In late 2024, the Belastingdienst (Dutch Tax Authorities) announced changes regarding the taxation of Box 3 assets. Instead of the notional return normally used for calculations, you may now also use the actual return. Read below what this could mean for you.
Because the wealth tax in Box 3 may no longer be levied based on a notional return, it has recently become possible to reclaim overpaid wealth tax with retroactive effect. This is done using the ‘Opgaaf Werkelijk Rendement’ (OWR) form and is part of the ‘Wet tegenbewijsregeling box 3’ (Box 3 counter-evidence scheme Act). If you had taxable Box 3 assets in recent years, you might have already been informed of this by a letter from the Belastingdienst in late 2024.
Can I get started right away?
Before you can start, you must first wait until you have received an attention letter from the Belastingdienst. This will be sent per year for which you want to declare the actual return. The first letters will be sent from July 2025 and will initially concern the year 2022. The letters concerning 2023 are expected to be sent in September 2025. From the moment you receive the letter, you can fill out and send the ‘Opgaaf Werkelijk Rendement’ form. The Belastingdienst has created a handy list of information you need for this. If, based on filling out the form, it appears that you are better off with the notional percentages, you do not need to send the form.
Although the scheme applies retroactively from tax year 2017, you must have already lodged an objection previously to now declare your actual return for 2017 to 2020. From the year 2021, this is not the case. In practice, tax year 2022 will be the most interesting for most people: in that year, many investment funds showed negative figures.
It’s not that the Belastingdienst will always calculate with an actual return from now on. This will probably happen in the future, but the Belastingdienst systems are not yet ready for it. So, you now have a choice, and that’s advantageous! You can determine what works best in your situation.
Are your actual returns higher than the notional returns? Then it’s smarter to use the notional returns. Are your actual returns lower than the notional returns? Then it’s more beneficial to calculate with actual returns. Especially those who had a relatively large portion of their assets in poorly performing cryptocurrencies or investments in recent years might benefit more from the changes.
What will this look like in the future?
Ultimately, the aim is to have a completely new Box 3 system for taxing wealth in 2028. In addition to looking at the actual return on savings accounts, investments, and real estate, it will then likely also be possible to offset a decrease in value against positive income in subsequent years. It may also then be permissible to declare costs. This includes costs for a savings account, interest due, transaction and advisory fees for the purchase and sale of investments, and maintenance costs for real estate.
Until then, the ‘Opgaaf Werkelijk Rendement’ form is a good first step. Keep in mind that the responsibility for filling out the form lies with you. Only do this once you have received the letter from the Belastingdienst.
