Capital Gains Tax from 2026: What Changes?

The current situation?

Today, capital gains on investments for private investors in Belgium are generally tax-free. Only in the case of speculative transactions or professional management can a capital gain be taxed at 33%. This makes Belgium an exception within Europe. The introduction of the new regulation will change this.

New rules from 2026

From 2026, a new structure with different tax regimes will apply, depending on the type of investor.

1. General regime

• 10% tax on capital gains;
• Exemption on the first 10,000 euros per year;
• Unused exemption can be carried forward up to 1,000 euros per year to the next year, with a maximum of five years. Thus, an exemption can accumulate up to 15,000 euros (or 30,000 euros for couples);

2. Regime for large shareholders (‘significant interest’)

• For shareholders who own at least 20% of a company at the time of sale (individually and not through family pooling);
• Exemption on the first 1 million euros of capital gains per five years;
• After that, a graduated rate applies: 1.25% to 10%, depending on the amount;
• Holdings and patrimonial companies also fall under this regime.

Example 1: Sister and brother each own 10% of the shares of the family business, together this amounts to 20%. They each sell their shares with a capital gain of 1,200,000 euros. They each have to:

The first 10,000 euros is exempt.

1.190,000 euros * 10% = 119,000 euros in taxes per person because the condition of individually owning 20% of the shares is not met.

Example 2: Sister and brother each own 25% of the shares of the family business. Now the condition of at least 20% is met. If they have a capital gain of 1,200,000 euros, they must:

1.000.000 euros exempt

200.000 euros * 1.25% = 2500 euros in taxes per person.

3. Exception regime for internal capital gains

• Transferring shares via intermediate holdings is limited;
• In specific cases such as restructurings within companies;
• Internal capital gains within a group are more strictly addressed;
• Capital gain taxed at a fixed rate of 33% on internal transfers;
• Goal: prevent tax avoidance through group structures.

Valuation of capital gain

The capital gains tax is calculated on the difference between the sale price and the value of the asset on December 31, 2025. For non-listed assets, the value can be determined in different ways. The taxpayer can retain the highest value from the different methods:

• Value at incorporation or capital increase in 2025
• Equity increased by 4 x EBITDA
• Based on prior transfer between independent parties in 2025
• Valuation based on a contract in effect on January 1, 2026
• by an independent and recognized accountant or auditor, who does not act as the company’s commissioner.

The valuation must be done within the year after the approval of the 2025 financial statements.

Other important provisions

• Speculative capital gains remain taxable at 33% under the existing regime;
• Pension savings and group insurance remain completely unaffected;
• An exit tax for individuals who move their domicile to avoid the capital gains tax. Those who leave Belgium as investors will still report on their financial portfolio for two years.
• On December 31, 2025, a valuation will be made for all securities. Those who can prove that the historical purchase price is higher may use it as a basis.

Conclusion

With this reform, Belgium loses its exceptional position as a tax-free paradise for capital gains. The new capital gains tax targets larger fortunes while providing protection for the ordinary saver and investor. The system is technically complex and still contains many fiscal nuances, and further clarifications are expected in the coming months. It is certain that from 2026, profits on assets will be structurally taxed for the first time.

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This article was written by Karel Van Hootegem and Ada Kiebooms