Capital gains tax on gold in Belgium

 

How do you calculate it correctly, when do you need to report it, and when not?

 

The sale of physical gold in Belgium can be subject to a 10% capital gains tax. In practice, this often leads to confusion. When do you have to pay? When not? What if you make several sales? And what if you make a loss?

In this article, we explain it step by step, with concrete examples.

 

 

1. When is there a capital gain?

A capital gain arises when you sell gold at a higher price than the official reference price on 31 December of the previous year.

 

Formula:

Selling price − 31/12 reference price = capital gain

📌 This reference price is fixed and objective. It is not based on your purchase price.

 

2. The €10,000 annual exemption

In Belgium, an exemption of €10,000 per calendar year applies to capital gains from the sale of gold.

 

• Up to €10,000 annual gain → no tax
• Above €10,000 → 10% tax on the excess

 

👉 What matters is the taxable gain, not the amount of tax itself.

 

 

3. Example 1 – No tax

Selling price: €120,000
31/12 reference price: €118,270

 

Capital gain:
€120,000 − €118,270 = €1,730

👉 €1,730 is below €10,000
✅ No reporting, no tax

 

 

4. Example 2 – Tax due

Selling price: €130,000
31/12 reference price: €118,270

 

Capital gain:
€130,000 − €118,270 = €11,730

 

Applying the exemption:

• Exempt: €10,000
• Taxable: €1,730

 

Capital gains tax (10%):
€173

✅ Reporting required
✅ €173 tax due

 

 

5. Multiple sales in one year: the cumulative total matters

The tax authorities assess capital gains per calendar year, not per transaction.

Example – 5 sales in one year

 

• Sale 1: €2,000 → cumulative €2,000
• Sale 2: €1,500 → cumulative €3,500
• Sale 3: €2,200 → cumulative €5,700
• Sale 4: €2,100 → cumulative €7,800
• Sale 5: €3,500 → cumulative €11,300

 

Exemption: €10,000
Taxable: €1,300
Tax (10%): €130

 

📌 Tax is not applied retroactively to earlier sales.
📌 Only the portion above €10,000 is taxed.

 

 

6. Do you need to report each transaction?

No.

• ❌ You do not report each sale separately
• ✅ You do keep records of each sale

 

In the tax return you report:

• one single annual total
• only the taxable portion above €10,000

 

 

7. Where and how do you report it?

• In the personal income tax return
• Section “Miscellaneous income – capital gains on movable property”
• The 10% rate is applied automatically

 

📌 Sale in 2025 → reporting in 2026

 

 

8. What if you make a loss?

Loss = no tax

• ❌ No reporting
• ❌ No offsetting
• ❌ No carry-forward to other years

 

Important:

• Losses do not help you stay below the threshold
• Only positive gains are taken into account

 

Example:
+€6,000 gain
−€4,000 loss

👉 For the threshold, €6,000 counts, not €2,000.

 

 

9. What if you do not sell for several years?

Unused years do not accumulate.

 

Example:
Year 1: no sale
Year 2: no sale
Year 3: €25,000 gain

 

👉 Exemption in year 3: €10,000
👉 Taxable: €15,000
👉 Tax: €1,500

 

❌ It is not 3 × €10,000.

 

 

10. Summary at a glance

• ✔️ Exemption: €10,000 per year
• ✔️ Only positive gains count
• ✔️ Losses are not deductible
• ✔️ No sale = no reporting
• ✔️ Reporting once you exceed €10,000
• ✔️ Tax = 10% on the excess