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Box 3 Tax 2028: Important Facts on the Capital Gains Tax Plan and What Is Still Open

THE HAGUE โ€“ October 13, 2026 | The Dutch Daily

Box 3 tax 2028 is the date the cabinet has set for replacing the current wealth tax on savings and investments with a capital gains tax, and it is also the date that is now under pressure. In the last two weeks the coalition has presented a plan, withdrawn it after a day and a half, and started a new fight over how to pay for the transition. This guide sets out what is actually decided, what is not, and which dates matter, using the NOS reporting on the debates in the Tweede Kamer.

Box 3 tax 2028: quick answer

  • Goal: from 2028, tax on gains only when assets are sold (vermogenswinstbelasting) instead of a yearly tax on assumed returns.
  • Gap: the transition leaves a hole of billions in the budget; accelerating the plan is estimated to cost about โ‚ฌ15 billion.
  • Withdrawn: a plan to tax about 1.5 million investors with assets from โ‚ฌ30,000 was dropped after about a day and a half.
  • Dispute now: D66, CDA and a Kamer majority want to tackle “papieren schenkingen”; the VVD refuses.
  • Next date: the Tweede Kamer votes on the Belastingplan on 12 November 2026.
  • Nothing is final for your own tax bill until a law has passed both Kamers.

1. What box 3 is and why it must change

Box 3 is the part of the Dutch income tax that taxes returns on savings, shares, cryptocurrency and second homes. According to NOS, about 2.5 million people fall under it. Box 1 (wages and benefits) brings in about 90% of income tax, and box 2 covers about 500,000 business owners.

The system has been under repair since 2021, when the Hoge Raad ruled that the tax authority’s assumed return was unfair, mainly because savers paid more tax than they actually earned in interest. A temporary system replaced it, but NOS reports that it lets high-return investors pay relatively little, which costs the treasury about โ‚ฌ3 billion a year. For background on how box 3 works today, see our guide to box 3 for expats in 2026.

2. Box 3 tax 2028: gains tax instead of a yearly tax

NOS describes two possible approaches to box 3 tax 2028. An accrual tax (vermogensaanwasbelasting) charges tax every year on gains, even unrealised ones. A gains tax (vermogenswinstbelasting) charges tax only when assets are sold, although owners can delay selling to avoid tax.

Our illustration, with no tax rate because none is decided: if you bought shares for โ‚ฌ10,000 and they are worth โ‚ฌ13,000, the paper gain is โ‚ฌ3,000. Under an accrual tax that gain is taxed every year as it builds up, even if you never sell. Under a gains tax, the tax falls due only in the year you sell, which is why owners can time their sales and why the treasury receives the money later.

D66, VVD and CDA agree that a gains tax is the long-term goal. The tax authority and the banks say that a full gains tax is not feasible until 2030 or possibly 2032. That is why the cabinet works with a transition in which the box 3 tax 2028 start applies to some asset types first.

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3. Box 3 tax 2028: the plan that was dropped after a day and a half

At the end of September, the coalition spent days agreeing on a new box 3 plan and finished it the night before the Algemene Financiรซle Beschouwingen. Two proposals drew strong opposition:

  • taxing about 1.5 million investors with assets from โ‚ฌ30,000 starting next year;
  • taxing gains above โ‚ฌ1,000 for savers and investors under the new system from 2028.

For about a day and a half, hundreds of thousands of smaller investors and savers believed they would have to pay tax on their assets. Then the plan was dropped. Prime Minister Jetten said on 2 October that he understood that people can no longer keep up. Finance Minister Heinen (VVD) admitted he had not thought through the funding properly. The cabinet asked parties to come up with their own proposals to cover the gap.

4. Box 3 tax 2028: the current solution on the table

According to NOS, the solution that is now on the table looks like this:

  • Shares, bonds and second homes: gains tax from 2028.
  • Everything else: follows in 2030.
  • Funding: from box 2 and box 3.
  • Allowance: the old tax-free wealth amount of โ‚ฌ59,357 per person would be replaced by a tax-free income amount.
  • Threshold: gains above โ‚ฌ1,000 a year would be taxed, down from the โ‚ฌ1,800 that was originally planned. NOS notes that this could bring in small investors who would now owe tax on share gains.

Political risk remains. JA21 and SGP call part of this “onacceptabel” and expect a different solution, so it may be dropped. Because the Tweede Kamer already approved the accrual tax law, which is now with the Eerste Kamer, the new plan requires an amendment (a novelle) that must first pass the Tweede Kamer.

5. The new fight: papieren schenkingen

The question that divides the coalition on 6 October is who pays for the gap that box 3 tax 2028 creates. NOS puts the cost of accelerating the gains tax at about โ‚ฌ15 billion, because people pay only when they sell. Jetten said the cabinet must present a new funding plan within a few weeks to keep the 2028 start date.

  • ChristenUnie proposed tackling the “papieren schenkingen”. Party leader Bikker said the VVD should move “from no to together”.
  • D66 and CDA support it. CDA leader Bontenbal called it a good plan and said a minority coalition can tolerate disagreement.
  • VVD refuses. Parliamentary leader Brekelmans said the party will not touch it.
  • The VVD’s alternative: lowering the box 2 rate for entrepreneurs further than the cabinet plans, so they take more money out of their companies. A majority in the Kamer backed this too, but it would only bring in temporary revenue.

NOS describes “papieren schenkingen” as a fiscally advantageous way of giving money, which allows people to pay less inheritance tax (erfbelasting). The article does not explain the exact mechanism, and neither do we. For the rules that apply today, see our guide to tax-free gifts in the Netherlands in 2026.

A further problem sits in the same budget: a Kamer majority, from left to right, opposes planned income tax increases that would raise โ‚ฌ8 billion over the coming years and calls on the cabinet to change them.

6. Box 3 tax 2028: dates to watch

Date What happens
2021 The Hoge Raad rules that the assumed-return system was unfair; a temporary system follows.
End of September 2026 The coalition agrees a plan before the Algemene Financiรซle Beschouwingen; it is rejected within about a day and a half.
2 October 2026 Jetten says he understands that people can no longer keep up.
6 October 2026 D66, CDA and ChristenUnie clash with the VVD over papieren schenkingen.
Within a few weeks of early October The cabinet must present a new funding plan to keep the 2028 start date.
12 November 2026 The Tweede Kamer votes on the Belastingplan.
Later The box 3 law change must pass both the Tweede Kamer and the Eerste Kamer; an amendment (novelle) is needed.
2028 Planned start of the gains tax on shares, bonds and second homes.
2030 Planned start for the other asset types.

Other items in the same Belastingplan are covered in our overview of what changes in 2027 and our Prinsjesdag guide for expats.

7. What box 3 tax 2028 means for expats

Our tips (not from the sources):

  • Do not move or sell assets because of a proposal. In the last two weeks the plan changed within a day and a half.
  • Keep records of purchase prices and dates for shares and crypto. A gains tax works from the purchase price.
  • If you hold crypto, our crypto tax guide explains how it is reported today.
  • Check the dates above again after 12 November; this article will be updated when the vote is known.

8. FAQ

What is box 3 tax 2028?

The cabinet’s target date for moving from a yearly tax on assumed returns to a tax on gains when assets are sold, starting with shares, bonds and second homes.

Will I owe tax on small savings under box 3 tax 2028?

Not decided. The plan to tax investors from โ‚ฌ30,000 was dropped. The current proposal has a threshold of โ‚ฌ1,000 a year, but parties disagree.

What is the tax-free amount?

NOS reports that the old tax-free wealth amount of โ‚ฌ59,357 per person would be replaced by a tax-free income amount.

Why is box 3 tax 2028 stuck?

The transition leaves a funding gap of billions, and the coalition disagrees on how to close it, especially on the papieren schenkingen.

When is the next vote?

The Tweede Kamer votes on the Belastingplan on 12 November 2026.

๐Ÿ‡ณ๐Ÿ‡ฑ Dutch Corner

Dutch English
De vermogenswinstbelasting Capital gains tax
De vermogensaanwasbelasting Accrual tax on wealth growth
Het heffingsvrij vermogen Tax-free wealth amount
De schenking Gift
De erfbelasting Inheritance tax
Het belastingplan Tax plan (annual tax bill)
De coalitie Coalition
Het gat in de begroting Hole in the budget
De novelle Amending bill

Sources

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Every deadline and number you need before and after 1 January 2027, on two printable pages. Confirm your email and the PDF is yours; we will also email you when the 2027 figures are confirmed.

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