Value-added tax is voted in: our answers to the most frequently asked questions

The capital gains tax is one of the most notable tax changes for 2026. Over the past few weeks and months, a lot has been said, written and, above all, speculated about. Now that there is quietly more clarity, we answer the most frequently asked questions.

 

 

What is the capital gains tax?

The capital gains tax is a tax on profit (added value) which you realize when you financial assets sells or otherwise for valuable consideration transfers (i.e.: in exchange for a price/counterperformance).

‘Added value’ simply means: sales price minus purchase price (taking into account the rules provided by law for valuation).

 

Who does the capital gains tax apply to?

First and foremost for natural persons who invest outside their professional activity.

In addition, the scheme can also play for certain legal entities (legal entities tax), such as non-profit organizations and (private) foundations, with exceptions for entities that can receive tax-deductible donations.

 

What is covered by the capital gains tax?

The law visions capital gains on ‘financial assets’. It includes:

• Shares
• Bonds (unless the Reynders tax applies)
• ETFs and funds
• Derivatives
• Foreign exchange/currency
• Investment Gold
• Certain branch 21/23/26 insurance products
• Crypto-assets (incl. NFTs when they have an investment function)

In practical terms, these are investments that you hold in your private assets (normal management). Speculative or ‘abnormal’ situations may remain under a different regime.

 

Is the capital gains tax final yet?

Yes, the capital gains tax law was voted on and passed on the night of Thursday, April 2.

 

When does the capital gains tax go into effect?

The tax goes retroactive in from Jan. 1, 2026, even though the law was not voted on until later.

 

Are gifts and inheritances also taxable?

Usually not, because when a gift or inheritance is made no sale price is like an encumbered transfer. The law explicitly indicates that gifts and transfers upon death are in principle no realization of added value forms in this context.

Note: as soon as there is a consideration/charge that makes the transfer ‘onerous’, the assessment can become more complex. Always check with an expert.

 

How much is the capital gains tax?

Read all the details in our earlier article: Agreement on capital gains tax: an overview of the new ground rules

 

Is there an exemption?

Yes, there is an exemption from € 10.000. Read all the details in our earlier article: Agreement on capital gains tax: an overview of the new ground rules

 

What about retirement products?

Pension accrual through the second and third pillars its exempt of capital gains tax.

 

What is the difference between opt-in and opt-out?

The collection of capital gains tax can, in practice, proceed in two ways:

Opt-in (withholding at source)

The bank/insurer keeps the tax automatically in on certain transactions, and deposits to the tax authorities. This can be administratively simpler, and is often seen as ‘more discreet.

Opt-out (self-declared)

There is not automatically withheld. You process the added value yourself through your declaration personal income tax, which can give you more control (e.g., to make the most of the exemption), but requires more follow-up.

 

When is it better to opt-in or opt-out?

There is no ideal solution that applies to everyone. These are practical guidelines that we often see among entrepreneurs and investors:

Opt-out may be of interest if...

• you do few transactions;
• you expect to stay under the annual exemption;
• You can follow up (or have your records followed up) properly.

Opt-in can be interesting if...

• You do a lot of transactions or work with multiple portfolios;
• you especially want administrative simplicity;
• you prefer to work with “handled at the source” (less follow-up throughout the year).

Dwell carefully on your choice and give it timely through to your financial institution.

 

 

Does the opt-in/opt-out choice apply per person or per account?

In practice, this is usually organized per account (not per account holder). That means a joint account can have only one choice.

Always check with your specific bank/institution for your specific situation.

 

 

Are all assets ‘opt-in’ through the bank?

Not necessary. For some assets or situations, automatic withholding may be difficult or impossible (e.g. when there is no Belgian withholding agent in between, or for certain non-classical assets).

Then you end up more quickly at self-declare (opt-out in practice).

 

I invest through a foreign broker. What now?

Those who invest through foreign platforms should note that those parties often no Belgian withholding do.

That means: more responsibility with the investor (declaration, supporting documents, calculations).

 

What about a partnership or other transparent structure?

In tax transparent structures (such as a civil partnership), income and transactions are generally passed on to those behind.

Be sure to read our FAQ around the impact of capital gains tax on partnerships.

 

What is a ‘substantial interest’ and why is it important?

Read our earlier article: Agreement on capital gains tax: an overview of the new ground rules