Tax Harvesting under the Belgian Capital Gains Tax (2026)
In BriefThe new capital gains tax (10% from 2026, with an annual exemption of €10,000) allows for two forms of legal tax optimisation: Tax gain harvesting: deliberately realising a capital gain in order to make full use of the annual exemption. Tax loss harvesting: deliberately realising a loss in order to offset a taxable capital gain realised in the same year. The explanatory memorandum expressly confirms this: making optimal use of the available exemptions does not constitute tax abuse. |
When Is It Allowed and How Does It Work?
Tax Gain Harvesting | Tax Loss Harvesting | |
What | Deliberately realising a capital gain in order to make maximum use of the annual exemption | Deliberately realising a capital loss in order to offset capital gains realised in the same year |
Timing | No later than 31 December of the relevant year: the unused portion can be partially carried forward (see below) | No later than 31 December of the relevant year: a loss is only deductible in the same taxable period; there is no carry-forward to a subsequent year |
Exemption & carry-forward | €10,000 per year per person. The unused portion of the exemption can be carried forward to the following year, but only up to €1,000 per year, with a total ceiling of €15,000 after 5 years. For couples, up to €30,000 | Can be combined with the annual exemption |
Combination | Tax gain harvesting can be combined with tax loss harvesting: deliberately realise both losses and gains in the same year to make optimal use of both the exemption and the loss deduction | Likewise, deliberately realise a capital loss in combination with a planned capital gain, so that only the net positive balance exceeding the exemption is taxed |
Tax return | Capital gains must be reported in the personal income tax return | Capital losses must be expressly reported in the tax return |
Proof of acquisition value | Snapshot value as at 31 December 2025 for assets acquired before 2026; actual acquisition price for assets acquired from 2026 onwards | Same: historical capital losses that were already latent before 1 January 2026 are not deductible |
Tax Optimisation under the New Capital Gains Tax: What Is Possible?
Since the introduction of the new 10% capital gains tax, we have increasingly been asked how investors can legally reduce their tax burden.
This is a legitimate question. The law not only provides for an annual exemption of €10,000, which is indexed, but also allows realised capital losses, subject to certain conditions, to be offset against realised capital gains.
Two techniques therefore stand out in particular: tax gain harvesting and tax loss harvesting.
Tax gain harvesting
Tax gain harvesting means that an investor deliberately realises a capital gain in order to make maximum use of the annual exemption.
Tax gain harvesting is not a separate statutory regime. The technique stems from the annual €10,000 exemption for capital gains under the general regime, combined with the confirmation in the explanatory memorandum that taxpayers are free to determine when they realise capital gains and may make optimal use of the available exemptions when doing so.
In addition, up to €1,000 of any unused exemption may be carried forward each year to a subsequent taxable period, subject to an absolute ceiling of €15,000.
ExampleAn investor invests €90,000 on 1 January 2026. The portfolio hypothetically increases in value by €10,000 each year. Without tax gain harvesting
With tax gain harvesting
Result
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This example does not take into account any indexation of the exemption or transaction costs, such as stock exchange taxes, which may significantly reduce the tax benefit.
Tax Loss Harvesting
Tax loss harvesting means that an investor deliberately sells a loss making position in order to offset realised capital gains.
Unlike tax gain harvesting, tax loss harvesting has an explicit statutory basis. Article 102, § 5 of the Belgian Income Tax Code 1992 (BITC 92) provides that realised capital losses may, subject to certain conditions, be deducted from realised capital gains.
This offset is only possible where the capital loss:
is realised by the same taxpayer;
is realised within the same taxable period;
relates to the same category of financial assets subject to the capital gains tax (as referred to in Article 90, first paragraph, 9°, a), b) or c)).
An important point is that capital losses cannot be carried forward to a subsequent taxable period. Therefore, if a loss is realised in a year in which insufficient capital gains are realised, the excess loss cannot be carried forward to a later year.
Tax loss harvesting is therefore often applied towards the end of the calendar year, when it becomes clear which capital gains have already been realised and which loss making positions remain in the portfolio.
ExampleAn investor holds two shares.
Without tax loss harvesting
With tax loss harvesting
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By also selling the loss making position, the realised capital gain is first reduced by the realised capital loss. The annual exemption is then applied, resulting in no capital gains tax being due in this example.
For the sake of completeness, historical capital losses are not deductible. The relevant reference point is the snapshot value as at 31 December 2025, rather than the historical acquisition price. Capital losses that were already latent before that date are not deductible for tax purposes. An investor who purchased a share for €1,000, which was worth €1,500 on 31 December 2025 but is sold for €1,000 in 2026, can deduct a tax loss of €500 (sale price minus the snapshot value). The economic loss compared with the historical acquisition price is irrelevant for tax purposes.
Can I Offset Crypto Losses Against Gains on Shares?
As explained above, losses can only be offset where three conditions are met. The capital loss must be realised by the same taxpayer, within the same taxable period and within the same category of the capital gains tax.
The third condition deserves particular attention.
The law distinguishes three categories:
internal capital gains;
capital gains on substantial shareholdings;
the general category (including shares, cryptoassets and gold).
Within the general category, the assets concerned do not have to be of the same type. Shares, cryptoassets, certain insurance products, cash and investment gold can therefore, in principle, fall within the same category.
This means that a loss on cryptoassets can be offset against a gain on shares, provided that both transactions are realised within the same taxable period and fall under the general regime. For the same reason, a loss on an insurance product can also be offset against a gain on shares.
What is not possible is to offset a loss from the general category against a capital gain falling under the regime for internal capital gains, substantial shareholdings or speculative transactions. These categories remain strictly separate.
What Does the Legislator Say About Tax Harvesting?
The legislator has taken a remarkably clear position on tax gain harvesting and tax loss harvesting.
The explanatory memorandum states:
"It goes without saying that taxpayers are free to choose when they realise their capital gains and capital losses. The fact that they make optimal use of the available exemptions in doing so can hardly be regarded as abuse." (Parl. Doc. Chamber 2025-26, No. 56-1244/001, p. 38.)
This passage confirms that taxpayers are free to determine when they realise capital gains and capital losses. Making optimal use of the annual exemption is not regarded as tax abuse in this context. It remains to be seen, of course, to what extent the tax authorities will follow the minister's position in practice.
For tax gain harvesting, this follows from the annual €10,000 exemption (indexed) and the limited carry forward of unused exemptions.
Tax loss harvesting, in addition, has an explicit statutory basis. Article 102, § 5 BITC 92 provides that realised capital losses may, subject to certain conditions, be deducted from realised capital gains.
Tax gain harvesting and tax loss harvesting are therefore not loopholes in the legislation, but techniques that follow directly from the way in which the new capital gains tax has been structured.
It is also noteworthy that the Belgian legislator has not introduced a general "wash sale rule".
Several foreign jurisdictions, including the United States, have specific rules preventing investors from realising a loss and repurchasing substantially the same position almost immediately in order to obtain a tax benefit.
The Belgian capital gains tax contains no comparable general rule. On the contrary, the explanatory memorandum expressly confirms that taxpayers are free to determine when they realise capital gains and capital losses and may make optimal use of the available exemptions when doing so.
This does not, of course, mean that every transaction is automatically immune from challenge. General anti abuse rules remain applicable. Nevertheless, it is noteworthy that the legislator did not introduce a specific anti wash sale provision, despite the existence of such rules in several other countries.
The Usefulness of Tax Harvesting Depends on the Asset Class
Capital gains tax is not the only cost that investors need to take into account. A sale may also involve transaction costs, spreads and other taxes. The tax benefit of tax harvesting should therefore always be weighed against the actual cost of the transaction.
1. Shares: Take Stock Exchange Tax (TOB) into Account
For listed shares, the tax on stock exchange transactions (TOB) and brokerage fees are particularly relevant. For shares, the TOB is in principle 0.35% on the purchase and 0.35% on the sale, in each case subject to a statutory ceiling per transaction.
Example An investor purchased shares for €90,000. Their value increases to €100,000. The investor sells the shares and immediately repurchases them in order to realise the €10,000 capital gain.
Additional stock exchange tax and brokerage fees resulting from tax harvesting via Bolero
Result
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For the brokerage fees, this example is based on the rates charged by a Belgian broker.
2. Cryptoassets: No Stock Exchange Tax, but Exchange Fees
Cryptoassets are not subject to the Belgian tax on stock exchange transactions (TOB). This often makes tax harvesting more attractive for cryptoassets than for listed shares.
However, crypto exchanges do charge trading fees. For example an a well known exchange, the standard trading fee for retail investors is generally around 0.25% (maker) to 0.40% (taker). In addition, there may be a limited spread between the purchase and sale price.
Example An investor purchases bitcoin for €90,000. At the end of the year, its value has increased to €100,000. The investor sells the position in order to realise a capital gain of €10,000 and immediately repurchases it. Additional transaction costs resulting from tax harvesting
Result
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For the brokerage fees, this example is based on the rates charged by a Dutch broker.
Conclusion: Stock Exchange Tax Can Reduce the Benefits of Tax Harvesting for Shares
For listed shares, the tax on stock exchange transactions (TOB) can significantly reduce the benefits of tax harvesting. The strategy is particularly attractive where a relatively small investment generates a relatively large capital gain.
A simple comparison illustrates this. An investor whose €1,000 investment increases in value to €11,000 realises a capital gain of €10,000 on a relatively small transaction value. The TOB and brokerage fees therefore remain relatively low. However, such a significant increase in value may quickly raise questions as to whether the transaction falls within the scope of speculative transactions.
By contrast, an investor whose €990,000 investment increases in value to €1,000,000 realises the same €10,000 capital gain, but must sell and repurchase assets with a much higher transaction value. The TOB and transaction costs may then completely erode the tax benefit.
Cryptoassets are not subject to the TOB. For cryptoassets, brokerage or exchange fees, spreads and any blockchain transaction fees will therefore be the main factors determining whether tax harvesting makes economic sense. Nevertheless, it is strongly recommended to use only a reliable provider holding the required MiCA authorisation.
You Do Not Need to Sell Your Entire Portfolio
The examples above each assume a realised capital gain of exactly €10,000. In practice, this will of course rarely be the case.
Importantly, an investor does not need to sell their entire portfolio in order to apply tax gain harvesting or tax loss harvesting. Nor is it necessary to sell their entire position in a particular share, ETF or cryptoasset.
It is perfectly possible to calculate in advance how many securities or other assets need to be sold in order to realise a specific capital gain or capital loss.
ExampleAn investor purchases ten shares at €1,000 per share at the beginning of 2026.
By the end of 2026, the value has increased to €3,000 per share.
The investor does not need to sell all ten shares. By selling only five shares:
The investor thus realises a capital gain of exactly €10,000, while still retaining five shares in the portfolio. |
The same principle applies to tax loss harvesting. Here too, it is not necessarily required to sell the entire position. Often, selling only part of a position is sufficient to realise the desired capital loss.
In practice, tax harvesting therefore often comes down to a calculation. By determining in advance how many shares, ETFs or cryptoassets need to be sold, the realised capital gain or loss can be precisely aligned with the available exemption and the desired tax optimisation.
Consider Your Entire Portfolio
Finally, it is important to bear in mind that the capital gains tax is calculated at the level of the taxpayer, rather than at the level of an individual investment.
For the annual €10,000 exemption, all realised capital gains falling under the same tax regime are taken into account. The same applies to the offsetting of capital losses. A loss on one investment can therefore offset a capital gain on another investment, provided that the statutory conditions are met.
In practice, it is therefore advisable to consider the entire portfolio rather than focusing on a single share, crypto position or investment in gold. For example, an investor may simultaneously realise a capital gain on shares, a capital loss on cryptoassets and a gain on investment gold. For optimal tax planning, all these transactions should be considered together.
Tax gain harvesting and tax loss harvesting are therefore not techniques to be applied on an asset by asset basis, but tools that are best integrated into an overall portfolio and wealth planning strategy.
Conclusion
The new 10% capital gains tax does not necessarily mean that investors are powerless to reduce their tax burden. The legislator deliberately opted for a system that includes an annual exemption, the possibility to offset losses and considerable freedom for taxpayers to determine when capital gains and losses are realised. Moreover, the explanatory memorandum expressly confirms that making optimal use of these possibilities does not, in itself, constitute tax abuse.
For investors, tax gain harvesting and tax loss harvesting can therefore be valuable tools for reducing their tax burden. Whether these techniques are worthwhile in practice, however, depends heavily on the asset class, the size of the position and the transaction costs involved. While stock exchange tax and brokerage fees may substantially erode the benefit for shares, these costs are generally more limited for cryptoassets.
As is often the case in taxation, there is no one size fits all solution. The optimal approach requires an analysis of the entire portfolio, considering shares, ETFs, funds, cryptoassets, gold and other investments together. Careful planning can make the difference between a purely theoretical benefit and an actual tax saving.
Frequently Asked Questions
What is tax gain harvesting?
Tax gain harvesting means that an investor deliberately realises a capital gain in order to make optimal use of the annual €10,000 exemption.
What is tax loss harvesting?
Tax loss harvesting means that an investor deliberately sells a loss making position in order to offset capital gains realised within the same year.
Is tax harvesting the same as tax abuse?
No. The explanatory memorandum expressly confirms that making optimal use of the available exemptions can hardly be regarded as tax abuse.
Can I repurchase immediately after a sale?
Yes. The law does not provide for a general waiting period before repurchasing an asset. Moreover, Belgium does not have a general wash sale rule such as those found in certain other countries.
Do I have to sell my entire portfolio?
No. It is perfectly possible to sell only part of a position. In practice, investors can calculate how many shares, ETFs or cryptoassets need to be sold in order to realise the desired capital gain or capital loss.
Does the €10,000 exemption apply per investment?
No. The exemption applies per taxpayer, not per investment. All realised capital gains falling within the same tax regime are considered together.
Can I deduct a loss from last year from a gain realised this year?
No. Capital losses are only deductible from capital gains realised within the same taxable period. Losses cannot be carried forward to a subsequent year.
Can I offset a loss on cryptoassets against a gain on shares?
In principle, yes, provided that both transactions fall under the same tax regime and the statutory conditions for offsetting capital losses are met.
What if I purchased my shares or cryptoassets before 2026?
For assets acquired before 1 January 2026, the value as at 31 December 2025 serves as the reference value for tax purposes. Only capital gains and losses arising after that date are relevant for tax purposes.
Do I have to report capital losses in my tax return myself?
Yes. Capital losses must be expressly reported in the tax return in order to be deductible.
Is tax harvesting always worthwhile?
No. The tax benefit must always be weighed against stock exchange taxes, brokerage fees, spreads, exchange fees and other transaction costs.
Is tax harvesting worthwhile for small investors?
That depends on the relationship between the realised capital gain, the TOB and the transaction costs. Particularly for shares, these costs may absorb a substantial part of the tax benefit.
Do you have questions about tax harvesting or optimising your investment portfolio under the new capital gains tax? Book an appointment or contact us at secretariaat@aeacus.tax.
