New tax agreement: the saga of capital gains on financial assets continues

The previous leak

As we mentioned in our article on 12 May 2025, a draft proposal for taxing capital gains on financial assets had been leaked. While exempting historical capital gains up to 31 December 2025, the proposal mainly included:

• A 33% tax rate on sales to a holding company controlled by the seller alone or together with their family (up to the second degree).
• A 10% tax rate, with an exemption on the first €10,000 and a full exemption after 10 years of uninterrupted ownership.
• A preferential regime for so-called significant holdings.

In the latter case, the rates for significant holdings apply to transfers for consideration of shares, units and profit shares if, at any time during the 10 years preceding the transfer, the transferor, alone or with their spouse (and their families up to the fourth degree), has owned at least 20% of the shares, units or profit shares.

The proposal also included a tax (exit tax), (i) in the event of a transfer of residence abroad and (ii) for any transfer to a non-resident taxpayer (e.g. a donation).

Adjustments in the latest agreement

Capital gains on significant holdings

A new government agreement has just been reached. It would tighten the conditions for applying reduced tax rates on significant shareholdings:

• Degree of kinship: according to some sources, only family holdings up to the second degree would now be eligible; according to others, only shares held by the seller would be considered, and the 20% ownership threshold would be assessed at the time of the sale, not over the previous10 years.
• Exemption < €1,000,000: the exemption on the first million euros would only be applicable once every five years, rather than annually.
• Real economic activity: the reduced rates would apply only to shares in companies engaged in real economic activity. Family holding companies investing in other companies could therefore be excluded from the favourable regime.

Exit tax

The proposal would now only include an exit tax in the event of a transfer of residence abroad, under conditions that are not yet fully known. It is being considered that capital gains realized within two years following emigration would be taxed in Belgium.

Donations would no longer be targeted... but beware of last-minute surprises!

Other adjustments

In the case of the 10% tax rate, the exemption on the first €10,000 would be partially deferrable : the annual exemption could increase by €1,000 per year over five years, reaching a ceiling of €15,000 if no capital gain has been realized during that period.

The full exemption after 10 years of uninterrupted ownership would ultimately no longer be included.

Despite the introduction of new rates, the reclassification of capital gains as professional income (progressive rates) or miscellaneous income (33% rate for speculative or abnormal income) would still be in effect. 

A new rate of 16.5% would be introduced for transfers to a legal entity located outside the European Economic Area.

The draft text would also provide that the use of crypto-assets to purchase goods or services (such as a pizza) would, where applicable, constitute a taxable capital gain. 

The Reynders tax would ultimately be maintained. This is a 30% tax on the interest component during the sale or redemption of shares issued by certain collective investment schemes that invest more than 10% of their assets in debt instruments. 

The planned reduction of the annual tax on insurance operations from 2% to 0.7% would no longer be pursued, even though insurance products (branches 21 and 23) would still be subject to the tax. 

The second and third pension pillars would be exempt. Pension savings and group insurance would escape the tax.

A never-ending tax saga?

Does this new chapter in the reform of capital gains taxation mark the end of the saga?

Time will tell. We now await Febelfin’s critical assessment of the technical challenges of implementing the reform as early as 2026.