For shares which are not in ISA or in any other specif ic tax framework, no tax is due

on capital gains up to the limit of £3,000 for the tax year 2025-2026. Above this limit,

capital gains are subject to capital gains tax at the rate of 18% or 24% depending

on your particular situation.

IN THE UNITED KINGDOM

Taxation on capital gains depends on the holding period of the shares Longterm

capital gains ie on shares held for more than one year will be taxable at preferential

rates ie 0 15 or 20 depending on the tax bracket Shortterm capital gains

ie on shares held for one year or less will be taxable at the ordinary income tax

rates ie between 10 and 37 depending on the tax bracket Investment income

including capital gains is also subject to an additional net investment income tax

of 38 if it exceeds certain thresholds

IN THE USA

In principle, you are not subject to income tax on capital gains, but you must pay a tax

on stock exchange transactions, equal to 0.35% of the amount of transactions in 2025,

capped at €1,600 per transaction.

Since February 2021, an annual tax on securities accounts has been applied a 0.15%

rate to the average value of all the taxable f inancial instruments held in the securities

account if this value exceeds one million euros over a reference period (i.e. between

October 1 and September 30 of the following year).

This tax is withheld directly by the Belgian bank holding the shares. If the securities

account is held abroad, the account holder will generally be responsible for reporting

and paying the tax.

IN BELGIUM

N.B. A tax reform project is currently under discussion in

Belgium. It provides for the introduction of a general solidarity

contribution of 10% applicable to capital gains less capital

losses for the year realized by individuals on their share sales.

A basic exemption of 10,000 euros would apply. The date

on which the reform will come into force is uncertain.