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You still have time to transfer your shares and mutual funds to a stock savings account without paying taxes on unrealized gains. But at the beginning of the year, the door closes for what many have called a treasure hunt, in practice probably already a week or two ago, because it takes a while for the company you use to save inventory so to complete the operation.
Equities, mutual funds and participation certificates actually trigger taxes on the realization. However, since September 1 of last year, you have been able to transfer all of this into a separate stock savings account without paying taxes. As long as you keep your stock-based savings activities in this account, you can buy and sell without triggering taxes.
The system also allows you to withdraw the initial deposit without paying taxes. If you collect the return on your investments, you will have to pay a tax as usual.
Only stocks and mutual funds with a stake of more than 80% can be held in a stock savings account. This means that the combined fund and the interest fund are excluded from the plan.
Rare tax return
"I'm pretty sure this" tax haven "will not come in. The financial industry has described portability as a" tax collection "and" tax certificate "for investors in funds and stocks. The Ministry of Finance does not have the habit of giving such tax giveaways to the Norwegian people, says economist Bjørn Erik Sættem of Nordnet.
– From 1 January, the transfer of free shares and mutual funds to stock savings accounts will result in a tax on profits, he said.
If you transfer shares and mutual funds from one company to another, the deadline is Tuesday, November 30. The deadline is set four weeks before the start of the year as the industry knows that the move takes time. This allows customers to ensure that the move is to be registered before the New Year, according to Nordnet.
You should check with your own company what is the final deadline. A stock savings account can be offered by banks, investment companies and the mutual fund management company.
More than 61 billion displaced
From the beginning of September 2017 until June 30 this year, a total of NOK 61.4 billion of equity funds has been transferred to a stock savings account. In addition, the value of the individual shares has shifted, according to the figures of the Central Securities Depository of Norway (VPS).
"We estimate that 440,000 stock savings accounts have now been created and this number will increase every day until the end of the year," says Sveinung Dyrdal, CEO, Customers and Sales. in VPS from Finansavisen.
Thus, up to 88 billion Swedish kroner in fund shares have not yet been transferred to stock savings accounts. The VPS figures show that the proportion of shares transferred into stock savings accounts is even lower.
– Lossy securities are the exception. You probably should not move, but rather sell to get a deduction for the loss, and then place the money in the stock savings account, "Sættem said.
(© NTB)
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