Step 5 of 13
Your tax year, assembled
A year's dividends and sales, converted at official rates and laid out the way a declaration asks for them — with every gap named.
Once your dividends and trades are in, Quantic can assemble a tax year out of them. Two sections, because that is what a declaration asks for: the dividends you received — gross, withheld at source and net, grouped by the country that paid them — and the sales you made, each one matched to the purchases it consumed.
Foreign currency is converted at the European Central Bank's official daily reference rate for the date each thing happened, which is the rate EU tax administrations accept. A sale converts its cost at the day you bought and its proceeds at the day you sold, so the currency movement in between is part of the result. There is no rate on a weekend, so the report uses the last one published before it and tells you which day that was.
Sales are matched oldest-first (FIFO), which is how most of Europe taxes securities. That means the report and your portfolio can show different figures for the same sale: your portfolio carries every share at the same average cost, which is the fair measure of how a position did. Neither is wrong — they answer different questions, and each screen says which method produced its number.
What it will not do is guess. A payment with no published rate for its date, a broker that never reports withholding, a position that sold more shares than its recorded purchases account for — each is flagged and named, and an incomplete position is left out of the totals with a link to the trades that would complete it. A number you cannot check is worse than a gap you can see.
The tax report is a Pro feature and is in beta. It is informational and calculates no tax: it is the input to a declaration, not the declaration. Check every figure against your broker's own statements and consult a qualified professional before you file. The dividends section works wherever you are tax resident; the sales section is modelled for Spain so far.
Key terms
- FIFO (first in, first out)
- When you sell part of a holding you bought in several goes, FIFO says you sold the oldest shares first. Most of Europe taxes securities this way, so it decides what those shares cost you and when you acquired them. Quantic carries your holdings at average cost — the better measure of how a position is doing — and uses FIFO only in the tax report, which is why the two can show different figures for the same sale.
- Two-month rule
- A Spanish rule: if you sell at a loss and buy the same security back within two months either side, that loss is not deductible this year. It is not lost — it attaches to the shares you bought back and comes due when you eventually sell those. The window is a year, not two months, for securities not listed in the EU. It exists to stop people booking a loss and immediately buying back in.
- ECB reference rate
- The euro exchange rates the European Central Bank publishes once each working day. EU tax administrations accept them, which is why Quantic's tax report converts foreign dividends and sales at the rate for their own date rather than at today's rate or your broker's. There is no rate on weekends or holidays, so the report uses the most recent one published before that date and tells you which day it used.
- Withholding tax
- When you own a foreign stock, the company's home country usually skims a percentage off each dividend before it reaches you — say 15% on US shares. Quantic estimates this from where each holding is based and your tax residence, so your income reflects what actually arrives. It's the tax withheld at source only — not any tax your own country adds, nor amounts you can often reclaim or credit back under a tax treaty.
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