Belgium’s new capital gains tax: what does it mean for you?
On Friday, 3 April 2026, the Belgian Chamber of Representatives voted in favour of the new capital gains tax. A historic moment: for the first time in Belgian history, you will now pay tax on the profit you make when selling shares, crypto or certain investments. But what does this mean for you in practice? And how can you handle this new tax smartly? In this article, I explain everything in plain language.
What is the capital gains tax?
A capital gain is simply the profit you make when selling an investment. Buy shares for €5,000 and sell them later for €8,000? Your capital gain is €3,000. From now on, you pay tax on that profit.
Until recently, Belgium was one of the few countries in Europe without such a tax. That exception is now over. The law also applies retroactively: all capital gains realised from 1 January 2026 onwards fall under the new rules — even though the law was only voted in April 2026.
Which investments are subject to the tax?
The capital gains tax applies to four major categories of financial assets:
| Category | Examples |
| Financial instruments | Shares, bonds, ETFs, investment funds, derivatives |
| Certain life insurance products | Branch 21, Branch 23, Branch 26 and similar savings and investment insurance |
| Crypto assets | Bitcoin, Ethereum, NFTs used as investments or means of payment |
| Monetary assets | Investment gold (bars, coins) — gold jewellery does NOT fall under this tax |
What is not subject to the capital gains tax?
- Your own home or other real estate (separate rules apply)
- Pension savings and group insurance
- Regular savings accounts and term deposits
- Gold jewellery and other personal ornaments
How much tax do you pay? The three scenarios
The rate depends on your situation. There are three different scenarios.
Scenario 1: the ordinary investor (most people)
Are you an individual investing in shares, funds or crypto — without a significant stake in your own company? Then you pay 10% tax on your capital gain. However, the first €10,000 per year is exempt. This exemption is indexed annually.
Example: You sell shares and make a profit of €12,000. Exemption: €10,000 → Taxable: €2,000 → Tax: €200 (10% of €2,000).
Are you married or legally cohabiting and do you jointly own the investments? Then the exemption applies per person — together up to €20,000 (or even €30,000 if you make full use of the accumulated exemption).
Scenario 2: the business owner with a significant stake
Do you own at least 20% of the shares in a company? Then you fall under a more favourable regime with an exemption of €1,000,000 per five-year period and progressive rates above that.
| Capital gain bracket | Rate |
| Up to €1,000,000 | 0% |
| €1,000,001 – €2,500,000 | 1.25% |
| €2,500,001 – €5,000,000 | 2.50% |
| €5,000,001 – €10,000,000 | 5% |
| Above €10,000,000 | 10% |
Scenario 3: sale to your own company (internal capital gain)
Are you selling shares to a company you control yourself — for example your own holding company? Then you pay 33% tax, with no exemption whatsoever. This is the strictest category and the opposite of what you want to achieve with tax optimisation.
Quick overview: who pays what?
| Who are you? | Rate | Exemption |
| Ordinary investor (< 20% stake in a company) | 10% | €10,000/year (max €15,000) |
| Business owner with ≥ 20% in own company | 0% → 10% | First €1,000,000 (per 5 years) |
| Sale to own company | 33% | None |
What about gains made before 2026? The ‘snapshot moment’
Good news: the profit you had already built up before 1 January 2026 will not be taxed. Only the increase in value after that date counts. We call this the ‘snapshot moment’: the value of your investments on 31 December 2025 is the starting point.
For listed shares, this is straightforward: the stock market price on that day is the reference point. For shares in your own company, it is more complex: you need an official valuation by a statutory auditor or independent accountant. Business owners have until 31 December 2027 to have this valuation drawn up.
⚠️ Don’t put this off for too long. A valuation costs something, but it can save you thousands of euros in tax.
What if you make a loss?
If you make a loss on an investment, you may deduct that loss from your gains — but only within the same year and the same category. Losses cannot be carried forward to the following year.
📌 Example: Gain on shares A: +€15,000 | Loss on shares B: –€8,000 → Taxable: €7,000 → After exemption of €10,000: €0 tax.
Gifting or inheriting: no capital gains tax
A gift or inheritance is not a sale and therefore does not trigger capital gains tax. Want to transfer shares to your children? A gift may be more tax-efficient than a sale.
Note: the recipient will still pay tax when they eventually sell the shares. The capital gain will then be calculated based on your original purchase price. Always discuss this with your accountant, as the gift tax and the future capital gains tax for the children must both be factored into the decision.
How is the tax collected?
From 1 June 2026, your bank or broker will automatically withhold the tax at the point of sale — just as already happens with dividends. Before that date, you must declare the capital gains yourself in your tax return.
6 smart tips to reduce your capital gains tax
The capital gains tax is new, but that doesn’t mean there’s nothing you can do about it. Here are six legal ways to optimise your tax position.
Tip 1: sell in instalments — stay below the exemption threshold
The €10,000 exemption per person per year applies every year. Spread your sales over multiple years so that you stay below the threshold each time.
Example: Capital gain of €40,000 in one year → €30,000 taxable → €3,000 tax.
Spread over 4 years (€10,000/year) → €0 tax.
Tip 2: make use of accumulated exemptions from previous years
If you don’t use the exemption in a given year (or don’t use it fully), you build up an additional exemption — up to a maximum of €15,000. Someone who sells nothing for five years can realise up to €15,000 tax-free in the sixth year. Plan major sales deliberately.
Tip 3: strategically realise deductible losses
Do you have investments that are currently running at a loss? Deliberately realise that loss in the same year as a large gain. The tax authorities have explicitly confirmed that this does not constitute tax abuse. Note: the loss must fall in the same year and the same category.
Example: Gain +€15,000 | Loss –€8,000 → Taxable: €7,000 → Below exemption → €0 tax.
Tip 4: gift instead of sell
A gift does not trigger capital gains tax. Want to transfer shares to your children? A gift may be more tax-efficient than a sale — although the recipient will still pay tax when they sell the shares. Always discuss this with your accountant.
Tip 5: business owner? have your shares valued in time
As a business owner with a significant stake, you have until 31 December 2027 to have an official valuation of your shares drawn up as at 31 December 2025. If you don’t, you risk having the full capital gain — including the historical gain built up before 2026 — taxed. This is arguably the most important tip for business owners.
Tip 6: simulate your situation with an online tool
Before deciding when and how much to sell, simulate your situation at meerwaardebelastingberekenen.be. You’ll immediately see the impact of different scenarios — spreading over years, offsetting losses, and more — without needing to be a tax expert.
What you should avoid
Some ‘optimisations’ seem clever but are not:
- Selling on 31 December and buying back on 2 January to reset the exemption: the tax authorities are aware of this and may consider it tax abuse.
- Contributing shares to your own company to avoid the tax: this falls under the ‘internal capital gain’ category and is taxed at 33%.
Conclusion: planning pays off
The capital gains tax is a new reality for every Belgian who invests. But with a little planning, the impact is very manageable for most people. The key lies in spreading, planning and acting in time.
Do you have questions about how the capital gains tax affects your personal situation? Feel free to get in touch — I’m happy to help.
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