Report your actual return on your box 3 assets!

Background
The tax on your box 3 assets is calculated using a standard return. The Supreme Court has ruled that if your actual return is lower than this standard return, then the lower actual return must be taxed. You can then report your actual return to the Tax Office via the statement form actual return (OWR), and then you will be refunded the overpaid tax. We call this the rebuttal scheme. In previous articles, we have discussed this rebuttal scheme in detail.
Anyone can take advantage of this rebate scheme for the years 2021 and later. In certain specific cases, you could also use the counter evidence scheme for 2020. In that case, an ex officio reduction request should be submitted before year-end. We would like to hear from you if you expect that your actual return in a certain year was expected to be lower than the fixed return.

Letters from the Tax Office
The Tax Office sends letters with information about the counterproof scheme, and when you can make use of this counterproof scheme. You may have already received such a letter. If you have not yet forwarded it, we would be happy to receive it. This letter also contains a deadline for submitting the OWR form. When this deadline passes, you still have until no later than five years after the end of the calendar year, the possibility to invoke the rebuttal scheme (so for 2021, you can invoke the rebuttal scheme until 2026). However, in some cases you are entitled to an interest payment if you do meet the deadline on the letter. You are not entitled to interest compensation if the final income tax assessment has already been imposed.

For which years does it make sense to determine the actual return?
The actual return must be determined over all of your assets. In addition, the actual return is person-specific. It depends, among other things, on the composition of your assets, your investment choices and any deposits and withdrawals. This makes it difficult for us to indicate in advance for which years determining the actual return may be meaningful, even if we have taken care of your income tax return. On average, 2022 in particular was a poor stock market year. If your box 3 assets consist mainly of securities, it might make sense to determine the actual return on your box 3 assets for 2022 and pass it on to the Internal Revenue Service.
If you expect your actual return in a given year to be lower than the standard return on which tax has been levied, we would like to hear from you. We will then be happy to look at your specific situation with you. This is also possible if we did not take care of your income tax return in a specific tax year.

Possible objection
Submitting an OWR form is seen as an objection to an assessment, a request to reduce the assessment or as an addition to the submitted return, depending on when the OWR form was submitted. In principle, a separate objection is not required to invoke the rebuttal rule. However, a separate notice of objection is required to claim an expense allowance, or when you want to change the division of the box 3 income between tax partners. The notice of objection must be received by the Tax Office within 6 weeks of the date of the final assessment. Please let us know if you wish to file a separate notice of objection.

Finally
We would like to hear from you if it is desirable for us to look at your actual return if you expect that your actual return in a specific year has been lower than the fixed return. It is difficult to estimate our costs for this in advance. We will perform our work at our regular hourly rates.
Please feel free to contact us using the contact form below or your own Govers contact person.