Share savings account - what does this mean?

As of 1 September, private individuals who are taxable in Norway can save in shares and equity funds in companies within the EEA in a new and beneficial way. This new feature is called aksjesparekonto.

A share savings account allows private individuals to save in shares and equity funds without having to pay tax on any gains, provided that the gains are reinvested in shares/equity funds via the share savings account. If you invest in shares/equity funds without using a share savings account, the gain on the investment will be taxable. On the other hand, you will not receive a tax deduction for any losses.

Funds deposited in a share savings account can be withdrawn tax-free up to the amount deposited in the account. Withdrawals in excess of deposited funds are considered taxable income. Dividends from the company to the holder of the share savings account are allocated to the holder personally as taxable income.

In connection with the entry into force of the share savings account scheme, existing equity funds and individual shares covered by the scheme can be moved into the share savings account without triggering tax. This can be done in the period 1 September 2017 - 31 December 2017. In this case, it must be assessed whether there are significant losses on such shares/funds before they are transferred to the share savings account. This is because investments in the share savings account do not entitle the holder to a tax deduction in the event of a loss before the share savings account is terminated.»