(Update 23 January 2026)

As from 1 January 2026, several tax measures adopted or currently under discussion at federal and regional level may have an impact on capital gains taxation, securities accounts, Belgian gift tax, Belgian inheritance tax and estate planning in Belgium.

The purpose of this publication is to outline a number of developments that are relevant for private clients, entrepreneurs and families, and to identify certain planning considerations that may deserve attention depending on each individual situation.

Federal level – Proposed introduction of a capital gains tax on financial assets

• Current position under Belgian personal income tax

Under the current Belgian personal income tax system, capital gains on movable assets are taxable only where they are:

• realised within the framework of a professional activity, or

• considered to result from an abnormal or speculative management of private assets.

Capital gains realised in the context of a normal, non-speculative management of private wealth are generally exempt from Belgian income tax.

• Draft reform – A new capital gains tax (“solidarity contribution”)

Draft legislation currently provides for the introduction of a new tax on capital gains, referred to as a “solidarity contribution”, which would replace the existing exemption regime.

Based on the latest publicly available draft texts, the proposed system would include, in particular:

• “Internal” capital gains, taxable at a rate of 33%;

• Capital gains on substantial shareholdings, subject to a progressive rate ranging from approximately 1.25% to 10%, after application of a tax-free allowance (draft reference: EUR 1,000,000);

• Other capital gains (residual category), taxable at a base rate of 10%.

• Assets potentially within scope

The proposed Belgian capital gains tax would have a broad scope and could apply to most financial assets commonly encountered in practice, including:

• listed and unlisted shares,

• bonds and similar instruments,

• certain life insurance contracts,

• crypto-assets,

• investment gold and comparable assets.

• Exemptions and historical capital gains

Draft versions of the reform provide for specific exemptions, notably an annual exemption for certain residual capital gains, with a limited carry-forward mechanism.

In addition, capital gains accrued before 1 January 2026 (“historical capital gains”) would remain outside the scope of the new tax to the extent that they would have benefited from an exemption under the current regime. The practical valuation of such gains remains a technical point requiring further clarification.

• Legislative status

As of 23 January 2026, no final legislative text has yet been adopted. Several technical aspects remain under discussion, including the application of the new rules in the context of gifts and inheritances, as well as the valuation of historical capital gains.

The Government still plans to apply this new tax retroactively as from 1 January 2026, despite later adoption, although the feasibility of such an approach remains uncertain.

Federal level – Increase of the Belgian Securities Account Tax (TCT)

• General framework

Belgium levies a Securities Account Tax (Taxe sur les comptes-titres – TCT) on securities accounts whose average value exceeds EUR 1,000,000.

The tax applies irrespective of portfolio performance and concerns a wide range of holders, including private individuals, partnerships and certain corporate or estate planning structures.

The applicable rate has until now been 0.15% per year.

• Announced increase of the TCT rate

The federal government has announced an increase of the TCT rate from 0.15% to 0.30%.

Based on the information currently available:

• the increase would be enacted by legislation adopted during 2026;

• the new rate would apply to the reference period running from 1 October 2025 to 30 September 2026.

From a legal perspective, this would not constitute prohibited retroactivity, as the tax would apply to an ongoing reference period.

• Practical impact

The financial impact of this increase may be significant. By way of illustration, a securities account with an average value of EUR 10,000,000 would give rise to a TCT charge of EUR 30,000, irrespective of investment performance.

This increase must also be viewed in combination with other taxes affecting financial investments, including the securities transaction tax (TOB) and the proposed capital gains tax.

• Procedural aspects and compliance

The TCT and the TOB qualify as “miscellaneous taxes” for procedural purposes and are subject to a six-year investigation and assessment period (Article 202/8 CDTD).

This extended period, combined with enhanced reporting and monitoring mechanisms, highlights the importance of proper documentation and compliance, particularly where securities accounts are held through intermediary entities or estate planning vehicles.

Brussels – Unregistered gifts of movable assets – Survival period extended to five years

Belgian law allows certain gifts of movable assets (cash, bank assets, securities, life insurance rights and other movable property) to be made without Belgian gift tax, provided that no registration takes place.

Where a gift is not registered, it may nevertheless be subject to Belgian inheritance tax if the donor dies within the applicable survival period.

• General rule as from 1 January 2026

As from 1 January 2026, the survival period applicable to unregistered gifts is five (5) years in all three Belgian Regions.

• Transitional rules

The former three-year survival period continues to apply to unregistered gifts made before the following dates:

• Walloon Region: before 1 January 2022;

• Flemish Region: before 1 January 2025;

• Brussels-Capital Region: before 1 January 2026.

For gifts made on or after those dates, the applicable survival period is five years.

Flemish Region – Family companies and residential real estate

In the Flemish Region, qualifying family companies may benefit from a preferential gift and inheritance tax regime, subject to strict conditions.

As from 1 January 2026, residential real estate and building land are excluded from this regime. The preferential treatment therefore no longer applies to the portion of a company’s value attributable to such assets.

Flemish Region – Inheritance tax adjustments

In Flanders, as from 1 January 2026, the former “friends inheritance” regime has been replaced by a specific inheritance tax reduction for childless single individuals. Under this regime, one or more beneficiaries may inherit up to an aggregate amount of EUR 100,000 at reduced inheritance tax rates (3% on the first EUR 50,000 and 9% on the next EUR 50,000).

In addition, the basic exemption for surviving partners applicable to movable assets would be increased from EUR 50,000 to EUR 75,000.

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The developments outlined above illustrate the need for a careful and coordinated review of wealth and estate planning structures in 2026, particularly for clients with substantial financial assets, real estate holdings or family company structures.

Depending on each individual situation, certain transactions or reorganisations may warrant consideration in light of the evolving Belgian tax framework.

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For any questions or for tailored advice on Belgian tax law, estate planning, gift tax or inheritance tax, our team remains at your disposal. Feel free to contact us at office@dekeyserlaw.com or by phone +32 (0) 2 315 47 23.

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