From 1 January 2023, certain capital gains from the alienation of movable property will be necessarily aggregated and taxed at the general progressive Personal Income Tax (PIT) rates.
New PIT regime for capital gains from the sale of shares
and other securities The current PIT regime foresees that
the positive difference between capital gains and losses arising from the sale of shares and other securities is taxed at a special rate of 28% (although there is an option to aggregate such income with the remainder, which is subject to the the general progressive rates).
According to the new regime foreseen in the Portuguese State Budget for 2022, the positive
difference between capital gains and losses arising from the sale of shares and other securities is now mandatorily aggregated, whenever all of the following criteria are met:
i) Those assets have been held for less than 365 days, and;
ii) The annual taxable aggregated income, including the balance of these capital gains and losses, is equal to or higher than € 75,009.
Therefore, provided that these criteria are met, capital gains from the sale of shares and other securities will be taxed at the general progressive PIT rates up to
48%, to which an additional solidarity charge of 2.5% (applicable to the annual taxable income between € 80,000 and € 250,000) and of 5% (on annual taxable
income above € 250,000) may accrue.
The new regime will only apply to income obtained from 1 January 2023 onwards.
Private investors should evaluate the impact of these new tax rules on their investment strategies.
This evaluation is particularly relevant for non-habitual
residents: even if the balance of capital gains and losses on shares and other securities held for less than 365 days falls under the € 75,009 threshold, the exempt
income that must be mandatorily aggregated under such tax regime will also be considered to determine
the applicable progressive tax rate.
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