New capital gains tax has been approved : everything you need to know

Who is subject to the new tax?

The new capital gains tax applies to natural persons (through personal income tax) and legal entities subject to the legal entities tax (such as non-profits and private foundations). Exception: entities that are authorized to receive tax-deductible donations and issue receipts for them.

Which transactions are taxed?

The tax applies to capital gains on financial assets that are transferred for consideration from January 1, 2026 onwards, outside a professional context. For split ownership assets (usufruct/naked ownership), the capital gain will be taxed in the hands of the bare owner.

Which assets fall under the new regime?

The legislation distinguishes between four categories:

• Financial instruments (shares, bonds, ETFs, derivatives, emission rights, …)

• Certain insurance contracts (branch 21, 23, and 26, provided they are not taxable elsewhere)

• Crypto assets

• Currencies, investment gold, and central bank digital currencies

Group insurance, pension funds (second pillar), and the third pension pillar are exempt.

What qualifies as a ‘transfer for consideration’?

It must involve a capital gain resulting from a transfer for consideration outside a professional context. In other words, the 'transferor' must receive a price.

Gifts, inheritances, and certain family transactions (such as contributions upon marriage) fall outside the scope.

If the beneficiary or heir later sells the assets, the original acquisition value of the donor or deceased must be used in calculating the capital gain.

In other words, the tax applies to investments held in private assets. However, speculative transactions and abnormal management remain subject to a different regime (see below).

What if you move abroad?

If tax residency is transferred abroad, a two-year reporting obligation applies to provide information on financial assets and any realized gains. This measure, known as the “exit tax,” aims to prevent taxpayers from relocating abroad to avoid the tax.

Three categories of taxable capital gains, each with their own rates

Internal capital gains

For transfers within structures that are directly or indirectly controlled by the taxpayer, alone or together with family up to the second degree, a separate flat rate of 33% will always apply. Historical gains are exempt.

Substantial participation (> 20%)

A taxpayer with a substantial participation is subject to a special regime. A substantial participation is deemed to exist when you hold at least 20% (considered individually) of the transferred shares at the time of transfer.

Each taxpayer benefits from an exemption of up to €1 million in capital gains, which can only be used once in a five-year period. If you use the full exemption amount in the first year, you cannot claim another exemption during the following four years.

For all capital gains exceeding this amount, the following progressive tax rates apply:

Holding companies, patrimonial companies, and management companies also qualify for this regime.

If shares representing more than 20% of the rights in a domestic company are transferred to a legal entity outside the EEA, a specific rate of 16.5% (plus municipal taxes) applies.

General capital gains tax of 10%

The standard rate is 10%. Each taxpayer can claim an annual basic exemption of €10,000, indexed yearly. This exemption must be explicitly requested and substantiated in the tax return.

Unused exemption can be carried forward up to €1,000 per year for a maximum of five years, allowing a total exemption of up to €15,000. For couples, this can reach €30,000 in a joint return.

Opt-in or opt-out?

In principle, the tax will be withheld by the financial institution, unless the taxpayer chooses an opt-out. In that case, no withholding occurs and all gains must be declared.

How is the taxable base calculated?

The taxable base for the capital gains tax is the (positive) difference between the selling price received for the financial assets and their original acquisition value, without deduction of costs and taxes. This means that tax is also levied on the costs you incur when buying and selling, so you ultimately pay tax on income you have not actually received.

It is, however, permitted to offset any capital losses provided these are realized within the same tax year and under the same regime. For example: losses in the general regime (at 10%) cannot be deducted from gains under the substantial participation regime.

For assets purchased before January 1, 2026, the value on December 31, 2025, generally serves as the reference point. Up until the end of 2030, however, you may opt to use the (higher) historical acquisition value, provided you can substantiate this with supporting documentation. If no evidence is available, the full selling price will be considered as the taxable capital gain.

Depending on the type of financial asset, the acquisition value is determined as follows:

• Listed assets: the last closing price of 2025 is used as the acquisition value.

• Unlisted assets: the acquisition value is set as the highest of the following valuations:

  • The value in a transaction between independent parties in 2025;

  • The value at incorporation or capital increase in 2025;

  • The contractually agreed valuation;

  • The value calculated as equity + 4x EBITDA

Alternatively, an independent valuation may also be carried out by a statutory auditor or certified accountant, provided this takes place before 31 December 2027.

In addition, the acquisition value of shares or options under the Share Options Act of 26 March 1999 is determined as follows:

• For shares: the value at the time of exercise.

• For options: the market value at potential exercise.

• Shares acquired with a price reduction: the acquisition value is determined based on the value at the time of acquisition.

• Life insurance products: a separate calculation applies, whereby the capital gain is defined as the difference between the payout and the premiums paid.

How does collection and reporting work?

In principle, the tax will be withheld at source by a Belgian intermediary (e.g., your bank). Without an intermediary, or under specific regimes (such as internal capital gains or substantial participation), you must file the tax yourself through your personal income tax return.

Would you like to opt out of the standard scheme?

• For sales taking place after 1 June 2026, you can ask your bank not to withhold capital gains tax (opt-out scheme) and you must declare this yourself on your personal income tax return.

• For sales after 1 January 2026 and before 1 June 2026, certain banks will offer you the option to opt in, meaning the bank will still withhold capital gains tax on previous sales.

Do you wish to apply the €10,000 exemption (up to a maximum of €15,000)?

Then you must explicitly and properly substantiate this in your personal income tax return.

What about partnerships?

Partnerships are fiscally transparent. This means that the partnership’s income is attributed directly to the individual partners. In other words, capital gains realised on shares or securities held by the partnership are also subject to capital gains tax.