What it means for holders of gold, coins, and jewelry

 

As of January 1, 2026, Belgium will introduce a solidarity contribution on capital gains earned by individuals on certain financial assets.
This new system operates independently from corporate tax and withholding tax.

 

For the first time, physical gold is explicitly included among the taxable assets.
The contribution will amount to 10% on annual net gains, after deduction of an allowance — yet several practical questions remain, particularly for investors in precious metals.

 

 

1. Assets concerned

 

The new levy will apply to capital gains realized on the sale of:

• listed and unlisted shares
• bonds
• investment funds and ETFs
• derivative instruments
• life insurance contracts (branches 21, 23 and 26)
• crypto assets
• foreign currencies
• and now, physical gold

 

The term physical gold includes gold bars and investment coins recognised under the EU Directive, such as Krugerrands, Maple Leafs, Napoleons, and Vrenelis.

 

 

2. Silver, platinum, and other metals: still uncertain

 

Silver, platinum, and other precious metals are not yet explicitly mentioned in the draft law.
They might eventually be treated similarly for reasons of fiscal fairness, but clarification from the tax authorities is still pending.

 

 

3. Jewelry: undefined area

 

Jewelry is currently excluded from the official list of taxable assets.
However, if the sale of a jewel results in a significant profit, it could be reclassified as an investment asset rather than a personal item.
This remains a grey area until further administrative guidance is issued.

 

 

4. Application and reference value

 

The solidarity contribution will only apply to gains accrued from 1 January 2026 onwards.
No retroactive taxation will apply.

 

For assets acquired before that date, taxpayers may — until 31 December 2030 — choose between:

• the actual purchase price (if verifiable and higher), or
• the market value as of 31 December 2025, which serves as the minimum reference.

 

After 2030, or without adequate proof, only the 31/12/2025 value will be accepted.

 

 

5. Calculation of capital gains

 

The taxable gain equals the difference between the sale price and the reference value (purchase price or market value as of 31 Dec 2025).
Transaction costs and fees are non-deductible, and tax is due only upon sale.

 

Examples:

• Purchase in 2020 for €50,000 → Value 31/12/2025 €100,000 → Sale 2026 €110,000 → Taxable gain: €10,000
• Purchase in 2020 for €50,000 → Value 31/12/2025 €40,000 → Sale 2026 €45,000 → No taxable gain

 

 

6. Rate and exemption

• Flat rate: 10% on annual net capital gains
• Allowance: €10,000 per person per year
• Carry-forward: up to 5 years (max €15,000)
• Couples under community of property may combine their exemptions; other arrangements cannot.

 

 

7. Losses: limited offset

 

Losses may only offset gains from the same fiscal year.
They cannot be carried forward, and pre-2026 losses are excluded.
A manual declaration will be required to claim any offset.

 

 

8. Reporting and collection

Belgian financial institutions will normally withhold the tax at source, unless the investor opts out.
For assets held outside the Belgian banking system — such as physical gold, crypto assets, or foreign accounts — taxpayers must declare and pay the tax manually.

 

 

9. Gifts and inheritances

 

• Inheritance: no capital gains tax applies upon death. Assets are re-valued at the date of death, and only future gains are taxable.
• Gift: the donee inherits the donor’s original acquisition value, with a minimum of the 31 December 2025 market value.
• Proper valuation evidence on that date is therefore essential.

 

 

10. Outstanding questions

• Will silver, platinum and other metals be included?
• How will jewelry be treated — personal or investment asset?
• What qualifies as acceptable proof of purchase or valuation?
• How will foreign transactions be taxed?
• Will an official expert appraisal be required?
• Will all forms of physical gold be covered, including collectibles and ornaments?

 

 

Conclusion

This reform represents a major change in Belgium’s personal capital gains taxation.
For the first time, physical gold will fall within a defined tax framework.
Investors and collectors are advised to obtain a certified valuation of their holdings as of 31 December 2025, as this figure will determine future tax calculations.

 

 

💡 Edelmetaal Richard closely monitors these legislative developments and will keep its clients informed as soon as the implementing decrees are published.