PUMA tax 2026: calculation, thresholds, exemption

Updated April 2026

Are you paid mainly in dividends and you receive an unexpected contribution call from URSSAF? The PUMA 2026 tax, officially called subsidiary health contribution (CSM), affects thousands of managers each year who are unaware of its existence. Understanding your thresholds and exemption levers is essential to protect your assets.

The "PUMA tax" is the nickname for the subsidiary health contribution. Created as part of Universal Health Protection, it has a simple objective: everyone residing in France must contribute to the financing of health insurance, even without sufficient professional income.

Short answer: The PUMA 2026 tax (CSM) applies to French résidents whose professional income is less than 10% of the PASS (€4,719.60) and whose property income exceeds this threshold. The rate is 6.5% on the excess fraction. The contribution call is issued by URSSAF and payable within 30 days.

The subsidiary health contribution targets people with low professional income and significant property income.

Typically exposed profiles#

• SASU executives paying themselves little salary but significant dividends
• Minority managing partners below affiliation thresholds
• Real estate investors receiving property income without salaried activity
• Returning expatriates with capital income but without resumption of activity

The calculation is based on the PASS 2026, set at €47,196.

If your professional income is less than €4,719.60 and your property income exceeds this amount, you fall within the scope of the CSM. Conversely, beyond €23,598 of income from activity, you are fully exempt.

Source: Ameli - PASS 2026

The rate is 6.5%. The formula used by URSSAF is:

CSM = 6.5% × (Property income − Professional income)

The result is capped at the PASS, i.e. a maximum of €3,067.74 per year (6.5% × €47,196).

Concrete example#

A leader of SASU in 2026:

• Salary: €3,000
• Dividends: €40,000
• Land income: €8,000

Heritage income = €48,000 Base = €48,000 − €3,000 = €45,000 CSM = 6.5% × €45,000 = €2,925

This manager will pay €2,925 in CSM in addition to flat tax on his dividends. An avoidable cost with appropriate salary arbitration.

Source: Social Security Code - article L. 380-2

Heritage income retained#

• Dividends (SAS, SA, SARL depending on the régime)
• Net land income
• Marvelable capital gains
• Investment products: interest, bonds, life insurance surrenders

Income excluded from the base#

• Capital gains on main résidence
• Income from Livret A and LEP
• Alimony received

This distinction is crucial: concentrating your savings on tax-exempt funds mechanically reduces exposure to the CSM.

Automatic exemption#

As soon as your professional income reaches €23,598 (50% of the PASS), you are exempt. Period.

Other cases#

• Recipients of certain allowances (AAH, ASPA)
• Students under 28 years old
• Border workers covered by an EU scheme
• Persons affiliated to another compulsory régime (agricultural, electrical industries)

In certain situations (cessation of activity during the year), an exemption on request is possible from the URSSAF.

Source: Public Service - Subsidiary health contribution

1. Increase your professional rémunération#

By crossing the threshold of €23,598 in earned income, you remove the liability. The additional cost of social charges is sometimes lower than the CSM saved.

2. Rebalance salary/dividends#

An arbitration between salary and dividends makes it possible to cross the exemption threshold while optimizing the overall charge. See our analysis dividends vs salary.

3. Optimize the legal structure#

• In SASU, dividends are subject to the CSM if the salary is low
• In EURL, the rémunération of the majority manager counts entirely as professional income
• A holding allows you to defer the distribution and the generating event of the CSM (taxation of holding companies)

4. Anticipate the distribution date#

Postponing a distribution from December to January may delay the liability by one year.

5. Diversify towards excluded income#

Investing in Livret A, LEP or life insurance (capitalization phase) reduces the CSM base.

Hayot Expertise Advice: the PUMA tax is processed before the distribution of dividends, not after the contribution call. A simulation in advance can save several thousand euros. For a complete view, consult our articles on social charges in SASU and the flat tax 2026.

URSSAF receives your tax data and automatically detects subject situations. You receive a contribution call in the second quarter of the following year (2025 income → spring 2026 call).

Payment is due within 30 days. In the event of a dispute, you have two months to contest with the URSSAF, then refer the matter to the amicable appeal commission (CRA).

Source: Decree n°2019-349 of April 23, 2019

1. Believing that only the independents are concerned. SASU managers and associates of SCI are just as exposed.
2. Reason only on the flat tax. The PFU of 30% does not include the CSM: a dividend actually costs 30% + 6.5% potential.
3. Distribute without global simulation. Each euro of dividend must be analyzed in the context of your overall income.
4. Forget about real estate income. Property income counts fully in the base.
5. Neglecting the appeal deadline. After two months, it becomes very difficult to reconsider a contribution appeal.

In 2026, the PUMA tax remains a major point of vigilance for managers living on capital income. The cost can reach €3,067.74 per year, in addition to the flat tax.

The right reflex: model your situation upstream, arbitrate intelligently between forms of rémunération and structure your assets to minimize legal exposure.

(Sources: Service-Public, Social Security Code L. 380-2, Decree No. 2019-349, Ameli PASS 2026, URSSAF, BOFiP)