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INGÉNIERIE PATRIMONIALE - ACTUALITÉ MARS 2025 - Instauration d’un régime fiscal et social applicable aux gains de management package

La loi de finances pour 2025 crée un régime fiscal et social spécifique aux gains de management package. Ce nouveau dispositif a pour objectif de sécuriser le régime fiscal et social applicable à ce type de gains qui, depuis les décisions du Conseil d’État en date du 13 juillet 2021, faisait l’objet d’une insécurité fiscale et sociale grandissante.
En effet, l’administration fiscale remettait de plus en plus en cause leur qualification de gain en capital, imposable selon le régime des plus-values de cession de valeurs mobilières, au profit de la qualification de revenu salarial imposable dans la catégorie des traitements et salaires en fonction des circonstances factuelles. Si ce nouveau régime fixe désormais un cadre pour ces gains permettant de réduire le risque tant fiscal
que social, il reste néanmoins de nombreuses zones d’ombres et incertitudes.

Si ce nouveau dispositif a des conséquences importantes pour les opérations patrimoniales concernant les titres des managers entrant dans son champ, il est difficile aujourd’hui d’en cerner leur portée tant
le nouveau texte soulève des interrogations. Nous évoquons ci-dessous certaines de ces interrogations sans prétention à l’exhaustivité.

CHAMP D’APPLICATION DE CE NOUVEAU DISPOSITIF
Tous les gains réalisés par les salariés ou dirigeants sur les titres qu’ils ont souscrits, acquis ou qui leur ont été attribués en contrepartie de leurs fonctions dans la société émettrice des titres ou dans toute société fille ou mère. Sont donc concernés :

  • Les titres non qualifiés par la loi (actions ordinaires, actions de préférence, les bons de souscription d’actions…),

  • Y compris les titres légalement qualifiés (AGA, Stock-options, BSPCE) pour les plus-values de cession,

  • Que les titres soient détenus directement ou indirectement dans la sociétéémettrice (détention via une Manco ou une holding patrimoniale).

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GENERAL DISCLAIMER :

Societe Generale Private Banking is the business line of the Societe Generale Group operating through its headquarters within Societe Generale S.A. and departments, branches or subsidiaries, located in the territories mentioned below, acting under the brand name "Societe Generale Private Banking" and distributors of the present document.

This document, of an advertising nature, has no contractual value. Its content is not intended to provide an investment service, it does not constitute investment advice or a personalized recommendation on a financial product, nor does it constitute insurance advice or a personalized recommendation, nor does it constitute a solicitation of any kind, nor does it constitute legal, accounting or tax advice from any entity under the control of Société Générale Private Banking.

The information contained herein is provided for information purposes only, is subject to change without notice, and is intended to provide information that may be useful in making a decision. The information on past performance that may be reproduced does not guarantee future performance.

Changes in inflation, interest rates and exchange rates may adversely affect the value, price and income of investments denominated in a currency other than that of the investor. Any simulations and examples contained in this publication are provided for illustrative purposes only. This information is subject to change as a result of market fluctuations, and the information and opinions contained in this publication may change. No Societe Generale Private Banking entity undertakes to update or amend this publication, which may become obsolete after being consulted, and will not assume any responsibility in this respect.

The scenarios presented are estimates of future performance, based on past information about how the value of an investment changes and/or current market conditions, and are not exact indications. Returns to investors will vary depending on market performance and the length of time the investor holds the investment. Future performance may be subject to tax, which is dependent on each investor's personal circumstances and is subject to change in the future.

For a more complete definition and description of risks, please refer to the product prospectus or, if applicable, other regulatory documents before making any investment decision.

It is the responsibility of the potential investor to ensure with his legal and tax advisors that he complies with the legal and regulatory provisions of the jurisdiction concerned. This publication is not intended for distribution in the United States, to any U.S. tax resident, or to any person or jurisdiction where such distribution would be restricted or illegal.

The offers related to the activities and financial and wealth information presented may not be adapted or authorized within all Société Générale Private Banking entities. In addition, access to some of these offers is subject to conditions of eligibility.

Certain offers related to the above-mentioned activities and financial information may present various risks, imply a potential loss of the entire amount invested or even an unlimited potential loss, and are therefore only reserved for a certain category of investors, and/or are only suitable for well-informed investors who are eligible for these types of solutions.

Consequently, before any subscription to an investment service, a financial product or an insurance product, depending on the case and the applicable legislation, the potential investor will be questioned by his private banker within the Societe Generale Private Banking entity of which he is a client on his knowledge, his experience in investment matters, as well as on his financial situation including his capacity to bear losses, and his investment objectives, including his risk tolerance, in order to determine with him whether he is eligible to subscribe to the financial product(s) and/or investment service(s) envisaged and whether the product(s) or investment service(s) is/are compatible with his investment profile.

The potential investor must also (i) take note of all the information contained in the detailed documentation of the service or product envisaged (prospectus, regulations, articles of association, document entitled "key information for the investor", term sheet, information notice, contractual terms and conditions, etc.), in particular those relating to the associated risks; and (ii) consult his legal and tax advisors to assess the legal consequences and tax treatment of the product or service being considered. His private banker will also be available to provide him with further information, to determine with him whether he is eligible for the product or service envisaged, which may be subject to conditions, and whether it meets his needs.

Accordingly, no entity under the control of Société Générale Private Banking can be held liable for any decision made by an investor based solely on the information contained in this document.

This document is confidential, intended exclusively for the person consulting it, and may not be communicated or brought to the attention of third parties, nor may it be reproduced in whole or in part, without the prior written consent of the Société Générale Private Banking entity concerned.

Societe Generale Group maintains an effective administrative organization that takes all necessary measures to identify, control and manage conflicts of interest. To this end, Societe Generale Private Banking entities have put in place a conflict of interest management policy to manage and prevent conflicts of interest. For more details, Société Générale Private Banking clients can refer to the Conflict of Interest Policy available on request from their private banker.

SociétéGénéralePrivate Banking has also implementedapolicyof d heprocessing ofclaimsmade pa availableonrequestfrom their private banker or on the Société Générale Private Banking website.

SPECIFIC WARNINGS BY JURISDICTION

France: Unless expressly stated otherwise, this document is published and distributed by Société Générale, a French bank authorized and supervised by the Autorité de Contrôle Prudentiel et de Résolution, located at 4, place de Budapest, CS 92459, 75436 Paris Cedex 09, under the prudential supervision of the European Central Bank ("ECB") and registered with the ORIAS as an insurance intermediary under the number 07 022 493 orias.fr Societe Generale is a French société anonyme with a capital of 1 046 405 540 euros as of February 1, 2022, whose registered office is located at 29, boulevard Haussmann, 75009 Paris, and whose unique identification number is 552 120 222 R.C.S. Paris. Further details are available on request or at www.privatebanking.societegenerale.com.

Luxembourg: This document is distributed in Luxembourg by Société Générale Luxembourg, a public limited company registered with the Luxembourg Trade and Companies Register under number B 6061 and a credit institution authorized and regulated by the Commission de Surveillance du Secteur Financier ("CSSF"), under the prudential supervision of the European Central Bank ("ECB"), and whose registered office is located at 11, avenue Emile Reuter - L 2420 Luxembourg Further details are available on request or at www.societegenerale.lu. No investment decision of any kind should be made on the basis of this document alone. Société Générale Luxembourg accepts no responsibility for the accuracy or otherwise of the information contained in this document. Societe Generale Luxembourg accepts no responsibility for any actions taken by the recipient of this document solely on the basis of this document, and Societe Generale Luxembourg does not represent itself as providing any advice, in particular with respect to investment services. The opinions, views and forecasts expressed in this document (including its annexes) reflect the personal opinions of the author(s) and do not reflect the opinions of any other person or of Société Générale Luxembourg, unless otherwise indicated. This document has been prepared by Societe Generale. The CSSF has not carried out any analysis, verification or control on the content of this document.

Monaco: This document is distributed in Monaco by Société Générale Private Banking (Monaco) S.A.M., located at 11 avenue de Grande Bretagne, 98000 Monaco, Principality of Monaco, regulated by the Autorité de Contrôle Prudentiel et de Résolution and the Commission de Contrôle des Activités Financières. Financial products marketed in Monaco may be reserved for qualified investors in accordance with the provisions of Law n° 1.339 of 07/09/2007 and Sovereign Order n° 1. 285 of 10/09/2007. Further details are available on request or at www.privatebanking.societegenerale.com.

Switzerland: This document is distributed in Switzerland by SOCIETE GENERALE Private Banking (Suisse) SA ("SGPBS"), headquartered at rue du Rhône 8, CH-1204 Geneva, Switzerland. SGPBS is a bank authorized by the Swiss Financial Market Supervisory Authority ("FINMA"). Collective investments and structured products may only be offered in accordance with the Swiss Federal Act on Collective Investment Schemes (Collective Investment Schemes Act, CISA) of June 23, 2006, and the Guidelines of the Swiss Bankers Association (SBA) on Information for Investors in Structured Products. Further details are available on request from SGPBS or at www.privatebanking.societegenerale.com.

This document is not distributed by the entities of the Kleinwort Hambros Group that operate under the brand name "Kleinwort Hambros" in the United Kingdom (SG Kleinwort Hambros Bank Limited), Jersey and Guernsey (SG Kleinwort Hambros Bank (CI) Limited) and Gibraltar (SG Kleinwort Hambros Bank (Gibraltar) Limited) Consequently, the information communicated and any offers, activities and financial information presented do not concern these entities and may not be authorized by these entities or adapted in these territories. Further information on the activities of Societe Generale's private banking entities located in the United Kingdom, Channel Islands and Gibraltar, including additional legal and regulatory information, is available at www.kleinworthambros.com.