Capital gains tax is a reality

With the introduction of the capital gains tax, we list the key points as a reminder.

Basically, the tax targets capital gains realized on four categories of financial assets:

• financial instruments, such as stocks, profit shares, bonds, derivatives, commercial paper, emission rights, etc.
• certain life insurance products, such as savings and investment insurance (such as branch 21, 22, 23, 26 and 44) and capitalization operations;
• crypto assets in the broadest sense, including e-money tokens, asset-related tokens, utility tokens and non-fungible tokens that can be used for payment or investment purposes; and
• cash, in particular scriptural and currency money, as well as electronic money, excluding money held in a checking account, and investment gold.

Capital gains on group insurance policies, life insurance policies within long-term savings, pension funds and retirement savings are excluded.

So-called “internal capital gains” are taxed at 33%.

Internal capital gains are those arising from the transfer of shares or profit certificates to an “own” company or a company over which the transferor (alone or together with his or her spouse and his or her close relatives up to the second degree or those of his or her spouse) directly or indirectly exercises control, without any foot exemption or other exception (except for historical capital gains).
This arrangement affects sales by parents to a holding company of the children in which the parents also continue to participate themselves.

Taxed according to graduated rate (see table).
A substantial interest exists if at least 20% shares are held, and from this holding is sold to an uncontrolled party.

Exemption of EUR 1 million in capital gains, and progressive rates on capital gains above EUR 1 million, being :

For capital gains over EUR 1 million on shares in a domestic company and sold to a company with actual registered office outside the European Economic Area (“EEA”), a special rate of 16.5% applies. This specific rate already existed for sales from a substantial interest in excess of 25% to non-EEA companies.

What is new is that the 20% substantial interest is now viewed strictly on an individual basis and no longer cumulatively with the spouse and immediate family or (indirectly) through personal holding structures. The photo of the substantial interest will be taken at the time of the transfer and no longer at any time during the past 10 years prior to the transfer. Moreover, the exemption for the first million EUR of capital gains will only apply per period of 5 consecutive years, so one could not benefit from the exemption every year.

Those holding less than 20% fall under the standard regime (see below).

The favorable regime on substantial interest where the first million EUR of capital gains is exempted would apply not only to shares in active companies, but also to holding, management and patrimony companies.

Under the standard regime, realized capital gains are taxable at a flat rate of 10%. This standard regime applies to all capital gains except internal capital gains and capital gains on a substantial interest,

There is a foot exemption of 10,000 EUR per person and per year, indexed annually.

In addition, the ceiling of the exemption per year that remains unused will increase by (maximum) EUR 1,000 (excluding further indexation after tax year 2027) to a maximum of EUR 15,000. Someone who realizes a capital gain only every five years could thus count on an exemption of EUR 15,000 in the sixth year, to be increased by the indexation.

Capital losses realized from January 1, 2026 can be deducted from by the same taxpayer if realized within the same taxable period within the same category (internal capital gains, substantial interest or standard regime).
Thus, capital losses are not transferable to a subsequent taxable period.

All capital gains/losses realized as of January 1, 2026 will now fall under the new regime.
In certain cases, historical capital gains are exempt. To claim this exemption, a valuation of your company (group of companies) as of December 31, 2025 is required.