It’s time to file a tax return again. From 1 March you can fill in your declaration. Because it can sometimes be quite complicated, NU.nl helps you on your way. Today: stocks and crypto.
Due to the low interest rates at banks, savings currently yield little or nothing. At some banks you even have to pay extra to have savings in an account. That is why many Dutch people have invested more in shares and cryptocurrencies in recent years. But how should you fill that in the tax return for 2021?
Power falls into Box 3. That’s the box for ‘saving and investing’, with separate rates for all the assets you own – think of a second home, savings, but also shares and cryptocurrencies. “You add up the value of your assets, subtract the debts from them, and if that amount is higher than the threshold of 50,000 euros, you declare that amount to the tax authorities,” says lawyer-tax expert Woody Jansen de Lannoy.
“When completing your tax return, you must take the value of your possessions on 1 January 2021.”
Lawyer-tax expert Woody Jansen de Lannoy
“When filling in your declaration, you must take the value of your possessions on 1 January 2021,” says Jansen de Lannoy. “Formally, even those just after 0.00 am. If your value exceeds 50,000 euros, you must declare the entire capital. Small investors who do not exceed that threshold do not have to give up.”
Nevertheless, Jansen de Lannoy insists on finding out. “If you deliberately do not give up, while you do exceed the threshold, you deliberately make an incorrect declaration. That is tax fraud, and in addition to the tax due, there is also a penalty. With larger amounts, you can even be criminally prosecuted. Furthermore, European regulations are on the way so that the tax authorities will soon be able to see for themselves that you own crypto, for example. Just like they can already see which bank accounts you have.”
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A fictitious return is calculated on the total value of your assets. The Tax and Customs Administration therefore already assumes that you will achieve a return, but the Supreme Court recently did not agree with the way in which this is calculated.
The Supreme Court ruled that the percentage for the fictitious return was too high compared to reality. As a result, especially people who only have savings would have to pay too much tax, because they actually achieved less return than the fictitious return due to the low savings interest rate. As a result, it is difficult to calculate how much tax you have to pay in Box 3. The Tax and Customs Administration informs you that you do have to fill in the return in the normal way, but that Dutch people with assets in Box 3 may only receive their final assessment after 1 July.
If you have a tax partner, for example because you are married or have bought a house together, it can be attractive to shift your assets. “That is also allowed,” says Jansen de Lannoy. “For tax partners, a total tax-free capital of 100,000 euros applies, while you have a tax-free capital of 50,000 euros on your own. For example, if one partner has a lot of bitcoins and the other does not have one, it is beneficial to distribute them so that you remain under the tax-free capital.”