The disadvantage of a well-filled savings account

Do you have a savings account. Then that’s good news. After all, you can easily replace the washing machine that suddenly broke with a new one. You don’t have to borrow money. Anyone who borrows money must pay interest. Borrowing money costs money. After all, repay the borrowed amount with interest within a certain period.

Do you buy the washing machine with borrowed money? Then you have to pay the purchase price and the interest on the loan. You therefore incur additional costs. Whoever has a well-filled savings account does not have to incur any additional costs when making an expensive purchase.

Not just benefits

Not just benefits

Having a well-filled savings account does not only have advantages. Who more
has money in his savings account then a certain amount must pay wealth tax.
A well-filled savings account can therefore lead to the payment of additional tax.

The wealth tax

You must declare to the tax authorities each year what your assets are. Your assets are not
only the amount in the savings account. The capital also includes the money that
you have invested and a possible second home.

Debts may become part of the assets
deducted. Is the total capital, less any debts, more
than the tax-free allowance? Then you pay on the amount in excess of the tax-free allowance
property tax. This wealth tax is a capital gains tax.

The amount of the tax-free allowance

The amount of the tax-free allowance

Have you saved a lot? Then you have to pay extra tax. That seems unfair. After all, who
has saved more than a certain amount seems to be punished. The tax free
capital, the amount on which you do not have to pay tax, was increased in 2018.
Do you own more than 30,000 euros in 2018? Then you have to pay the amount above 30,000 euros
pay taxes.

Partner

Partner

Do you have a partner? Then the capital over which you do not have to pay tax
doubled. The tax-free allowance in 2018 will then be € 60,000.

The capital gains tax

The capital gains tax

According to the government you achieve with your savings and any investments above it
tax-free capital a certain profit. The government determines how high that profit can be achieved
to be. That is called the fictional profit (the profit is fictional, because he can in practice
higher or lower). You have to pay a 30% capital gains tax on that notional profit
Pay.

Exemption from wealth tax

 

Nobody likes paying taxes. Paying taxes because you have saved too much
not funny at all. You may find it unfair. You’d pay it off
want to avoid wealth tax. Is that possible? Fortunately there are ways
to obtain a property tax exemption.

Save or invest green

Save or invest green

 The amount over which you do not have to pay wealth tax can be increased considerably. Do you have a savings account or investment account with a green certificate? Then the general exemption as a single person amounts to 57,844 euros (double for partners).
In addition, you will receive an additional 0.7% tax credit in box 1. Saving or investing in green is therefore certainly worth considering. Ask your bank for a savings product with a green certificate. Do you want to invest green? The list of investment funds with a tax benefit, published by the tax authorities, is quickly found.

Buy assets

Expensive possessions such as cars, boats, paintings, jewelry and expensive bottles of wine are not
charge. Moreover, art and jewelry are generally stable. Buying possessions
can therefore lead to the payment of less wealth tax.

Annuity or extra pension

You can use part of your savings to have more income later. You do that
by saving for a supplementary pension yourself. You can do that on one
bank savings account or by depositing money in an annuity. That self-saved amount counts
not for your assets. So you do not have to pay tax on it.

 

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