Some investors sell their investments shortly before 1 January and temporarily place the proceeds in a savings account. As the deemed return on savings is lower than on investments, this may appear to offer a way to reduce Dutch Box 3 tax on savings and investments. However, caution is needed. The Dutch Tax and Customs Administration may disregard a temporary switch from investments to savings around the 1 January reference date for tax purposes. This may apply, for example, if you sell investments on or after 1 October and repurchase some or all of them in the new year within three months of the sale. As a result, the deemed return on investments may continue to apply instead of the lower deemed return on savings.
"},"title":"Reference date arbitrage (peildatumarbitrage)"},{"actionAccordionList":[{"icon":{"altTextNL":"\"\"","extension":"svg","original":"https://assets.ing.com/m/7f618a798a13fa0d/original/Functionalities-Swap_Outline.svg","publishedAt":"2022-07-04T15:05:40Z","transformBaseUrl":"https://assets.ing.com/transform/0174d1a0-d34c-43a3-9a78-eea1cec03d39/Functionalities-Swap_Outline","type":"image","updatedAt":"2023-12-21T14:33:02Z","width":32},"paragraphs":[{"componentType":"paragraph","richBody":{"value":"On 1 December 2026, 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 on 1 January is €1,000,000.
On 1 February 2027, you reinvest €700,000. As this purchase takes place within three months of the sale, with the reference date of 1 January falling within that period, reference date arbitrage may be presumed. The Dutch Tax and Customs Administration therefore treats €700,000 as other assets and €300,000 as savings on the reference date.
Example calculation
"}}],"componentType":"actionAccordion"},{"componentType":"paragraph","richBody":{"value":"However, if you can demonstrate that you acted for commercial rather than tax reasons, for example because of price movements or regular trading activity, this does not constitute reference date arbitrage. It is your responsibility to substantiate this to the Dutch Tax and Customs Administration. Your income tax return also includes a question about this. If you wait until three months after the sale to purchase new investments, this does not constitute reference date arbitrage.
"},"textLinks":[{"text":"Read more about reference date arbitrage and other anti-abuse rules relating to the Box 3 reference date.","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"}]},{"componentType":"paragraph","richBody":{"value":"The deemed return on investments, the assumed return currently used by the Dutch Tax and Customs Administration, rises from 6.00% in 2026 to 7.87% in 2027.* However, the actual return relief scheme (tegenbewijsregeling) allows taxpayers to demonstrate that the actual return on their assets is lower than the deemed return, including where the latter has been adjusted for reference date arbitrage. Read more in our article.
* The deemed return for ‘other assets’ in Box 3, such as investments, was initially set at 6.37% for 2027. The letter to Parliament of 29 September 2026 raises this to 7.87%. This percentage is not yet final: it still requires approval from both the Dutch House of Representatives and the Senate.
"},"title":"Deemed returns and the actual return relief scheme"},{"componentType":"sectionTitle","title":"2. Stay with your wealth plan, unless your circumstances change"},{"componentType":"paragraph","richBody":{"value":"A wealth plan helps you work towards your financial goals in a way that suits your personal circumstances. Your investment plan forms part of this, aligned with your risk profile and investment horizon.
"}},{"cards":[{"cardSize":"small","cardType":"product","componentType":"productCard","image":{"extension":"jpg","original":"https://assets.ing.com/asset/f32baa28-9922-4199-95ac-15950b51e158/Multi-Generational-Family-by-Villa-Swimming-Pool.jpg","publishedAt":"2024-03-04T08:55:30Z","transformBaseUrl":"https://assets.ing.com/transform/f32baa28-9922-4199-95ac-15950b51e158/Multi-Generational-Family-by-Villa-Swimming-Pool","type":"image","updatedAt":"2026-09-10T12:02:47Z","width":2120},"intro":"If you do not yet have a wealth plan, we would be happy to help you create one.","link":{"url":"/en/private-banking/wealth-planning"},"title":"Wealth planning"}],"componentType":"cards"},{"componentType":"paragraph","richBody":{"value":"Following your plan helps you avoid making decisions driven by emotions or market volatility. Financial markets are constantly moving, and your wealth plan is designed for the long term. Short-term fluctuations are part of that.
Departing from your plan can have consequences. You may buy or sell at an unfavourable time, or take more or less risk than is appropriate for your circumstances. Your portfolio may then become unbalanced and no longer reflect your needs.
Stay with your wealth plan, but review it when changes in your life or wider circumstances give you reason to do so. Alongside regular reviews, it is worth reassessing your plan following lasting changes, such as:
In these situations, it is sensible to review your plan with your Relationship Manager.
"}},{"componentType":"sectionTitle","title":"3. Markets at record highs: stay invested or adjust?"},{"componentType":"paragraph","richBody":{"value":"In October, equity markets are close to record highs, despite geopolitical tensions and trade uncertainty. This may prompt you to consider taking profits. However, a high market level is not the same as a high valuation and does not automatically mean a decline will follow. A record high tells you little on its own about future returns.
If you sell in anticipation of a market decline, you also need to decide when to reinvest. This is difficult: strong market days can follow soon after weak ones. By temporarily staying on the sidelines, you could miss a recovery. Staying invested avoids this timing risk but does not protect you against market declines or losses.
Rather than focusing solely on market levels, consider the role your investments play within your wealth plan. Do your diversification, risk exposure and investment horizon still suit your goals and the funds you want to keep available? If so, a market record alone need not be a reason to adjust your portfolio. Has that balance shifted, for example because of rising prices or changes to your plans? Discuss with your Relationship Manager whether an adjustment would be appropriate.
"}},{"componentType":"sectionTitle","title":"What can you do?"},{"componentType":"paragraph","richBody":{"value":"Consider these three points when making your decision. Would you like to talk through your personal circumstances? Contact your Relationship Manager.
"}},{"componentType":"sectionTitle","title":"Disclaimer"},{"componentType":"paragraph","richBody":{"value":"Investing involves risks and costs. You may lose (part of) your investment. The value of your investments can fluctuate. Past performance is no guarantee of future results.
Read more about the risks of investing and how to limit them.
"}},{"accordionList":[{"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.
"},"title":"Based on the circumstances on 26 October 2026"}],"componentType":"accordion"},{"componentType":"sectionTitle","title":"Read more"},{"cards":[{"body":"Many Private Banking clients lack a clear overview. A wealth plan provides peace of mind and direction. Learn how.","cardSize":"medium","cardType":"article","componentType":"articleCard","date":"2026-02-24","image":{"extension":"jpg","original":"https://assets.ing.com/asset/da3fb089-ab67-448c-b462-e8a70dc73077/Private-Banking-Netherlands.jpg","publishedAt":"2023-04-13T05:42:12Z","transformBaseUrl":"https://assets.ing.com/transform/da3fb089-ab67-448c-b462-e8a70dc73077/Private-Banking-Netherlands","type":"image","updatedAt":"2026-09-17T13:22:05Z","width":7952},"link":{"url":"/en/private-banking/knowledge-and-insights/wealth-planning/do-you-have-a-wealth-plan-getting-the-basics-right"},"title":"Do you have a wealth plan? Getting the basics right"},{"body":"Halfway through 2026, ING’s Investment Office takes stock. Read the summary.","cardSize":"medium","cardType":"article","componentType":"articleCard","date":"2026-06-30","image":{"extension":"jpg","original":"https://assets.ing.com/asset/201d6c57-a7e3-4ef6-b677-da3cc11932bd/Large_Web-and-Screen-Rear-view-of-man-holding-surf-board-above-head.jpg","publishedAt":"2026-01-02T16:25:56Z","transformBaseUrl":"https://assets.ing.com/transform/201d6c57-a7e3-4ef6-b677-da3cc11932bd/Large_Web-and-Screen-Rear-view-of-man-holding-surf-board-above-head","type":"image","updatedAt":"2026-01-02T16:26:19Z","width":1920},"link":{"url":"/en/private-banking/knowledge-and-insights/wealth-growth/investment-outlook-2026"},"title":"Investment Outlook 2026 update"}],"componentType":"cards"},{"componentStyle":"default","componentType":"linkList","iconTitle":{"title":"Related"},"textLinks":[{"text":"Portfolio Management","url":"/en/private-banking/investing/portfolio-management"},{"text":"Private Markets","url":"/en/private-banking/investing/private-markets"},{"text":"Wealth Planning","url":"/en/private-banking/wealth-planning"},{"text":"Podcast 'Wealth Forward'","url":"/en/private-banking/knowledge-and-insights/wealth-growth/ing-private-banking-podcast"}]}]},"hasMacro":false,"id":"83d454d5-5a36-4510-b5ea-bf075cbff381","localeString":"en-GB","mainHeaderZone":{"backLink":{"textLink":{"text":"Wealth planning","url":"/en/private-banking/knowledge-and-insights/wealth-planning"}},"componentType":"editorialHeader","coreHeader":{"body":"The fourth quarter is a natural time to review your investments. The year-end is approaching, tax rules are changing and markets are moving. You may be wondering whether to adjust your portfolio or stay with your plan. In this article, we explore three key considerations to help you make an informed decision. \r\n\r\nWould you like to discuss what suits your personal circumstances? Contact your Relationship Manager.","headerImage":{"extension":"jpg","original":"https://assets.ing.com/m/7a87d2c066e8e4df/original/Private-Banking-Man-with-I-phone-in-Office.jpg","publishedAt":"2020-09-15T18:04:00Z","transformBaseUrl":"https://assets.ing.com/transform/d9811a11-7930-49fc-87e3-2d5b08c26fcb/Private-Banking-Man-with-I-phone-in-Office","type":"image","updatedAt":"2025-10-14T16:06:54Z","width":2352},"title":"Stay invested or adjust your portfolio? Three considerations for this autumn"},"date":"2026-10-28","readingTime":5},"publishDate":"2026-10-29T08:51:45.105+01:00"}}