Sales of investments held as private assets
Capital gains on the sale of shares in a corporation held as
private assets are subject to tax on a fctitious business-related
basis if the individual is deemed to hold a substantial share in
the corporation. A substantial shareholding is assumed if the
individual has had a minimum holding of 1% within the preceding
The capital gain is subject to tax if it exceeds an allowance of up
to € 9,060 (pro-rated according to the holding in the corporation).
The “partial-income” rule applies to the remainder of the gain;
in other words, 40% of the capital gain (less allowance) is tax-
It should be noted, however, that expenses may not be
deducted for the portion of the gain which is tax-exempt.