Law Introducing a ‘Capital Gains Tax on Financial Assets’ – Key Features and Practical Considerations

On 3 April 2026 the law introducing the new ’capital gains tax on financial assets’ has formally been adopted by the Belgian Parliament (published in the Belgian Official Gazette of 21 April 2026). This landmark reform significantly reshapes the Belgian tax framework for private investors, entrepreneurs and wealth planning structures. The regime is highly technical, with multiple categories, thresholds and exceptions. This Tax Insight provides a structured overview of the new regime, including its scope of application, the taxable base, the applicable rates, the exemptions, the implementation modalities and key takeaways from parliamentary debates.
 

PERSONAL SCOPE OF APPLICATION

The capital gains tax will apply to private persons (outside the professional context) but also under the legal entity tax (non-profit organisations and foundations), except for entities that may receive tax-deductible donations.

In the event of capital gains realised on a split financial asset, the gains are deemed to be fully realised by the bare owner. With regard to life insurance contracts and capitalisation operations, any capital gains realised are taxable in the hands of the beneficiary.
 

OBJECT AND SCOPE OF THE TAX

Financial assets include:

• Financial instruments: listed and unlisted shares, certificates, bonds (unless covered by the portion subject to the 'Reynders tax light'), money market instruments, derivative products (futures, swaps, options, etc.), units in collective investment undertakings, ETFs (trackers), emission rights, etc.;
• Certain insurance contracts: including savings insurance (Branch 21 and 26) and investment-linked insurance (Branch 23) as well as comparable foreign products (e.g. Branch 6, ...), provided they are not taxable as movable or professional income at the time of redemption (so-called ‘typedwang’);
  • Exclusions: pension savings products, pension funds and group insurance contracts; ... (2nd and 3rd pension pillars) + Branch 21 life insurance contract without a savings or investment objective (outstanding loan balance upon death or coverage of funeral expenses)
• Crypto-assets; in the broadest sense, including stablecoins, e-money tokens and non-fungible tokens (NFT’s);
• Currencies (including ‘investment gold’). 

Taxable transactions

1. Transfer for consideration (outside the professional context) or assimilated thereto:

• The redemption of insurance contracts during the lifetime;
• Exit tax on the latent capital gain of a financial asset upon the taxpayer’s emigration – (Under conditions) collection only takes place upon actual realisation of the capital gain within 2 years after emigration (only the capital gain accrued during the period as a Belgian tax resident is subject to tax);

In the case of emigration, the taxpayer will be required to report financial assets and related gains for two more years (alternative implementation of the so-called 'exit tax'). In the event of re-immigration within the same 2-year period, the payment obligation is waived.

Note: in case of split ownership, emigration of the usufructuary abroad does not lead to realisation of a capital gain in the hands of the bare owner (‘taxpayer’).

Upon immigration of a taxpayer (or their legal predecessor) into Belgium, a step-up in value is granted, unless it concerns a so-called re-immigration within 2 years (in which case the original acquisition value will be maintained; however, the taxable base will be reduced by any part of the gain that was effectively subject to a comparable foreign tax).
 

2. That falls within the scope of the normal management of the taxpayer’s private assets

When the realisation of the capital gain on financial assets does not fall within the scope of normal management of private assets or constitutes a speculative transaction, the taxpayer will be taxed at a rate of 33%.
 

Exempted transactions/income

The following transactions/income are generally exempt:

• Gifts, inheritances, partition or division of joint ownership (< 3 years following a death, a divorce or the termination of a statutory/de facto cohabitation), contributions to a matrimonial property regime — but capital gains realised on subsequent transactions will then be based on the original acquisition value;
• Capital gains realised upon the contribution of shares (‘contribution exemption’);
• Income that has already been ‘effectively’ taxed under the Cayman tax regime;
• Income already treated as movable or professional income (so-called ‘typedwang’);
• Temporary exemption and deferral of taxation of the capital gain realised in the context of an internal switch or transfer (between sub-funds or share classes) within the same UCITS (involving a redemption of own shares immediately followed by a subscription for new shares), or during reorganisations (of sub-funds) of a UCITS.

Quid in the event of a ‘redemption of own shares’?
Capital gains tax applies only if that the redemption is not classified as a dividend in accordance with Belgian Income Tax Code (art. 186 ITC 1992).
 

Regimes and rates

Three categories of miscellaneous income:

1. General regime: 10% withholding tax, with a general exemption threshold of €10,000 (indexed annually), plus the right to carry forward unused exemption amounts of up to the first € 1,000 per year for five years (FIFO method). So a maximum exemption of € 15,000 (for couples: € 30.000).
 

2. Special Graduated Regime for ‘Substantial Participations’ (Minimum 20%)

• The 20% threshold (of the rights in the company’s capital) is assessed per individual shareholder (not family combined) at the moment of disposal;
• Those holding less than 20% fall under the general regime;
• Exemption of up to €1 million per five-year period (not annually), followed by a graduated rate scale: 1.25%, 2.50%, 5% and 10% from € 10 million upwards):
  • Up to 1.000.000 EUR: 0%
  • 1.000.001 EUR – 2.500.000 EUR: 1,25%
  • 2.500.001 EUR – 5.000.000 EUR: 2,50%
  • 5.000.001 EUR – 10.000.000 EUR: 5%
  • Above 10.000.000 EUR: 10%
    • A distinct 16.5% rate applies in specific cases (e.g. sale to non-EEA entities).
• This favourable regime will apply regardless of the type of company in which the substantial participation is held (including holding companies, patrimonial companies and management companies).
   

3. Exception/specific regime for ‘capital gains on internal share sales’ (precedence); taxed at 33%

• Situation in which the transferor of the shares/profit certificates, either alone or together with their spouse or relatives up to the second degree, exercises (direct or indirect) ‘control’ (within the meaning of the Belgian Companies and Associations Code) over the transferee;
• Internal capital gains arising from a contribution transaction of shares remain unaffected and are explicitly excluded from the scope of the new capital gains tax: i.e. they are already covered by Article 184, fourth paragraph ITC 92 (no step-up of ‘paid-up capital’). Text now explicitly provides that the acquisition value of the shares issued as a result of the contribution shall be equal to the original acquisition value of the contributed shares (i.e. no step-up).
   

ABNORMAL MANAGEMENT, GENERAL ANTI‑ABUSE RULE AND REYNDERS TAX

The existing 33% (+communal supplementary tax) capital gains tax for abnormal transactions remains unchanged (e.g. ‘excess cash’ transactions);

Also the application of the general anti-abuse provision remains fully possible;

The ‘Reynders tax’ will remain in a ‘light’ version, applying only to the interest component of the gain. This involves complex calculations—difficulties may arise with foreign funds, and double taxation remains possible;
 

TAXABLE BASE

A few key principles will be taken into account:

• Historical gains (accrued until 31 December 2025) remain tax-exempt (step-up);
• Losses may be deducted in the same year (on the same category of assets cf. applicable regime), but cannot be carried forward;
• No deduction for costs or levies; 

Valuation of financial assets as at 31 December 2025 (‘snapshot moment’) (e.g. by statutory auditor or independent certified accountant), or use of the proved higher historic acquisition value (until 31 December 2030), to determine capital gains (not in the context of determining capital losses);

• For listed assets: closing price on 31 December 2025;
• For unlisted assets: the highest of the following:
  • the value at transfer between independent parties, or at incorporation or capital increase in 2025;
  • contractual valuation (specifically for shares); net equity plus 4 times EBITDA (non-consolidated EBITDA);
  • alternative: independent valuation by a statutory auditor or certified accountant (who may not be the “regular” statutory auditor or accountant) before the end of 2027. (for example in cases involving substantial goodwill or real estate)
• Specific valuation rules apply to share option plans, shares acquired at a discounted price and tradable options (warrants and over-the-counter options);

FIFO method in the case of different purchase prices (identical financial assets acquired at different times) — i.e. the taxpayer is deemed to have disposed of the oldest units first;

Our recommendation: Ensure a consistent evidentiary basis and proper documentation (purchase records, certificates, portfolio statements, transaction reports and valuation reports, etc.).
 

ASSESSMENT AND FORMALITIES

1. In principle collection 10% WHT by Belgian financial intermediaries (banks, ...), with higher historic acquisition value, exemption, and/or deduction of capital losses claimable via the tax return;

• Taxpayers may ‘opt out’ of the withholding tax mechanism (choice to be notified no later than 31 August 2026) and would then be required to declare the income (and any exemption and/or capital losses) through their personal tax return (in which case the Belgian financial intermediary must issue a tax form – ‘de facto waiver of anonymity’);
• In the case of joint accounts, all account holders must agree to the choice (opt-in/out). Particular attention is required for partnerships (maatschap) (e.g. non-resident partners will indirectly contribute proportionally to the capital gains tax in the event of an ‘opt-in’).
• The choice remains applicable until it is revoked by at least one holder or by the beneficial owner. Such revocation may take place only once per taxable period and takes effect only as from the subsequent taxable period.

2. Self-reporting applies to:

• Crypto-assets and currencies;
• Substantial participations;
• Internal capital gains;

Also In the absence of Belgian intermediary, the taxpayer should report the capital gain in its income tax return.

3. New notification obligation (DAC6 inspired) for ‘promoters’ (as distinct from purely passive advisory / valuation services) of certain transactions. Be aware that also the UBO Register will likely be screened in this context.

4. WHT cannot be collected retroactively – government proposal: voluntary ‘opt-in’ during the transition period (between 1 January 2026 and 31 May 2026).
 

PARLIAMENTARY DEBATES – KEY INSIGHTS

The parliamentary debates brought important clarifications and highlighted several practical concerns:

• Targeting of ‘Internal capital gains’
  The explicit inclusion of internal capital gains confirms a stricter approach to intra-group and family-controlled transactions, significantly increasing tax exposure for holding, MBO’s and restructuring operations. Historical capital gains’ are in principle, exempt, subject to the tax authorities not invoking and substantiating ‘abnormal management of private assets’ or speculation (e.g. particular caution is required in cases involving excess liquidity).
• Importance of the 20% threshold
  The individual-based 20% threshold introduces potential “cliff effects”, especially in:
  • Private equity and co-investment structures;
  • Scale-ups with dilution;
  • Family succession planning.
• Impact on family and transparent structures
  Structures such as partnerships (‘maatschap’/’société simple’) may trigger taxation upon entry, exit or redistribution of rights, even indirectly. This creates a risk of unexpected taxable events and potential double taxation.
  ‘STAK’ structures falling within the scope of the certification law remain tax neutral.
• Valuation challenges
  The valuation as at 31 December 2025 becomes a strategic risk area, requiring consistency across transactions and documentation
• Private equity
  The Minister clarified that typical co-investment structures should not automatically fall within the 33% internal capital gains regime; however, this remains highly dependent on interpretation and future administrative guidance.
  Notably, Private Privak / Pricaf Privée structures continue to benefit from the dividend exemption on capital gains realised at the level of the vehicle.
• Broad scope capturing atypical transactions
  the regime extends beyond standard disposals and may also apply to gains realised on below-par bond redemptions, derivative settlements, foreign currency positions held within securities accounts, and certain burdened gifts requalified as transactions for consideration.
  ‘Earn-outs’ linked to transactions carried out prior to 2026 remain outside the scope of the new regime.
• Usufruct structures under scrutiny
  While the bare owner is designated as the taxpayer upon disposal, no taxation arises upon the mere transfer, conversion or extinction of usufruct; however, such structures are expected to be closely monitored by the tax authorities for potential abuse.
• Continued uncertainty
  The regime is perceived as highly complex and layered. Despite clarifications, significant uncertainties remain, and further administrative guidance (circular) is expected.
  Legal challenges (including constitutional arguments) are already being considered by market participants.
   

ENTRY INTO FORCE 

For capital gains realised as of 1 January 2026.

As regards the withholding of movable withholding tax (WHT): as from 1 June 2026 – with the possibility to ‘opt in’ during the transition period (payment of the WHT at the latest by 30 November 2026).

Derogations from the WHT rules:

• Capital gains received between 1 January 2026 and 31 August 2026 → WHT (or ‘equivalent’) due at the latest by 30 November 2026 (derogation from the standard 15-day rule).
• Capital gains on insurance contracts and capitalisation transactions paid or granted from 1 January 2026 to 31 August 2026: the ‘opt-out’ applies as a rule, and the withholding of WHT is the exception.
   

HOW CAN RSM BELGIUM ASSIST YOU ?

The new capital gains tax constitutes a structural tax on wealth through transactions, impacting investment strategy, estate planning, restructurings and exit scenarios. A consistent approach and robust documentation will be essential to manage compliance obligations and mitigate risks when preparing annual tax returns.

RSM Belgium can support you with tailored advice, transaction qualification, valuation considerations and ongoing tax reporting.

If you would like to receive additional information on this matter or require tax assistance, the RSM Belgium Tax team is at your disposal  (tax@rsmbelgium.be).