As from 1 January 2026, capital gains realised on financial assets by natural persons in Belgium will fall under a new tax framework. This reform has put an end to the near-total exemption of capital gains on securities that was previously in effect for private wealth management.
From now on, capital gains realised on the sale of financial assets will be taxed, even if they fall under the normal management of private wealth and not as a result of speculation.
The new rules provide for different tax rates depending on the nature of the transaction:
- The general tax rate is set at 10% of the net capital gain, with an annual exemption for the first €10,000, in order to avoid penalising small investors. The assets concerned include all financial instruments, certain insurance contracts, crypto-assets, foreign currencies and gold.
- For material shareholdings (at least 20% of the rights in a company), a progressive tax rate ranging from 1.25% to 10% applies, after an exemption of €1,000,000.
- Internal capital gains are subject to a 33% tax rate with no exemptions.
The legislation also introduces specific exemptions for family transfers:
- Contributions to a company are exempt where they are made to a matrimonial community of property or jointly owned property between family members or partners.
- The dissolution of joint ownership (following death, divorce or the end of cohabitation) is exempt, provided that the division of shares takes place within a three-year period. In such cases, tax is only due upon resale to a third party.
It is important to note that gifts and inheritances are not subject to capital gains tax on securities. The principle remains unchanged: taxation only arises in the event of a sale for valuable consideration.
Finally, the new regime applies only to capital gains realised as from 1 January 2026. So-called “historic” capital gains are excluded, with their acquisition price set at their value as at 31 December 2025.
17 March 2026
By Camille de Theux, Actalys, Brussels (Belgium)
