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How to calculate tax on Box 3 tax return

25.03.2024

Payments to the government under Box 3 of the tax return are often called a wealth tax: savings and investments are taxed under this box. Currently, the taxation of these assets is based on the so-called fictitious yield. The percentage of fictitious profitability for the previous year is established at the beginning of the year following the reporting year.

What assets are included in Box 3?

Box 3 takes into account: 

  • Saving: money in accounts, excess cash, shares in a housing association, money deposited with a notary.
  • Investments: real estate, except the house in which you live (it belongs to Box 1), shares, except for a significant share - 5% or more (they are taxed in Box 2), cryptocurrency, winnings that have not yet been cashed out.
  • Arrears: all obligations on loans, etc., except for the mortgage on the house in which you live (tax exemption for this loan occurs in Box 1).
Important! The availability of assets for Box 3 is recorded as of January 1 of the reporting year.

More about Box 3 - in our webinar.

Fictitious return on assets Box 3

Fictitious yield is the income that the government believes the owner of a property should receive from having it. For taxation in Box 3, fictitious income is used, that is, the amount of tax depends only on the availability of property and does not depend on whether you received real income from this property.

Fictitious profitability is calculated so as to match the real one as closely as possible, so the figures appear in January of the year following the reporting year. As a result, it is possible to calculate fictitious returns for subsequent years only on investments, and only if the legislation does not change. Therefore the applied percentages look like this:

Indicators by year

Year 2023 2024 2025
Saving 0,92% - -
Investment 6,17% 6,04% 5,88%
Arrears 2,46% - -

 

How is tax calculated in Box 3?

The tax calculation process in Box 3 consists of the following steps:

  1. Calculation of taxable income. The value of the asset in each group is multiplied by a fictitious return percentage, then the income on savings and investments is added, and the income on debt is subtracted from the resulting amount.
  2. Calculation of the profitability base. Debts are subtracted from the total value of savings and investments. But all debts cannot be deducted: only the part exceeding the established amount is deducted. In 2023, the amount is set at 3400 euros for a single taxpayer and 6800 if there is a partner. In 2024 this is 3700 and 7400 euros respectively.
  3. Calculation of the investment base. A tax-free amount is deducted from the profitability base (result of stage 2): in 2023 and 2024 it is 57 euros for a single taxpayer and 000 for partners. When filing separate declarations, partners have the right to divide the investment base at their own discretion - the main thing is that the sum of the two parts of the divided base corresponds to the full size of the base.
  4. Calculation of the share in the profitability base. The results of stage 3 are divided by the results of stage 2 and multiplied by 100. The result is rounded to the nearest hundredth.
  5. Profit calculation according to Box 3. The result of stage 1 is multiplied by the result of stage 4.
  6. Calculation of the tax amount for Box 3. The result of stage 5 is multiplied by the tax rate in Box 3. In 2023, the tax rate for Box 3 is 32%, in 2024 - 36%.

Source.

What changes are expected in the future?

The government's plans include the abolition of fictitious income and the transition to taxation of real income from savings and investments. It is expected that the transition to this system will occur in 2027.

If you have a lot of different property, including foreign property, and you want to figure out which boxes of the tax return it belongs to and how it is taxed, get advice! If you just want to file your return correctly, order this service from us!

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