The tax question is often the last one crowdlending investors ask themselves, after analysing projects, choosing platforms and allocating tickets. That is a mistake. Taxation directly impacts net return, and in a universe targeting 8 to 11% gross, losing 3 points through poor tax management is a real shortfall.
This guide covers French crowdlending taxation in 2026, for French tax residents. It does not substitute for personalised advice: consult a tax adviser for your specific situation.
Since 1 January 2018, capital income, including interest received on participatory loans, is subject by default to the Prélèvement Forfaitaire Unique (PFU), commonly called the "flat tax". Its rate is 30%, broken down as follows:
| Component | Rate | Allocation |
|---|---|---|
| Income tax (IR) | 12.8% | State budget |
| Social charges | 17.2% | CSG, CRDS, solidarity levy |
| Total PFU | 30% |
In practice: if you receive €1,000 in gross interest during the year, you owe €300 in tax, for net income of €700. On a gross return of 10%, that gives a net return of 7%. The calculation is simple, but its implication for portfolio construction is often underestimated.
The PFU is the default regime, but you can opt for the progressive income tax scale when filing your return. This option applies to all your capital income for the year in question, you cannot choose PFU for your dividends and the scale for your crowdlending interest.
The scale option is only advantageous if your marginal tax rate (TMI) is below 12.8%. In practice, this concerns investors whose taxable income falls in the 11% bracket (fiscal reference income below approximately €28,000 per share in 2025).
For the vast majority of active crowdlending investors, the 30% PFU remains more advantageous or equivalent. Always simulate: compare your TMI plus 17.2% social charges against the flat 30%.
PSFP-licensed platforms automatically transmit to the tax authorities the income they have paid you. You receive an Imprimé Fiscal Unique (IFU) at the beginning of each year. Amounts are pre-filled in your online tax return under investment income.
Key boxes to check:
This is one of the least well-understood aspects of crowdlending taxation, and yet one of the most important. Since 2016, capital losses on non-repaid participatory loans are deductible against interest received, within a 10-year carry-forward period.
The deduction applies only when the loss is definitively established. A project 6 months late does not yet generate a deductible loss, the platform must have formally closed the file (recovery procedures exhausted, judicial liquidation of the debtor).
Good news for investors subject to the IFI: receivables from crowdlending are excluded from the IFI base. The IFI taxes real estate assets held directly or indirectly. A participatory loan is a receivable, not a real estate asset, even if the financed project is a residential development.
This distinguishes crowdlending from SCPIs, real estate funds or direct property ownership: all of these forms of investment enter the IFI base. Crowdlending remains IFI-neutral, making it an interesting tool for larger portfolios seeking economic exposure to real estate without increasing their IFI base.
| Investment | Typical gross return | Taxation | Net return (30% TMI) |
|---|---|---|---|
| Livret A | 3% | Exempt | 3% |
| Life insurance euro fund | 3.5 - 4% | PFU after 8 years (24.7%) | 2.6 - 3% |
| Real estate crowdlending | 8 - 11% | PFU 30% | 5.6 - 7.7% |
| Renewable energy crowdlending | 5 - 8% | PFU 30% | 3.5 - 5.6% |
| SCPI | 4.5 - 6% | IR + social charges (by TMI) + potential IFI | 2.5 - 4% (30% TMI) |
This article is current as of 1 January 2026 per the 2026 Finance Act. Tax law changes: consult a tax adviser or the French tax authority (impots.gouv.fr) for your personal situation.