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The Minister of Finance has drafted a proposal to introduce a tax on capital gains on financial assets in alignment with the coalition agreement. This proposal will now be discussed within the federal government and is expected to undergo further adjustments. Expectations are that the government wants to reach an agreement in the coming weeks. It is foreseen that the new rules will enter into force as from 1 January 2026.

According to the proposal, the new capital gains tax will be applicable to individuals and to not for profit entities (i.e. legal entities subject to the Belgian legal entities taxation), but not to companies. The goal of the proposed law is to tax all transfers (for consideration) of financial assets outside the exercise of a professional activity as miscellaneous income. As a consequence, the transfer of shares (but also of other financial assets) will no longer be taxed only when done outside the normal management of private assets as was the case in the past since the concept of normal management of private assets will be abolished. The proposal distinguishes three categories:

1. Internal capital gain: Transfer (sale) of shares and profit certificates to a buyer that is controlled by the seller alone or together with his family
2. Significant interest: Transfer of shares and profit certificates in case of a participation of at least 20% at any time in the previous 10 years by the seller alone or together with his family
3. Other transfers of financial assets

The draft law also proposes to introduce an exit tax when the owner of financial assets transfers his residence or seat of fortune abroad, or when shares are transferred without consideration to non-resident taxpayers. The payment of this exit tax upon emigration or transfer to a non-resident within the EEA can be spread. It should be further examined if this exit tax will stand the test of the European Court of Justice. 

• An internal capital gain will be taxed at 33%
• The transfer of a significant interest will be taxed as follows:

• Other transfer of financial assets: 10%, where the first 10,000 EUR will be exempt

According to the proposal, the following four types of financial assets are within scope:

• Financial instruments, which include a.o.: securities such as shares, bonds and other debt instruments, money market instruments and participation rights in collective investment institutions
• Saving or investment insurance contracts, such as: branch 21, 22, 23, 26 and foreign contracts
• Crypto-assets
• Currencies, including a.o. investment gold 

The taxpayer is the (bare) owner or entitled party.

The following capital gains are temporarily exempt following the proposal:

• Capital gains on shares in an investment company due to repurchase immediately followed by new subscription within the same compartment or the same investment company or due to an (equated) merger or demerger (e.g. reorganization of compartments)
• Capital gains on participation rights in a contractual investment fund due to conversion into an investment company

The exemption will be maintained as long as the received shares are held.

In the proposal, the following capital gains a.o. are permanently exempt:

• Capital gains on shares and profit certificates in case of a significant interest for the first tranche of 1 million EUR
• Capital gains due to other transfers of financial assets (category 3) for the first tranche of 10,000 EUR. The unused exemption of 10,000 EUR can be carried forward to the next year.
• Certain capital gains upon contribution of shares
• Capital gains on financial assets (category 3) that remain in possession for at least 120 months uninterrupted

• The capital gain equals the received price minus the acquisition value. Costs or taxes are not taken into account.
•  If assets are acquired before 1/1/26, the proposal provides that the acquisition value equals the value per 31/12/25 unless the acquisition value is higher (cfr. exemption of historical capital gains).
  • The value per 31/12/25
    • For listed financial assets equals the closing price of 2025.
    • For life insurance and capitalization transactions equals the highest of the inventory reserve on 31/12/25 or the sum of paid premiums.
    • For non-listed financial assets equals the highest of
      • The value applied between independent parties, at the occasion of the establishment of the company or its latest capital increase in the course of 2025.
      • The value which is the result of a valuation formula in a contract or a contractual offer of sale option which is effective per 1/1/26.
      • In case of shares and shares equivalent: equity + 4 x EBITDA of the last FY closing before 1/1/26. Alternatively, the taxpayer can also apply a value determined by an auditor or certified accountant no later than 31/12/26.
• Can be deducted: losses during the same taxable period within the same category (1, 2 or 3) of taxable financial assets.