The law is in force
The Chamber’s dossier records adoption on 2 April 2026, a law dated 6 April 2026 and publication in the Belgian Official Gazette on 21 April 2026. The final plenary document 010 adopts the operative text 008 unchanged. Article 35 makes the law effective from 1 January 2026 and starts the specified withholding mechanism on 1 June 2026. Earlier Cabinet announcements were proposals and should not be used in place of this chain of enacted evidence.
The reform means that “Belgium has no capital-gains tax” is no longer an adequate description of ordinary private financial investing. It also does not mean all gains have become 10% income. Determine the statutory category before calculating.
Classify both the asset and the transaction
The financial-asset definition includes financial instruments, qualifying investment insurance/capitalisation contracts, crypto assets including relevant investment/payment NFTs, and specified monetary assets and investment gold. Real estate and professional business assets need their separate regimes. A sale, insurance surrender or a deemed event can each have different mechanics.
Article 90 distinguishes a sale to an acquirer controlled by the seller or specified family members; a disposal where the seller holds at least 20% of the company’s rights; and other covered financial assets. Ordinary private management is also distinct from professional activity and transactions outside normal private management. Document holding size, related parties and how the activity is conducted.
| Case | What makes it different |
|---|---|
| Ordinary covered financial gain | 10% category, with statutory relief and loss rules. |
| At least 20% holding | Separate substantial-participation rate schedule and rolling exemption. |
| Controlled-company sale | Separate internal-gain category; do not use the ordinary portfolio result. |
| Professional/speculative facts | Classification under other income provisions requires a separate analysis. |
Keep original cost and the 2025 valuation
Covered assets already held before 2026 generally use the statutory 31 December 2025 valuation framework. Listed assets use the final 2025 market closing price. Unlisted shares have prescribed valuation methods, including specified transaction evidence and a financial formula; an eligible independent valuation can be established within the statutory deadline. A casual estimate of a founder’s company is not equivalent to that evidence.
For qualifying disposals through 31 December 2030, the taxpayer can request use of a substantiated higher historical acquisition cost under the statute’s conditions. Keep the original purchase file even after obtaining a 2025 value. Loss recognition, insurance reserves and multiple acquisition lots require their own calculation; fees and losses should not be deducted using an unrelated country’s rules.
Reliefs are specific, not an unlimited loss carryforward
Article 96/2 provides an indexed annual exemption for the ordinary category and a limited mechanism carrying forward unused relief. The enacted code states unindexed base amounts; this draft does not publish a calculator-ready indexed annual allowance without an independently verified official index table. The €1 million substantial-participation exemption is reduced by qualifying exemption used in the previous four taxable periods.
Losses are confined by the statutory taxpayer, category and period rules. Do not assume a spouse’s loss, a prior-year loss or a loss in a different category can offset the current gain. The substantial-participation schedule includes 1.25%,2.5%,5% and 10% bands, while specified sales to non-EEA corporate buyers require an additional exception check. A business sale should be modeled transaction by transaction.
Moving changes the valuation and payment questions
For covered financial assets brought into Belgian tax residence, article 102§3 starts from value on the first Belgian personal-tax day. A documented arrival value protects the distinction between pre-arrival appreciation and later gain. Return cases within 24 months following a deferred exit have special rules, so a brief departure and return cannot simply create an unrestricted higher basis.
A move of domicile or the seat of wealth abroad is treated as a disposal. Qualifying EU/EEA or treaty destinations with the required information and recovery assistance can receive automatic payment deferral; other cases require a request and security. Track dispositions, collateral, destination changes and annual attestations. The statute’s 24-month cancellation conditions are part of that monitored process, not an automatic promise that every departure is tax-free.
Broker withholding is only one part of the file
The withholding mechanism does not necessarily apply the individual’s exemptions, higher substantiated historical basis or losses. Where relief is due, the law provides for a return claim and credit/refund of withholding. A portfolio spread over several brokers therefore needs a consolidated taxpayer-level reconciliation.
For an inquiry, gather positions, acquisition dates and costs, year-end 2025 statements, arrival/departure valuations, realised transactions, insurance-contract details, ownership percentages and foreign taxes. We can then identify the classification questions and the implementation work before a sale or relocation occurs.
Sources & research notes4 references
Sources supporting this guide. Research draft awaiting editorial review.