Some investors sell their investments just before January 1 of the new year and temporarily place the proceeds in a savings account. Since the deemed return on savings is lower than on investments (1.44%* vs. 7.78% in 2026), this may seem like a way to save on box 3 taxes. However, caution is advised. The Dutch Tax Authority may disregard the temporary conversion of investment assets into savings around the January 1 reference date. This applies, for example, if you sell your investments from October 1 onwards but repurchase them (partially) within three months in the new year. As a result, the deemed rate of 7.78% (2026) may still apply instead of 1.44%*.
*Proposed preliminary rate for 2026
"}},{"componentType":"actionAccordion","actionAccordionList":[{"title":{"value":"Example calculation
"},"icon":{"transformBaseUrl":"https://assets.ing.com/transform/0174d1a0-d34c-43a3-9a78-eea1cec03d39/Functionalities-Swap_Outline","type":"image","width":32,"altTextNL":"\"\"","original":"https://assets.ing.com/m/7f618a798a13fa0d/original/Functionalities-Swap_Outline.svg","extension":"svg"},"paragraphs":[{"componentType":"paragraph","richBody":{"value":"On December 1, 2025, you have €100,000 in savings and €900,000 invested in a portfolio. You sell your investments and add the proceeds to your savings. Your savings balance is €1,000,000 on January 1.
On February 1, 2026, you reinvest €700,000. Because this purchase occurs within three months and the reference date (January 1) falls within that period, ‘reference date arbitrage’ is presumed. On the reference date, the Tax Authority therefore counts €700,000 as other assets and €300,000 as savings.
However, if you can demonstrate that your actions were based on business considerations (i.e. not tax-driven), then reference date arbitrage does not apply (for example, due to market developments or regular trading activity). It is up to you to make this plausible to the Tax Authority. This is also addressed in the income tax return. If you repurchase the investments more than three months after the sale, reference date arbitrage does not apply.
"},"textLinks":[{"url":"https://www.belastingdienst.nl/wps/wcm/connect/bldcontentnl/belastingdienst/prive/vermogen_en_aanmerkelijk_belang/vermogen/wat_is_uw_vermogen/vermogen-verplaatsen-binnen-box-3","text":"Read more here about reference date arbitrage and other anti-abuse measures around the box 3 reference date."}]},{"componentType":"paragraph","title":"Deemed return and counterevidence scheme","richBody":{"value":"The deemed return (the fictitious yield currently used by the Tax Authority) for investments will rise from 5.88% in 2025 to 7.78% in 2026. However, the counterevidence scheme allows taxpayers to demonstrate that their actual return on assets is lower than the deemed return, even if adjusted for reference date arbitrage. Read more in our article. Furthermore, a new box 3 system is proposed to take effect from 2028; read more about the Actual Return Act here
"}},{"componentType":"sectionTitle","title":"2. Stick to your wealth plan – unless something changes in your life"},{"componentType":"paragraph","richBody":{"value":"A wealth plan helps you achieve your financial goals in a way that suits your personal situation. Your investment plan is part of this, tailored to your risk profile and time horizon.
"}},{"componentType":"cards","cards":[{"componentType":"productCard","cardType":"product","cardSize":"small","title":"Wealth planning","intro":"Don’t have a wealth plan yet? We’re happy to help you create one.","image":{"transformBaseUrl":"https://assets.ing.com/transform/1b5db712-6cdf-42be-a136-3acaebbefcc7/FATHER-AND-SON-IN-SEA-AGAINST-SKY","type":"image","width":5954,"altTextNL":"\"\"","original":"https://assets.ing.com/m/78f826d420bc58cc/original/FATHER-AND-SON-IN-SEA-AGAINST-SKY.jpg","extension":"jpg"},"link":{"url":"/en/private-banking/wealth-planning"}}]},{"componentType":"paragraph","richBody":{"value":"By sticking to this plan, you avoid making decisions based on emotions or market volatility. Financial markets are constantly moving, and your wealth plan is designed with a long-term perspective; interim fluctuations are part of the journey.
Deviating from your plan can have major consequences. You risk entering or exiting the market at the wrong time and missing out on returns. Your goals may be jeopardized, for example if you invest too conservatively and fail to build sufficient capital. You may also unknowingly take on more risk than you can handle, which can lead to stress or financial problems. Your portfolio then becomes unbalanced and no longer aligned with your situation.
That’s why it’s important to stick to your wealth plan. Only in the case of structural changes in your life is it wise to revisit your plan, such as:
Marriage, divorce or birth
Sale of your business
Purchasing a home with personal funds
Receiving a large gift or inheritance
Changes in income or retirement planning
In such cases, it’s advisable to review your plan together with your Relationship Manager.
"}},{"componentType":"sectionTitle","title":"3. Don’t forget the year-end rally"},{"componentType":"paragraph","richBody":{"value":"Historically, the fourth quarter is a strong one for equities. In the last two months of 2024, the MSCI All Country World Index rose by 6% (in euros). This year, too, there are signs pointing to a possible year-end rally. Or perhaps we're already in one?
Currently, we’re seeing a rally in various types of stocks related to AI: chip manufacturing, data center infrastructure, cloud computing services, or companies that benefit from AI usage.
For now, the key is: don’t be tempted by short-term thinking. Whether the year-end rally actually materializes, we’ll only know in hindsight. But entering and exiting the market midstream almost always comes at the expense of returns. The point is: you might exit when you suspect a market peak, but how do you know when to get back in? Before you know it, you’re too late. That’s why time in the market is always better than trying to time the market. A well-diversified portfolio, aligned with your goals and horizon, is the best way to keep looking ahead—even in uncertain times. And don’t forget: January is traditionally also a strong month for equities.
"}},{"componentType":"sectionTitle","title":"What can you do?"},{"componentType":"paragraph","richBody":{"value":"It’s wise to take these three considerations into account when making decisions. Want to discuss your situation? Contact your Relationship Manager.
Investing involves risks and costs. You may lose your initial investment or part of it.
"}},{"componentType":"accordion","accordionList":[{"title":"This article reflects the situation as of October 10, 2025","richBody":{"value":"The information provided by ING in this article does not constitute an offer, advice or financial service and is intended solely to inform you and provide practical tips. We always recommend consulting a specialist regarding your financial and/or wealth planning. This article has been compiled with the utmost care. However, it is possible that the information in this article contains inaccuracies or omissions. ING is not liable for any damage (of any kind) resulting from the use, in any way, of the information provided. No rights can be derived from the information provided. Any rates mentioned are indicative and not binding for ING. All rights and changes reserved. This is a publication of ING Bank NV, registered office in Amsterdam.
"}}]},{"componentType":"sectionTitle","title":"Read more"},{"componentType":"cards","cards":[{"componentType":"articleCard","cardType":"article","cardSize":"medium","title":"All about the counterevidence scheme for Box 3 tax","body":"Could you be entitled to a refund? Read what the scheme entails and what it means for you.","image":{"transformBaseUrl":"https://assets.ing.com/transform/55688c83-fd74-434a-a0a3-ece1c3ad427c/Large_Web-and-Screen-Mid-adult-businessman-looking-at-some-documents-in-an-office-Exclusive-usage-for-ING-Private-Banking","type":"image","width":1920,"original":"https://assets.ing.com/m/4fdac08a2e7dc336/original/Large_Web-and-Screen-Mid-adult-businessman-looking-at-some-documents-in-an-office-Exclusive-usage-for-ING-Private-Banking.jpg","extension":"jpg"},"date":"2025-07-09","link":{"url":"/en/private-banking/knowledge-and-insights/wealth-growth/law-counter-evidence-scheme-box-3"}},{"componentType":"articleCard","cardType":"article","cardSize":"medium","title":"Investing beyond the stock market: all about Private Markets","body":"Interview with Michiel Elshof, Head of Private Markets at ING Private Banking.","image":{"transformBaseUrl":"https://assets.ing.com/transform/c64339f7-d53c-4fe5-829c-e75d412ea3ce/Michiel-Elshof","type":"image","width":2880,"original":"https://assets.ing.com/m/5287611d5e4d962a/original/Michiel-Elshof.png","extension":"png"},"date":"2025-10-27","link":{"url":"/en/private-banking/knowledge-and-insights/wealth-growth/investing-beyond-stock-exchange"}}]}]},"complementaryZone":{"flexComponents":[{"componentType":"cards","cards":[{"componentType":"productCard","cardType":"product","cardSize":"small","title":"Make an appointment","intro":"Let's start a conversation.","image":{"transformBaseUrl":"https://assets.ing.com/transform/3e538078-976f-4b74-b49c-90d7cd895df2/Web-12","type":"image","width":307,"original":"https://assets.ing.com/m/1d41bac33a10b194/original/Web-12.svg","extension":"svg"},"link":{"url":"/en/private-banking/customer-service"}},{"componentType":"productCard","cardType":"product","cardSize":"small","title":"Log in to My ING","intro":"Quick insights into your financial situation","image":{"transformBaseUrl":"https://assets.ing.com/transform/33c4e3a2-7e3d-47a1-9c6f-1993eedcdb8c/Web-13","type":"image","width":307,"original":"https://assets.ing.com/m/5aecfb619a645cd6/original/Web-13.svg","extension":"svg"},"link":{"url":"https://mijn.ing.nl/login"}}]}]}}}