The natural person who holds the custody account or who is registered
or identified as the holder of the custody account, is deemed to be
the holder of the custody account:
- Regardless of whether that person is registered as the full
owner, owner of the bare property rights or usufructuary
- Irrespective of their prenuptial agreement (for married
This has different consequences:
1. No proxy holder
will be regarded as the holder of the custody account (which is the
subject of the mandate), and will therefore not have to pay this tax.
2. If one custody account has multiple holders, the rule of equal
distribution will be applied, in compliance with statutory
requirements, to the various holders (natural persons) as if the legal
entity holders do not exist. This may not necessarily concur with the
legal reality, given that the holders may have contractually agreed
upon a distribution in terms of percentage.
A holder who, as a result of this equal distribution, has paid too
much tax, can request restitution from the tax authority, accompanied
by the necessary documentary evidence. A new calculation will be made
for the joint holder. There is nevertheless a several liability for
the payment of the tax.
A man and woman are joint holders of a custody account with an
average value of 1.200.000 euros. The tax will automatically be
deducted, because it is assumed that both the man and the woman retain
an average value of 600.000 euros on their custody account.
Consequently, a total of 1.800 euros in tax will be deducted from the
However, their prenuptial agreement
indicates a distribution of 70-30. The woman therefore has only an
average value of 360.000 euros and, as a result, she can request
restitution of the whole amount paid by her in tax. The man, on the
other hand, now has an average value of 840 000 euros and therefore
owes 1.260 euros in tax. He has already paid 900 euros, and now must
pay an extra 360 euros in tax.
3. The calculation becomes more complicated in the case of
divisions of usufruct – bare ownership.
a custody account is held in usufruct – bare ownership by three
persons (usufructuary and two bare owners). The average value is
Unless the opt-in is applied (where the account holder requests that
the tax be deducted, even though they remain below the threshold of
500.000 euros), no tax will be deducted (the value will be divided by three).
When the usufructuary reaches the age of 95, the conversion
coefficient will be 2.4% (as a result of the MB of 1 July 2017). Their
share will therefore be valued at 29.640 euros (and no tax is payable
on the custody account). While at the same time, the shares of the two
owners of the bare property rights will be 585.180 euros each.
Note: as a rule, at KBC Brussels and CBC the bare owners are
registered as the sole holders of the custody account in the event of
a division. The value of the custody account in the above example is
then divided in two and 900 euros of tax is then automatically
retained from each of them, though the tax office can be applied to
for a refund.