Belgian Capital Gains Tax
Since January 1, 2026, Belgium applies a tax on capital gains realized on financial assets. This guide summarizes the key rules that affect your tax declaration.
The tax applies to capital gains realized on the sale of financial assets held as part of normal private wealth management. This includes:
- Stocks (listed and unlisted), bonds, ETFs, investment funds
- Derivatives — options, futures, swaps, warrants, CFDs
- Crypto-assets — cryptocurrencies, tokens, stablecoins, NFTs
- Currencies — foreign exchange, investment gold
- Life insurance — branch 21, 23, 44 policies
Exempt: pension savings funds, life insurance for tax reduction, death-only policies, and collectibles (except investment gold).
The Belgian capital gains tax has three distinct regimes:
| Regime | Rate | Applies to |
|---|---|---|
| Small investor | 10% | Most individual investors (default) |
| Internal gains | 33% | Sales of shares to a company you control |
| Substantial participation (≥20%) | Progressive | Large shareholders (0% → 1.25% → 2.5% → 5% → 10%) |
The progressive regime for substantial participation applies graduated rates: the first €1,000,000 is exempt (over 5 years), then rates increase in brackets up to 10%.
Each taxpayer benefits from an annual exemption of €10,000 on net capital gains. The 10% tax only applies to gains exceeding this threshold.
Carry-over bonus
If you do not use your exemption in a given year, you receive an additional €1,000 the following year (up to a maximum of €15,000 after 5 years of non-use). This bonus is consumed first before the base exemption.
Married couples / cohabitants
If both partners invested from their joint assets, each can claim their own €10,000 exemption, for a combined total of up to €20,000 (or €30,000 with maximum carry-over).
When you have acquired the same asset at different times and prices, the law mandates the FIFO principle: the first asset acquired is deemed to be the first sold.
Example
2026: Buy 10 shares at €100 each
2027: Buy 20 shares at €150 each
2028: Sell 15 shares at €200 each
Capital gain: 10 × (200 − 100) + 5 × (200 − 150) = €1,250
The application automatically applies FIFO across all your platforms for each asset type.
The taxable base is the gross difference between the sale price and the acquisition price. No fees or taxes of any kind may be deducted, including:
- Brokerage commissions
- Stock exchange transaction tax (TOB)
- Custody fees
- Valuation costs for unlisted assets
The application displays your fees for informational purposes, but they are excluded from the capital gain calculation in accordance with the law.
Losses realized during the same tax year can be offset against gains, subject to these rules:
- Same taxpayer, same fiscal year
- Same tax regime (losses from ≥20% participation cannot offset gains from the 10% regime)
- Cross-asset is allowed: a loss on stocks can offset a gain on crypto or gold within the same regime
- Losses cannot be carried forward to future years
The application automatically calculates your net result (gains − losses) before applying the exemption.
For assets held before January 1, 2026, the value at December 31, 2025 replaces the original acquisition price. Historical gains (before 2026) are therefore exempt.
Latent loss exception
If the original acquisition price is higher than the Dec 31, 2025 value (latent loss), you may use the original price instead — but only if you sell before December 31, 2030.
There are two ways to pay the capital gains tax:
1. Bank withholding (default)
Your financial institution calculates and withholds the tax automatically. However, banks cannot account for your exemption or losses at other institutions — you must claim those back via your annual tax return.
2. Opt-out (self-declaration)
You can request your bank not to withhold the tax. In this case, you declare all gains and losses yourself in your annual tax return and pay when you receive your tax assessment. The deadline to request opt-out was August 31, 2026.
Timeline
- Jan 1, 2026: Tax takes effect
- Jun 1, 2026: Banks begin automatic withholding
- 2027: First tax return including capital gains (for fiscal year 2026)
This application generates a tax summary PDF that you can use for your annual declaration, available on the Export page.