New capital gains tax on financial assets: what you need to know

Who falls under 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 schemes, pension funds, and the third pension pillar remain exempt.

Shares for which a tax reduction was granted for investments in start-up companies do fall under the new regime.

What counts as a ‘transfer for consideration’?

It must concern a capital gain realized through a transfer for consideration, outside the professional sphere. 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 donee or heir later disposes of the shares, the capital gains tax calculation must take into account the original acquisition value of the initial donor or testator.

What if you move abroad?

When the tax residence is moved abroad, a reporting obligation of two years would remain in place to provide information on financial assets and any realized capital gains.
With this measure, also known as the ‘exit tax’, the Belgian government aims to prevent taxpayers from strategically relocating outside Belgium to avoid the application of the capital gains tax.

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

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:

Holdings, real estate companies, and management companies
These also fall under this regime.

Summary

• Exemption of €1 million every five years, per person

• Progressive rates: from 1.25% (up to €2.5 million) to 10% (over €10 million)

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. No exemption can be claimed here.

Summary

• Flat rate of 33%

• No exemptions

General regime

The standard capital gains tax rate is 10%. This tax will, in principle, be withheld at source by the financial institution, unless the taxpayer opts out. In that case, no withholding is made, but all capital gains must be declared in the tax return.

Each taxpayer may claim an annual basic exemption of €10,000. This amount will be indexed annually. The current system requires that the exemption be explicitly and properly substantiated with supporting documentation in the tax return.

If the exemption is not used in a given year, up to €1,000 per year can be carried forward to the next year, for a maximum period of five years. This system is designed to allow people who only occasionally realize a capital gain (e.g., once every five years) to still benefit from an exemption of up to €15,000. For couples, this means they can jointly exempt up to €30,000 in their joint tax return (after five years).

The initially proposed exemption for shares held for more than ten years was ultimately scrapped.

Summary

• Flat rate of 10%

• Annual exemption of €10,000 (transferable up to €15,000 per person)

• For couples: maximum of €30,000 after five years

Abnormal management of private wealth

Note: if the legislator/tax authorities consider that there is abnormal management of your private wealth (such as rapid speculative purchases and sales with borrowed money), a tax of 33% plus municipal tax applies. Only in the case of normal management can you rely on the three regimes described above.

Summary

• Flat rate of 33% + municipal tax

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 the end of 2026.

• Shares or options under the Stock Option Act of March 26, 1999:

  • 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.

Do you want 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.