurance have been included with. But this see the conditions limits. Basically, the compensation for valuables for each insured event is usually limited to 20 % of the sum insured, unless higher limits have been agreed. About Will money or bearer shares not held in the vault, compensation is generally limited to 1,000 euro. The limit for savings accounts, certificates or other securities is usually at 2,500 euros.