Norway Tax on Share and Fund Gains 2026

This calculator works out the Norwegian tax on a gain when you sell shares or equity funds outside a share savings account (aksjesparekonto, ASK). It is meant for people who are tax resident in Norway. Gains and dividends on shares are taxed at an effective rate of 37.84% in 2026: the gain is multiplied by 1.72 and taxed at the 22% ordinary income rate. Losses are deductible at the same rate, and the risk-free return allowance (skjermingsfradrag) makes part of the gain tax free.

How the tax is calculated

1. Cost = purchase price x number of shares + brokerage fee when buying.
2. Proceeds = sale price x number of shares - brokerage fee when selling.
3. Gain = proceeds - cost.
4. Subtract your unused risk-free return allowance, but not more than the gain.
5. Tax = (gain - allowance) x 1.72 x 22%.

Worked example: 100 shares bought at NOK 150 in 2021 and sold at NOK 300 in 2026

The cost is 100 x 150 + 99 = NOK 15,099. The proceeds are 100 x 300 - 99 = NOK 29,901, so the gain is NOK 14,802. Without any allowance the tax would be NOK 14,802 x 1.72 x 22% = NOK 5,601. You owned the shares on 31 December in each of the years 2021 to 2025, which builds up about NOK 2,044 of allowance. The tax is then NOK 4,828, and you keep NOK 9,974 of the gain.

Tax on the same gain in different securities

The table shows the tax without any allowance. The combination fund holds 60% shares.

The risk-free return allowance

For every share you own on 31 December you get an allowance equal to the cost price (including brokerage) plus any unused allowance from earlier years, multiplied by the risk-free interest rate. The rate was 3.6% for 2025. You get no allowance for the year in which you sell. The allowance can bring a gain down to zero, but it can never create a loss. If you receive dividends, they use up the allowance first, so a share that pays a dividend builds up less allowance for a later sale. The Norway dividend tax calculator shows how dividends are taxed.

Losses and funds

A loss on shares outside an ASK is deductible: it is multiplied by 1.72 and deducted from your ordinary income, so a loss of NOK 20,000 lowers your tax by about NOK 7,568. Equity funds are taxed like shares. Interest funds are taxed at 22%, and combination funds are split between the two. The tax on a fund gain falls due for the year in which you sell the units.

Share savings account (ASK)

Listed shares and equity funds in an ASK are not taxed when you sell them inside the account or when they pay dividends. You are taxed only when you withdraw more than you have deposited, at the same 37.84%, after the allowance. Losses on an ASK are deductible only when the account is closed. Only listed shares and funds in companies domiciled in the EEA can be held in an ASK. The tax is deferred, not removed.

If you are new to Norway

The rules on this page apply to people who are tax resident. Check the date from which you count as resident with the Norway tax residency calculator. Convert foreign purchase and sale prices to NOK at the rate on the day of each transaction, and report shares held with a foreign broker in your tax return. Wealth tax is a separate tax that is not included here, see the Norway wealth tax calculator, and the rest of your income is covered by the Norway income tax calculator.

What this calculator does not cover

It handles one sale of one holding with a single purchase price. It does not model several purchases at different prices, dividends received during the holding period, combination funds, foreign currency effects, wealth tax, exit tax, or shares held in a company. Estimated allowance uses the published risk-free interest rates and assumes no dividends. Enter the figure from your tax return if you have it. The result is an estimate and not tax advice.