Capital gains
The 10% tax on realized gains: the 31 December 2025 step-up, the annual exemption, and the ten-year rule.
- Capital gains
The Reynders tax was not abolished: how it stacks with the capital gains tax
The Reynders tax — 30% on the interest component of funds holding more than 10% debt claims — was widely declared dead in 2025, but the law of 6 April 2026 kept it. How the two taxes combine, with a worked example following the circular.
Written by Belfolio4 min read - Capital gains
A worked example: a DEGIRO investor with €50,000 in a world ETF, 2024–2026
One fictional investor, one accumulating world ETF, followed from purchase through the 31 December 2025 step-up to a partial sale in 2026 — with the TOB, the step-up value and the 10% capital-gains tax shown line by line.
Written by Belfolio4 min read - Capital gains
You are on the opt-out side of the capital-gains tax: what lands on you
Under opt-out nobody withholds the 10% for you. Three jobs move from your broker to you — and one of them cannot be finished yet, because the declaration codes have not been published.
Written by Belfolio5 min read - Capital gains
The 31 December 2025 value, and why it usually helps you
For anything bought before 2026, your taxable gain starts from the last closing price of 2025 — not from what you paid.
Written by Belfolio3 min read - Capital gains
The ten-year exemption, and why it is measured per parcel
Gains on assets held continuously for at least ten years are exempt — a rule that turns each individual purchase into a record you need to keep.
Written by Belfolio4 min read - Capital gains
The €10,000 exemption is never automatic
Every Belgian taxpayer has an annual exemption on realized capital gains — but it exists only on the annual tax return, even when a broker already withheld 10%.
Written by Belfolio4 min read