The answer to this question is simple: no. In fact, with effect from 2021, the tax rate in box 3 will be increased from 30% to 31%.
Savings BV
We are talking about private limited companies (BVs) set up to hold savings. This avoids the (usually) high rate of income tax in box 3. Instead of the high flat-rate return, the actual return is subject to corporation tax within a private limited company. In addition, income tax under box 2 is payable at some point on the profits accumulated within the company (though, given the low interest rates on savings, there are no profits to speak of).
In addition to private limited companies, mutual funds are also used to avoid the high tax rate in box 3. It is also the case that, rather than setting up a dedicated savings company, savings are held within an existing private limited company.
Adjustment to Box 3
There have been legal proceedings for years regarding the flat-rate levy in Box 3. And the tax court has also already ruled that it is unlawful. However, the task of amending the legislation has been left to the legislature. The legislature, too, has been grappling with this issue for years, but has failed to devise a scheme that is (more) based on the actual return achieved.
In the tax plans for 2021, the adjustment to Box 3 is limited to an increase in the tax-free allowance. This is the amount of assets in Box 3 on which no income tax is payable. In 2020, the tax-free allowance amounts to €30,846 (for tax partners: €61,692). This will be increased to €50,000 (tax partners: €100,000) from 2021.
Of course, this change means that more people will not pay income tax on their savings (and other assets in Box 3). But it doesn’t really make much of a difference either.
PLEASE NOTE: not for aptitude tests!
Assets in Box 3 are also used for the means test under various income- and asset-dependent schemes. These include, amongst others, the healthcare allowance and the housing benefit, as well as the personal contribution to a care facility.
Under these schemes, the increase in the tax-free allowance does not apply. However, the standard indexation does apply. For these schemes, the tax-free allowance in 2021 is capped at €31,340. Assets in excess of this amount count for more in the means tests.