Dutch PM axes 'insane' 'unrealised gains' tax on investors after global backlash, switching to 36% capital gains levy

From the Newshound archive · first published 1 October 2026.

The Netherlands has abandoned its proposal to levy taxes on paper profits that investors had yet to realise, following widespread international condemnation of the scheme as "the dumbest thing any government on planet Earth is pursuing right now". Prime Minister Rob Jetten will instead move to a standard 36% capital gains tax, triggered only at the point of sale. The reversal is projected to leave the Dutch state roughly €15 billion (£13 billion) worse off over eight years.

Jetten's original proposal would have required investors to pay tax on gains in share, bond and crypto values before any sale took place — potentially forcing them to liquidate holdings simply to cover the liability.

To offset the revenue shortfall, the government is reducing the tax-free threshold on investment returns from €1,800 to €1,000, pulling more small investors into scope.

From 2028, the new capital gains tax will cover shares, bonds and second homes, with crypto and foreign currency gains brought into the regime in 2030.