The share savings account was introduced in Norway in 2017 to make it easier for individuals to save in shares. Its main advantage is tax deferral: you can switch between shares and funds without each sale triggering tax. For many long-term savers, ASK is therefore the natural place to hold Norwegian and European shares.
What can a share savings account hold?
People resident in the EEA can open an ASK with a bank or broker that offers it. The account can hold:
- Listed shares in companies domiciled in the EEA.
- Equity certificates, which listed savings banks have instead of shares.
- Units in equity funds with more than 80 per cent shares at the start of the year.
The account cannot hold shares in companies outside the EEA, such as US shares. Nor can it hold bond funds or balanced funds with a lower equity share, and cash in the account earns no interest.
How the tax works
Tax deferral on gains
When you sell a share at a gain in an ASK, you pay no tax as long as the money stays in the account. You can use the full amount, including the gain, to buy new shares or funds. In an ordinary share account, the gain would be taxed the same year.
Withdrawals: deposits first
When you withdraw money, the withdrawal is first treated as a repayment of what you deposited. This part is tax-free. Only once you have withdrawn more than your total deposits does the withdrawal become taxable.
For personal shareholders, taxable gains are multiplied by an adjustment factor of 1.72 in 2025 and 2026 and then taxed at 22 per cent, giving an effective rate of 37.84 per cent.
Dividends are taxed as they are paid
Dividends from shares in an ASK are taxed in the year they are paid, just as in an ordinary share account. The account defers tax on gains, not on dividends. The dividend is paid into the account and can be reinvested.
Losses
If you sell a share at a loss in an ASK, the loss is not deductible while the money stays in the account. If you have lost money overall when the account is closed, the loss becomes deductible then.
Shielding deduction
You receive a shielding deduction on the account, calculated from your deposits. The deduction cannot exceed taxable withdrawals and dividends in the same year, but unused shielding is carried forward to later years. For the 2025 income year the shielding rate is 3.6 per cent. The 2026 rate will be set in January 2027.
Worked example
You deposit NOK 100,000 in an ASK. After a few years the value is NOK 150,000, and you have sold and bought several shares along the way without paying tax.
| Withdrawal | How it is treated | Tax |
|---|---|---|
| The first NOK 100,000 | Repayment of deposits | NOK 0 |
| The next NOK 20,000 | Taxable gain | 20,000 × 37.84% = NOK 7,568 |
| The rest stays in the account | No tax until withdrawn | NOK 0 |
In practice the shielding deduction reduces the tax somewhat, but it is left out to keep the example simple.
In an ordinary share account you would have paid tax every time you sold at a gain, even if you bought new shares with the money straight away.
ASK or ordinary share account?
| Share savings account | Ordinary share account | |
|---|---|---|
| Tax when you sell at a gain | Deferred until withdrawal | Same year |
| Switching between shares and funds | Tax-free | A sale at a gain triggers tax |
| Dividends | Taxed as paid | Taxed as paid |
| Losses | Deductible on closure | Deductible the same year |
| What you can hold | Shares, equity certificates and equity funds in the EEA | All shares, including outside the EEA |
For most people saving long term in Norwegian and European shares, ASK is the most flexible choice. You need an ordinary share account for shares outside the EEA, or if you want losses to be deductible straight away.
Transfers and closing the account
You can have several share savings accounts, and you can move an account from one provider to another without tax. That makes it easy to switch broker if you find better terms.
If you close the account, a tax settlement follows: gains beyond your deposits are taxed, and any overall loss is deductible.
Sources
- Norwegian Tax Administration: Skatte-ABC on the share savings account
- Norwegian Tax Administration: the shareholder model
- Nordnet: what is the adjustment factor
Next steps
- See how AksjeNet handles tax and accounting in your portfolio
- Get started with your first portfolio
- Find stocks on Oslo Børs