Until the end of 2017, the “Reynders Tax” (so named because it was introduced in 2006 by Finance Minister Didier Reynders) applied to accumulation UCITS (undertakings for collective investment in transferable securities), such as accumulation SICAVs, investing at least 25% of their assets in bonds. From 2018, this tax will apply to accumulation UCIs (undertakings for collective investment) whose units were acquired since 1 January 2018 and which held at least 10% of their assets in debt receivables at the time of the transfer. This significant reduction in the threshold has brought a large number of SICAVs under the scope of this tax.

Which investments are targeted by this tax?

The Reynders Tax treats as taxable income a proportion of the realised capital gains on the resale of units in accumulation UCIs investing over 25% of their assets in debt receivables.
For units acquired since 1 January 2018, the investment threshold for debt receivables has fallen from 25% to 10%.
However, the law only applies the new lower threshold for investment in debt receivables to units acquired since 1 January 2018. For units acquired previously, the threshold of 25% invested in debt receivables will continue to apply.

What is the tax rate?

A tax rate of 30% applies to realised capital gains on the sale of shares in accumulation SICAVs investing over 25% of their assets in debt receivables (for shares acquired before the end of 2017) and over 10% in debt receivables (for shares acquired since the beginning of 2018).

Further information on 2018 Belgian tax news 

• Video on the tax on securities accounts

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Bernard Goffaux
Head of Estate Planning

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