New capital gains tax from 2026: what do you need to know?
August 2025 - From 1 January 2026, the federal government will introduce a new tax: a 10% capital gains tax on financial assets, officially described as a “solidarity contribution”.
Although the word ‘tax’ often immediately causes concern among entrepreneurs, it is important to note that this measure only applies to natural persons. Companies and management companies remain unaffected.
What exactly does this tax entail?
The new tax applies to capital gains realised from the sale of financial assets from 2026 onwards. This includes, among other things:
Shares (both listed and unlisted)
Bonds
Investment funds and trackers (ETFs)
Insurance products such as branch 21, branch 23 and branch 26
Crypto assets and foreign currencies
The tax is 10% on the realised capital gains.
Important note: only for natural persons
Important to know: this measure is a personal income tax. This means that companies – including management companies or holding companies that sell a participation – are not covered by this scheme. For entrepreneurs who invest through their company or hold shares in other companies, nothing will change.
How is the capital gain calculated?
The capital gain is determined by the difference between the sale price and the purchase price of the asset. Important:
For existing investments, the price on 31 December 2025 is used as the starting point. This prevents capital gains that have already been accumulated from being taxed.
Is the original purchase price higher than the price on 31 December 2025? Then you can still use the purchase price.
For staggered purchases, the FIFO method (first in, first out) applies to determine the purchase price.
Exemption up to 10,000€ per year
There will be an exemption for the first 10,000€ of capital gains per person per year. This threshold will also be indexed. If you do not use this exemption immediately, you can increase it by 1,000€ per year for five years, up to a maximum of 15,000€ (excluding indexation).
What is exempt?
Some common investments are explicitly exempt from the new rules:
Pension savings
Group insurance policies
These remain subject to their own tax regime, including the existing 8% levy on pension savings when you reach the age of 60.
Substantial interest: reduced rates for large interests
Natural persons who own at least 20% of the shares in a company (a so-called “substantial interest”) are subject to a particularly favourable regime:
Capital gains up to 1 million euro: exempt
Capital gains between 1 million and 2.5 million: 1.25% tax
Between 2.5 million and 5 million euro: 2.5%
Between 5 million and 10 million euros: 5%
Only above 10 million euros does the standard rate of 10% apply
Please note: the percentage is assessed per person. You cannot therefore add up the shares of family members to reach the threshold percentage. The interest at the time of sale also counts.
Deduction of losses and other technical aspects
Capital losses may be deducted from profits within the same year and within the same category of assets. Charities (non-profit organisations that are authorised to issue tax certificates) are fully exempt. The existing Reynder tax (30% on capital gains on funds with a high proportion of bonds) will remain in place, but will be limited to interest income.
Closing loopholes
To prevent abuse, the federal government is introducing additional measures:
Internal capital gains within company structures will be taxed at 33% to prevent shifts via holding companies.
Exit tax: anyone who emigrates remains obliged to report on their financial assets, including capital gains, for two years after their departure. In this way, the legislator wants to prevent people from moving at the last minute to avoid tax.
What does this mean for you as an SME entrepreneur?
If you hold financial assets or shares in your own name, you may be subject to this new regulation from 2026 onwards. For many SME entrepreneurs, however, the relevant question is: ‘Do I own these assets privately or through my company?’ If the answer is ‘through the company’, then the new tax will have no impact on your business structure or transactions. Only personal capital gains are covered by this regulation.
