One year · the full portfolio · evidenced figures
Box 3: reconstruct actual return before comparing ownership routes
A single performance figure is not enough for a substantial portfolio. Bank deposits, investments, second homes, receivables and debts must be reconstructed by year before standard and actual return can be compared responsibly.
Start with the situation
The family report shows one portfolio return of 3.1%. Box 3 needs a fuller story.
There are €2.2 million of deposits, €4.6 million of investments, a €2.8 million second home and a €900,000 family receivable. Some assets produced cash, others changed in value and the family used one privately.
A 31 December balance alone mixes purchases and sales with performance and can hide a fall in one asset inside the total.
Main questionCan cash income, value movement and capital movements be explained for every asset category in one tax year?
Annual evidence file
One total becomes verifiable components.
An illustrative annual extract.
- 01Interest and dividends
- €146,000
- 02Rental receipts
- €72,000
- 03Value movement
- − €95,000
- 04New contributions
- + €400,000capital movement, not return
Actual performance cannot be inferred from two total balances; contributions and disposals are shown separately.
Figures are illustrative and do not calculate Box 3.
Build the complete annual perimeter and evidence before comparing standard and actual return.
The Box 3 Actual Return Evidence File prepares the data for a later personal-versus-BV comparison.
A family has capital, but not one return
Consider €2.2 million in bank deposits, a €4.6 million investment portfolio, a second home worth about €2.8 million and a €900,000 family receivable, with €1.7 million of related debt. A family report may call this one investment portfolio, but actual performance comes from interest, dividends, rent, value movements and interest on claims.
If one asset rises, another falls and capital enters halfway through the year, an average percentage does not explain the result. First reconstruct the perimeter for one calendar year and distinguish income from purchases, sales, gifts, inheritances and new contributions.
Werkelijk rendement — actual return — requires a history, not only a 31 December balance
The Dutch Tax Administration describes actual return as cash income plus movements in asset values. Broker reports, bank statements, property data and loan agreements therefore answer different parts of one question. A fall in value should not disappear, but acquiring a new asset should not become an investment loss.
For each asset category record opening value, cash income, acquisitions or disposals and closing value, then attach an evidence source. An unknown stays open with an owner and deadline; it does not silently become zero.
Property needs a separate use calendar
A second home may be occupied by the family, let to tenants and empty during works in the same year. For 2026, personal use has a separate role in the actual-return framework. Annual rent alone does not finish the property record.
Record personal-use and letting periods, receipts, the applicable official value and changes in ownership. A foreign asset then receives a second layer covering the property country, local procedure and possible double-tax relief, without assuming the relief automatically applies.
The Box 3 versus BV comparison is step two
Once the annual file is ready, personal ownership and ownership through a Dutch private limited company (BV) can be compared using the same capital, horizon and return assumption. Company tax and a possible later distribution to the owner must be shown separately. Historic rates from another model should not be recycled.
This sequence reveals whether the real difference lies in tax, access to cash, structural costs, holding period or the family plan. It does not make a BV a universal answer or replace an individual calculation.
Public materials
For independent review
These sources help verify the public background to the question. They do not replace a fact-specific review.
One system
Documents should lead to one understandable outcome.
Reconstruct the facts first. Compare documents and authority next. Only then set the order of action.
- 01Facts
People, assets and countries
- 02Rules
Documents and authority
- 03Action
Owners and timing
Conclusion after the explanation
Box 3 is the Dutch income-tax category for savings and investments. A useful review starts with a complete annual evidence file: what was in the portfolio, which cash income arose and how values moved.
Signals
Review this if you recognise your situation
- one Box 3 total is used without asset categories
- only the year-end balance is known
- mixed personal use and letting have no calendar
- the BV comparison reuses historic rates or assumptions
Next actions
What to do next
- 01select one tax year and rebuild the complete Box 3 perimeter
- 02separate cash income, value movement and capital movements
- 03prepare the evidence file before opening the Box 3 and BV comparison
Apply it to your situation
Box 3 actual-return evidence file
A year-by-year evidence file covering the asset perimeter, cash income, value movements and documents still to be found or reviewed.
Open the checklistNext stage: open the calculator →Professional review
Estate and control system review
Five zones, three events and one prioritised implementation route — without a single overall score or a premature choice of documents.
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