Tax Compass 2026: Navigating the new Belgian capital gains tax and what it means for your savings.
1. The Core Change: 10% is the New Standard
For the first time, capital gains realized within the "normal management of private wealth" are taxable.
The Rate: A flat 10% tax on the net capital gain.
The Scope: It covers listed and unlisted shares, bonds, ETFs (trackers), investment funds, gold, and cryptocurrencies.
The Calculation: The tax is calculated on the difference between the sale price and the acquisition value.
The "Snapshot" Rule (Anti-Retroactivity)
To prevent taxing gains you made before the law existed, the government introduced a "snapshot" date. For assets you already owned before 2026, the "acquisition value" is generally considered to be their market value on December 31, 2025. You only pay the 10% on the growth that happens after that date.
2. The Small Investor Shield: The €10,000 Exemption
The government’s goal wasn't to punish the average saver, but to target larger wealth accumulation. To protect small investors, there is a general annual exemption of €10,000 in realized capital gains.
How it works: If you sell stocks in 2026 and make a profit of €8,000, you pay €0 in tax. If you make €12,000, you only pay 10% on the €2,000 that exceeds the threshold (i.e., €200).
Indexation: This €10,000 limit will be indexed annually for inflation.
Carry-forward: If you don't use your full exemption, you can carry forward the unused balance (up to €1,000 per year) for a maximum of five years.
3. What is NOT Taxed?
It is equally important to know what remains protected. The following are exempt from the new 10% capital gains tax:
Pension Savings (Pillar 3): Your classic Belgian pension savings fund.
Group Insurance (Pillar 2): Supplementary pensions provided by your employer.
Real Estate: Capital gains on your primary residence remain tax-free (provided you've lived there long enough).
Donations and Inheritances: The act of giving or inheriting doesn't trigger the tax, though the recipient will eventually use the original donor's price as the "base cost" if they sell later.
4. The Complexity of "Abnormal" vs. "Normal"
The new 10% tax applies to "normal" investing. However, the old 33% Speculation Tax (Miscellaneous Income) still exists.
10% Rate: Applying to long-term, "bonus pater familias" investing.
33% Rate: Applying to "abnormal" management—think high-frequency day trading, using heavy leverage (borrowed money), or speculative "flips" that look more like a professional activity than a hobby.
5. Practical Checklist for 2026
Final Thought
The "Tax Compass" for 2026 points toward transparency. While the 10% rate is relatively low compared to neighboring countries (like France or Germany), the administrative burden has increased. Investors who "set it and forget it" will likely stay under the €10,000 threshold, but active traders need to be more diligent than ever.