Who has to pay the capital gains tax in Belgium?

The tax applies to natural persons who are Belgian tax residents and certain legal entities (non-profits, foundations, universities) not subject to corporate tax. Companies subject to corporate tax and non-residents are not concerned. The tax applies to gains realised in a private context, outside any professional activity.

What is the rate of the capital gains tax?

The rate is 10% on capital gains realised from 1 January 2026 onwards. An annual exemption of €10,000 applies per person (€20,000 for a couple). Unused exemption can be carried forward up to €1,000 per year, with a cumulative maximum of €15,000. For shareholders holding ≥20% of a company, a specific progressive scale applies.

Are capital gains acquired before 2026 taxed?

No. Latent capital gains as of 31 December 2025 are permanently exempt. For assets held before 2026, the reference value is the one as of 31 December 2025. You can also invoke the actual purchase price if it is higher, provided you can prove it and sell the asset before 31 December 2030.

Is pension savings affected by the tax?

No. Pension savings are completely exempt from the new capital gains tax, as are group insurance (2nd pillar), IPT, VAPZ, and POZ contracts. These products retain their specific end-of-contract taxation (final tax at age 60 for pension savings).

What are opt-in and opt-out?

Opt-in is the default regime: your bank automatically withholds 10% at source on each sale, without taking exemptions and capital losses into account (to be regularised via your tax return). Opt-out means you ask your bank not to withhold: you declare your capital gains yourself in your IPP return, which avoids prefinancing the tax and allows you to immediately incorporate exemptions and losses.

🇧🇪 Belgium 💰 Savings & taxation 2026

Capital gains tax in Belgium 2026: the complete guide

For the first time, Belgium taxes capital gains from financial assets in private wealth. The De Wever I government had a 10% tax voted into law on 3 April 2026, applicable retroactively to capital gains realised since 1 January 2026. Here's everything you need to know: assets concerned, €10,000 exemption, historical gains exempt, FIFO method, opt-in/opt-out, and strategies to legally optimise.

📖 10 min read 🕐 Updated May 2026 🇧🇪 Federal Belgium

💡 Before starting

This article describes the legal framework in force after the law was passed on 3 April 2026. Caps and rates may change each year. For complex wealth questions (donations, dismemberment, holdings), consult your notary or a tax adviser. For an overview of the savings tax landscape, first read our Savings & taxation hub.

Why this tax arrives in 2026

Belgium was one of the last European countries not to tax private individuals' capital gains on financial assets. For decades, shares, ETFs and bonds held in normal management of private wealth were resold completely free of tax on the gain — only the withholding tax on dividends and the TOB applied.

The De Wever I (Arizona) government coalition agreement, signed in 2025, set the measure in stone: the "solidarity contribution", later renamed capital gains tax, was to come into force on 1 January 2026 with a budgetary objective of around €500 million per year at cruising speed.

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1 January 2026 — effective entry into force All capital gains realised from this date are concerned, even if the law itself was only passed in April 2026.

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3 April 2026 — adoption by the Chamber The law was passed after a marathon session. It inserts the tax into the Income Tax Code (CIR 92).

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Transitional period until 31 May 2026 During this period, banks could not withhold the tax at source due to lack of an active legal basis. Realised capital gains must be regularised.

Who is concerned, who is not

The tax doesn't apply to everyone, nor to all wealth structures. Here are the precise rules.

✅ Persons concerned

Natural persons who are Belgian tax residents (subject to IPP) investing in a private context
Legal entities subject to IPM: non-profits, private foundations, universities (except entities authorised to receive deductible donations)
De facto associations without legal personality (taxation by transparency on the natural person members)

❌ Persons not concerned

Companies subject to corporate tax (ISOC) — resident or not — regardless of their regime
Belgian non-tax residents (natural persons)
Professional investors (income is then taxed as professional income, not as capital gains)

⚠️ The "abnormal management" trap

If the tax administration considers that your operations qualify as abnormal management or speculation (intensive active trading, for example), your capital gains remain taxable at 33% as miscellaneous income (+ municipal surcharges), without annual exemption or protection of historical gains. The government had initially planned to abolish this regime but reversed that decision.

The financial assets concerned

The tax covers a very wide range of financial assets, whether held in Belgium or abroad. Here are the four main categories defined by the law.

Category	Examples
1. Financial instruments	Listed and unlisted shares, bonds, government bonds, ETFs / trackers, investment funds, derivatives (options, futures, swaps), savings certificates
2. Insurance contracts	Life insurance branches 21, 22, 23, 26 and 44 (savings and investment)
3. Crypto assets	As defined in the European MiCA regulation: Bitcoin, Ethereum, other cryptocurrencies, NFTs
4. Currencies and gold	Investment gold (bars, coins), currencies, central bank digital currencies

✅ Fully exempt products

Several products remain completely outside the scope of the new tax:

Pension savings (3rd pillar) — retains its final tax at age 60
Group insurance and other supplementary pensions (2nd pillar)
IPT (Individual Pension Commitment) for company directors
VAPZ (Free Supplementary Pension for Self-employed)
POZ (Pension Agreement for Self-employed)
Gold jewellery (except systematic resale for profit)
Regulated savings account (interest remains subject to 15% withholding above €1,020)

⚠️ Special case of mixed funds ("19bis")

For funds investing at least 10% in bonds (the famous "19bis funds"), taxation cumulates:

The 30% Reynders tax applies to the bond component of the gain (no change compared to before 2026)
The 10% capital gains tax applies to the remaining balance (the equity component)

If less than 10% of the fund's underlying is invested in bonds, only the 10% capital gains tax applies.

The annual €10,000 exemption

To soften the impact, the legislator provided an annual €10,000 exemption per person. This is the element that protects the majority of small and medium investors.

Element	Rule
Base amount	€10,000/year per natural person
Married couples / legal cohabitants	€20,000/year combined (€10,000 each)
Indexation	Indexed annually to inflation
Carry-forward	If unused, up to €1,000/year carry-forward, capped at €15,000 cumulative
Activation	Must always be claimed via the IPP tax return, even with withholding at source

✅ Concrete example

You sell ETFs in 2026 with a total gain of €8,000. Since this is below the annual exemption of €10,000, you pay no tax on this gain — provided you correctly declare it to activate the exemption. If the bank withheld €800 (10% of €8,000) under opt-in, you recover these €800 via your tax return.

⚠️ The exemption is never automatic

Even when your bank has withheld the tax at source, the €10,000 exemption does not apply automatically. You must explicitly claim it in your IPP return, otherwise you pay too much. This is one of the biggest pitfalls of the 2026 mechanism.

Historical capital gains (before 2026) — exempt

The legislator explicitly protected gains acquired before 2026. The mechanism relies on a "snapshot" of asset values as of 31 December 2025, which now serves as the reference acquisition price for future sales.

How it works concretely

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Reference value as of 31 December 2025 Your financial intermediaries (banks, insurers) valued your assets on that date. This value now serves as the tax acquisition price to calculate the gain at sale in 2026 or later.

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What is taxed: the POST-31/12/2025 gain If you bought a share at €100 in 2018, it was worth €200 on 31/12/2025, and you sell it for €250 in 2026, the taxable gain is only €50 (250 − 200), not €150.

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Possibility to invoke the actual purchase price If the actual purchase price is higher than the value as of 31/12/2025 (latent loss situation at end-2025), you can invoke it via your tax return. This option is only valid for sales made before 1 January 2031.

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Importance of proof Carefully keep purchase slips and portfolio statements for assets acquired before 2026. For assets bought from 1 January 2026, in the absence of supporting documents, the acquisition value is considered nil (and therefore the entire sale is taxable).

The FIFO method and gain calculation

For staggered purchases of the same asset (which is the case as soon as you make monthly contributions to ETFs for example), the law requires the FIFO method — First In, First Out: the first units bought are deemed to be the first sold.

FIFO numerical example

Date	Operation	Quantity	Unit price
Jan 2026	Purchase batch A	100 units	€50
May 2026	Purchase batch B	100 units	€60
Sept 2026	Sale	150 units	€80

Under the FIFO method:

The first 100 sold units are those of batch A (acquired at €50)
The next 50 units are taken from batch B (acquired at €60)
Capital gain = (100 × (80 − 50)) + (50 × (80 − 60)) = 3,000 + 1,000 = €4,000

On these €4,000, the annual €10,000 exemption applies: no tax to pay (subject to declaration).

⚠️ Non-deductible fees and taxes

For the gain calculation, you cannot deduct brokerage fees, the TOB, or other taxes. The gross gain is strictly the difference between sale price and acquisition price.

Offsetting capital losses

You can deduct capital losses realised in the same year from the gains, but only within the same asset category (i.e. at the same rate). A loss on ETFs offsets a gain on shares, but not a gain on substantial participation (taxed at 1.25-10%) or on internal capital gain (33%).

Latent losses as of 31 December 2025 are not carried forward — only losses realised from 2026 onwards come into play.

Opt-in or opt-out — the choice that matters

From 1 June 2026, Belgian banks automatically withhold the tax at source. This is the default opt-in regime. But you can opt for opt-out and manage the declaration yourself.

Criterion	Opt-in (default)	Opt-out (on request)
Who withholds	The bank, automatically	No one withholds; you declare yourself
Prefinancing	Yes — the bank withholds without considering exemptions	No — you pay at the time of declaration (mid-2027)
€10,000 exemption	To recover via IPP return	To claim directly in the return
Capital losses	Not taken into account by the bank, to be regularised	Directly offset in the return
Discretion	Bank passes on info, but the tax authority only has the result	Full details transmitted by the bank to the tax authority
Request modality	None — by default	Explicit choice per securities account, signed by all co-holders

✅ When opt-out is more advantageous

Opt-out is generally preferable if: you realise few gains per year (below €10,000), you also have losses to offset, or you'd rather not advance cash to the tax authority to recover it later. Conversely, opt-in is simpler if you want everything to be handled by the bank without declaring anything extra (at the risk of not activating the exemption).

The transitional period (1 January — 31 May 2026)

During this specific period, banks could not withhold the tax (law not yet published). The opt-out regime applied by default: you must declare the realised gains yourself in your 2026 IPP return (to be filed in 2027).

Several banks (Belfius, Crelan, vdk…) offered a "one-shot" regularisation mechanism: you can ask them to withhold the tax retrospectively on transitional period transactions to benefit from the discharging effect (and avoid declaring everything yourself).

The special regime for shareholders > 20%

For shareholders holding at least 20% of a company's capital (substantial participation), a specific regime with progressive rates applies instead of the flat 10% rate.

Gain bracket	Rate
First million euros (spread over 5 years)	0% (exemption)
Up to €2.5M	1.25%
From €2.5 to €5M	2.5%
From €5 to €10M	5%
Above €10M	10%

This regime concerns notably company founders selling their company. The 20% threshold is assessed in voting rights or capital share. The company's valuation for calculating the historical gain as of 31/12/2025 can be done using a flat-rate method (equity + 4× EBITDA) or by valuation by an auditor / certified independent accountant — at the latest by 31 December 2026 for the flat-rate method, 31 December 2027 for expert valuation.

Donations, inheritance and expatriation

The tax treats gratuitous transfers and changes of tax residence separately.

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Donations No immediate taxation of latent gain at the time of donation. But the original purchase price is taken into account: if the donee resells later, they will pay tax on the gain calculated from the donor's purchase price (or the value as of 31/12/2025 for prior assets).

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Inheritance Same principle: no immediate taxation at death, but the purchase price transmitted to heirs is the deceased's. Classic wealth strategy: donation remains an interesting tool because Belgian donation duties (3-7%) are often lower than the combination of inheritance duties + capital gains tax.

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Expatriation ("exit tax") When you transfer your tax residence outside Belgium, the law deems you have "sold" all your investments at that moment. Latent gains accumulated since 1 January 2026 are taxed as if they had been realised. An automatic 2-year deferral applies for moves to the EU/EEA or a State having a tax treaty with Belgium.

⚠️ Dismemberment and bare ownership

In case of dismemberment (usufruct / bare ownership), the capital gains tax is owed by the bare owner. This may pose a problem if the usufruct agreement attributes the proceeds and gains to the usufructuary: the bare owner would then have to pay tax on a gain they didn't receive. Consult your notary before any post-2026 dismemberment.

Strategies to legally optimise

The new tax doesn't mean you should panic: there are perfectly legal levers to minimise its impact.

Spread sales to use the exemption every year If you have a large portfolio with significant latent gains, selling everything at once maximises the tax. Selling in tranches of less than €10,000 gain/year (couple: €20,000) can fully exempt you over several years.

Maximise pension savings and supplementary pensions These products remain fully exempt. For 2026, contribute up to €1,050 (30% reduction) or €1,350 (25% reduction) in pension savings. For self-employed, VAPZ and IPT are also effective levers.

Carefully keep purchase proofs from before 2026 Slips, annual statements, broker screenshots: anything that proves your actual purchase price for assets acquired before 2026. If this price is higher than the value as of 31/12/2025, you can invoke it (until sales of 31/12/2030).

Choose between opt-in and opt-out depending on your profile Opt-out if you often have gains + losses that offset, or if you stay below €10,000 in annual gains. Opt-in if you prefer simplicity and don't want to make a specific declaration (at the cost of recovering the overpayment via the return).

Use a Branch 23 investment insurance to rebalance without taxing In a Branch 23, the transfer from one internal fund to another is not considered a taxable disposal. You can therefore rebalance your allocation, change strategy, without triggering tax — it only applies on actual surrender. Note: the specific taxation of branches 21/23 should be analysed case by case.

Coordinate with your spouse to double the exemption A married couple or legal cohabitants benefit from €20,000 of cumulative annual exemption. For joint accounts, check that the exemption is properly activated for both holders in the return.

Anticipate strategic donations A donation of securities to your children does not trigger the tax at the time of donation, but the purchase price is transmitted. Belgian donation duties (3% in direct line) often remain less expensive than the combination of inheritance duties + capital gains tax.

Pitfalls to avoid in 2026

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Believing that withholding at source is enough Under opt-in, the bank withholds 10% without considering exemptions or losses. If you don't declare your gains in your IPP return, you lose the €10,000 exemption. This is probably the biggest potential loss for occasional investors.

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Forgetting the transitional period Gains realised between 1 January and 31 May 2026 are not withheld at source. You must declare them yourself (or request regularisation from your bank). Doing nothing = risk of tax adjustment.

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Not keeping purchase proofs before 2026 Without proof, you're stuck on the value as of 31/12/2025. If the actual purchase price was higher, you pay tax on a partly fictional gain. Collect and archive everything now.

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Confusing capital gains tax and withholding tax Both coexist. Dividends remain subject to 30% withholding (even on your distribution ETFs), the TOB still applies on buy/sell, the 30% Reynders tax applies to the bond component of 19bis funds. The 10% capital gains tax adds on top.

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Ignoring the foreign broker case If you use a non-Belgian broker (DEGIRO, Interactive Brokers, Trade Republic, Bolero…), it doesn't automatically withhold the capital gains tax. You must declare all your gains in your IPP return. Same rule as for the TOB on foreign brokers.

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Underestimating the "abnormal management" risk If you do very active trading, the tax authority can requalify as abnormal management → 33% instead of 10%, with no protection of historical gains. Maintain a buy-and-hold strategy or ask for advice before frequent trading.

Official sources

FPS Finance — Capital gains tax

Wikifin (FSMA) — Investment taxes

FPS Finance — Stock exchange transactions tax (TOB)

FSMA — Financial Services and Markets Authority