What is the tax rate on stocks in Denmark?

In Denmark, stock income (aktieindkomst) is taxed at 27% on the first DKK 79,400 (2026) and 42% on anything above that. Married couples share the threshold and can have up to DKK 158,800 combined at the lower rate.

What is the threshold for the 42% stock tax rate in Denmark?

In 2026 the threshold is DKK 79,400 for a single person. If you are married or have a registered partner, the combined threshold doubles to DKK 158,800 — even if most of the income belongs to one spouse.

When do you pay tax on shares in Denmark?

It depends on what you own and which account you hold it in. Individual shares in a standard taxable account are taxed only when you sell at a gain (realisation taxation). Most ETFs and investment funds are taxed annually on unrealised gains (mark-to-market). The stock savings account and pension accounts use mark-to-market for everything.

Are dividends and capital gains taxed the same way in Denmark?

Yes. Both dividends and capital gains count as aktieindkomst and are taxed at the same rates — 27% up to the threshold and 42% above it. Danish banks typically withhold dividend tax automatically at 27%.

What is the aktiesparekonto (stock savings account)?

The aktiesparekonto (ASK) is a tax-advantaged account where investment returns are taxed at a flat 17% via annual mark-to-market. In 2026, the deposit ceiling is DKK 174,200. Each person can hold only one ASK in Denmark.

What is the difference between realisation and mark-to-market taxation in Denmark?

With realisation taxation, you only pay tax when you actually sell at a profit. With mark-to-market taxation, your gain or loss is calculated at year-end and taxed — even if you haven't sold anything.

How are ETFs taxed in Denmark?

Most ETFs held in a standard Danish taxable account are taxed annually on unrealised gains (mark-to-market). Whether returns are treated as stock income (27%/42%) or capital income depends on the fund's classification under Danish tax law. Check skat.dk or your broker for your specific fund.

Stock Taxation in Denmark — A Beginner's Guide

What you pay in tax on shares and investments as a Danish investor

08. jun. 2026

A complete guide to Danish stock taxation — the two tax rates (27% and 42%), realisation vs. mark-to-market taxation, account types, and practical examples.

For anyone starting to invest in Denmark, tax is one of the first questions that comes up. What exactly do you pay? When? Does it apply to everything — shares, funds, dividends?

The rules are not complicated once you know the core concepts. This guide explains them from the beginning.

What is stock taxation (aktieskat)?

In everyday Danish, aktieskat means tax on returns from shares and equity investments. The formal term in Danish tax law is aktieindkomst (stock income), and it covers two things:

Capital gains — the profit when you sell shares for more than you paid
Dividends — regular cash distributions from companies to shareholders

Both are taxed as aktieindkomst in Denmark. This applies whether the shares are Danish or foreign, and whether you hold them directly or through an investment fund.

One important point that is specific to Denmark: there is no distinction between dividends and capital gains. Both are taxed the same way, at the same rates.

The two tax rates: 27% and 42%

Stock income is taxed progressively in two brackets. The lower rate applies up to a threshold; anything above is taxed at the higher rate.

Stock income (single)	Tax rate
Up to the progression threshold	27%
Above the progression threshold	42%

The threshold is adjusted annually. Recent years:

Year	Threshold (single)	Threshold (married, combined)
2025	DKK 67,500	DKK 135,000
2026	DKK 79,400	DKK 158,800

There is no tax-free allowance for stock income. You pay 27% from the first krone — regardless of how low your other income is.

If you are married or have a registered partner, you share the progression threshold. If one spouse has DKK 90,000 in stock income and the other has zero, the unused portion of the other spouse’s threshold transfers automatically. The result: only the portion above DKK 158,800 combined is taxed at 42%.

A concrete example

You are single and sell shares with a gain of DKK 100,000 in 2026:

Amount	Rate	Tax
DKK 79,400	27%	DKK 21,438
DKK 20,600	42%	DKK 8,652
DKK 100,000 total		DKK 30,090

When do you pay? Realisation vs. mark-to-market taxation

This is where many investors are caught off guard — because the timing depends on what you own and which account you hold it in.

Realisation taxation — only when you sell

With realisation taxation, you pay tax only when you actually sell at a gain.

If your shares rise over five years, you pay nothing during those years. The tax liability arises only in the year you sell.

This is the rule for individual shares held in a standard taxable account (frit depot) and for dividend-paying equity funds.

The advantage: your full capital keeps compounding without being reduced by tax payments along the way. The longer your holding period, the more significant this deferral benefit becomes.

Mark-to-market taxation — every year, whether or not you sell

With mark-to-market taxation, your gain is calculated at year-end and taxed — even if you haven’t sold anything.

If an ETF rises from DKK 200,000 to DKK 230,000 during 2026, you owe tax on the DKK 30,000 gain in January 2027 — even if you haven’t touched the position.

This is the rule for:

Most ETFs and accumulating funds in a standard taxable account
Everything in the stock savings account (aktiesparekonto) — at a flat 17%
Everything in pension accounts — at PAL-skat of 15.3%

Account types and their tax treatment

The choice of account type has a large effect on how — and how much — you are taxed.

Account type	Tax rate	Taxation principle
Standard taxable account (individual shares)	27% / 42%	Realisation
Standard taxable account (most funds/ETFs)	27% / 42%	Mark-to-market
Stock savings account (ASK)	17%	Mark-to-market
Pension	15.3% (PAL-skat)	Mark-to-market

Standard taxable account (frit depot)

A standard taxable account is the default at any Danish bank or broker. No ceiling, no restriction on what you can invest in.

Individual shares are taxed on realisation. Most ETFs and accumulating funds are taxed annually on unrealised gains. The rate is 27%/42%.

The key advantage is deferral for individual shares: the money that would otherwise go to tax stays invested and keeps growing. The longer you hold, the larger the cumulative benefit.

Stock savings account (aktiesparekonto, ASK)

The stock savings account is the simplest tax advantage available to Danish retail investors. Returns are taxed at a flat 17%, and your bank handles the calculation and payment automatically each year.

In 2026, the ceiling is DKK 174,200 (measured by account market value). You can hold only one ASK in Denmark.

Read the complete guide to the stock savings account for details on when ASK is the better choice and what the annual mark-to-market taxation means for your strategy.

Pension

Returns in pension accounts are taxed at PAL-skat of 15.3% each year via mark-to-market. The pension provider handles this automatically. That is the lowest effective rate during the accumulation phase.

But the taxation does not stop there. How pension is taxed at withdrawal depends on the account type:

Account type	Tax at withdrawal
Ratepension and livrente (annuity)	Taxed as personal income — full marginal rate (typically 37–52%)
Aldersopsparing	No tax at withdrawal (but no deduction on contributions either)

Withdrawals from ratepension and livrente are added to your other income and taxed at your full marginal rate. Depending on your total income in retirement, the effective tax at withdrawal can be significantly higher than the 15.3% you paid on returns along the way.

Pension income can also reduce public pension supplements. The pensionstillæg (income supplement to the state pension, folkepension) is means-tested. Pension payouts, capital income, and stock income can all reduce or eliminate it. For a single person, the reduction starts when other income beyond the folkepension exceeds DKK 99,200 (2026). This means a large private pension accumulated through deductible contributions (ratepension, livrente) may produce a lower net retirement income than expected, because the tax advantages of contributions are partially offset by reduced public supplements.

These interactions are complex and depend on your individual situation. A pension adviser can produce a personalised calculation.

ETFs and investment funds

Many Danish investors today invest through ETFs rather than individual shares. The diversification is efficient, but the tax treatment is more layered than for individual stocks.

Individual shares

All listed individual shares — Danish and foreign — are taxed as stock income (27%/42%) and fall under realisation taxation in a standard account.

ETFs in a standard taxable account

Most ETFs are taxed annually on unrealised gains (mark-to-market).

Equity-based ETFs (on Skattestyrelsen’s approved list) are taxed as stock income — at 27%/42%.

Bond-based ETFs and ETFs not on the approved list are taxed as capital income — at your marginal tax rate, which for many people exceeds 27%.

Investment funds (investeringsforeninger)

Dividend-paying equity-based investment funds (common in Denmark) are taxed on realisation — the same as individual shares.

Accumulating funds (no dividend payments, gains reinvested) are taxed annually on mark-to-market.

Summary table

Product	Account	Taxation	Rate
Individual shares	Taxable	Realisation	27% / 42% stock income
Equity-based ETFs	Taxable	Mark-to-market	27% / 42% stock income
Bond-based ETFs	Taxable	Mark-to-market	Capital income
Dividend-paying equity funds	Taxable	Realisation	27% / 42% stock income
Accumulating equity funds	Taxable	Mark-to-market	27% / 42% stock income
All approved investments	Stock savings account	Mark-to-market	17%
All investments	Pension	Mark-to-market	15.3% PAL

Three calculation examples

You buy shares for DKK 100,000 and sell them three years later for DKK 140,000 — a gain of DKK 40,000.

You have no other stock income this year (single).

Tax: DKK 40,000 × 27% = DKK 10,800

You keep DKK 29,200 net of the gain.

Example 2: ETF — mark-to-market

You hold an equity ETF in a standard taxable account worth DKK 200,000 at the start of 2026.

By year-end it has risen to DKK 230,000 — a gain of DKK 30,000.

Tax in January 2027: DKK 30,000 × 27% = DKK 8,100

You have not sold anything. The gain is reported automatically by your bank and appears on your annual tax assessment (årsopgørelse) in March. Any tax owed is paid as outstanding tax (restskat) via TastSelv on skat.dk — by Dankort, MobilePay, or bank transfer. The deadline is 1 July; paying before that avoids a 5.7% surcharge, though a 3.7% interest charge runs from 1 January regardless. Amounts above DKK 25,368 are collected in instalments over August–October.

Example 3: Stock savings account vs. taxable account

You hold DKK 150,000 in investments that rose by DKK 20,000 during the year.

Account	Tax	You keep of the gain
Standard taxable (27%)	DKK 5,400	DKK 14,600
Stock savings account (17%)	DKK 3,400	DKK 16,600

The ASK rate is 37% lower than the standard taxable account rate.

The annual tax settlement — årsopgørelse and restskat

Stock taxes in Denmark are not deducted automatically as they arise. Instead, Skattestyrelsen produces an annual tax assessment (årsopgørelse) — typically available in March of the following year. It summarises all your income and shows whether you have paid too much or too little.

If you owe more than was withheld during the year, the difference is outstanding tax (restskat). You pay it via TastSelv on skat.dk using Dankort, MobilePay, or a bank transfer. The deadline is 1 July; paying before that avoids a 5.7% surcharge, though a 3.7% interest charge runs from 1 January regardless. Amounts above DKK 25,368 are collected automatically in instalments over August–October.

If you expect a larger bill — for example after a year with big unrealised gains on mark-to-market assets — you can make a voluntary prepayment (frivillig indbetaling) during the year to avoid interest.

Dividends — what happens automatically

Dividends from Danish companies and many foreign companies are automatically withheld at 27% by your bank before you receive them. This appears on your årsopgørelse.

If your total stock income exceeds the threshold, Skattestyrelsen calculates the additional 42% tax via the annual assessment.

For foreign dividends, double-taxation treaties generally apply: the source country withholds a local tax (often 15–30%), and you can usually reclaim the portion exceeding what Denmark would tax. Most Danish banks handle this for you.

Losses — can you deduct them?

Yes. Losses on listed shares can be offset against gains and dividends from other listed shares. Net losses carry forward automatically to future years and can be used whenever you next have stock income to offset.

One important condition: Skattestyrelsen must have a record of your shares. For shares held at a Danish broker, this registration is automatic. For foreign brokers, you must self-report the purchase — no later than 1 July the year after the purchase. Missing this deadline means losing the right to deduct any loss on those shares.

Average cost method — how your gain is calculated

When you sell part of a holding, Danish tax law uses the average acquisition cost across all your shares in the same company — regardless of when you bought them or at what price.

Example: You bought 50 shares at DKK 1,000 and another 50 at DKK 2,000. Your average acquisition cost is DKK 1,500 per share. If you sell 25 shares at DKK 1,800, your gain is 25 × (1,800 − 1,500) = DKK 7,500 — it doesn’t matter which specific shares you are deemed to have sold.

The method applies per company across all your accounts — Danish and foreign.

More examples and edge cases are covered in What is GAK? A comprehensive guide to average cost basis in Danish taxation.

The compounding value of deferral

The benefit of realisation taxation is real and accumulates over time.

You bought shares for DKK 100,000. They are now worth DKK 160,000 — a gain of DKK 60,000.

Sell today: you pay DKK 16,200 in tax (at 27%) and invest DKK 143,800 forward.

Wait ten years and sell: the DKK 16,200 that stayed invested earns roughly DKK 31,800 in additional return over the decade (at 7% per year) — money you would not have had if you had sold. Your taxable gain will also have grown, so you will pay more tax eventually, but the net effect of deferral is typically positive.

This is the core of the deferral advantage: the tax you haven’t yet paid is still working for you.

We look at this in detail in Rebalancing vs. Danish taxation.

Getting the full picture across accounts

Most investors end up with assets spread across several account types — some in the stock savings account, some in a standard taxable account, some in an employer pension and perhaps a private one as well. Each has a different rate and a different taxation principle.

This raises questions that are surprisingly hard to answer:

What is my total stock income this year — am I close to the DKK 79,400 threshold?
Should I realise a gain now, or wait until next year to spread it?
What is my actual net worth after all taxes across all accounts?

A spreadsheet gets complicated fast when the rules differ per account.

Portfolio Manager (Porteføljestyring) addresses exactly this — a complete view of your total wealth across accounts with Danish tax factored in. The goal is not to optimise trades but to answer the question that actually matters: Am I financially independent?

Summary

Question	Answer (2026)
What rate do I pay?	27% up to DKK 79,400 (single), 42% above
When do I pay?	On sale (individual shares in taxable account) or annually (ETFs, ASK, pension)
What counts as stock income?	Capital gains + dividends
Can I deduct losses?	Yes, against gains and dividends from other listed shares
What is the stock savings account?	Special account with flat 17% mark-to-market tax, DKK 174,200 ceiling (2026)
What is PAL-skat?	15.3% annual mark-to-market tax on pension account returns

Stock taxation in Denmark is not complicated at its core. The complexity grows when you mix account types and asset types — but the foundation is clear: two tax rates, two taxation principles, three account types.