Tax Overview

The Tax Overview page estimates your Danish investment taxes for a chosen year. It covers all four Danish income types that apply to investments — share income, capital income, personal income, and pension — and produces a total estimated tax figure based on the transactions and settings stored in Portfolio Manager.

Year and owner selectors

At the top of the page, two selectors let you control what is shown:

• Year — choose the tax year to view. Controls both the tax estimates and the tax settings displayed. The page defaults to the current calendar year. You can switch to prior years to review historical estimates and the settings that applied to them.
• Owner — if there are accounts belonging to different owners, select which owner’s income you want to review. Only accounts belonging to the selected person contribute to the estimates.

Tax settings

The tax rates used in all estimates are shown in the Tax Settings panel, after the selectors. To change the rates, click the edit button in the panel.

Because investment tax rates change annually and personal situations vary, keeping your tax settings up to date is important for meaningful estimates.

Summary cards

Four cards across the top of the page provide a snapshot of the tax position for the selected year and owner:

Card	What it shows
Estimated Tax	Total estimated tax across all income types. Shown with a red badge when non-zero.
Total Gains	Sum of all positive income across all income types before losses are applied.
Total Losses	Sum of all losses and fees across all income types.
Net Taxable Income	Total taxable income after carry-forward losses from prior years have been applied.

The summary cards are purely informational — they update automatically as your data changes.

Share Income Threshold

Below the summary cards, a progress bar shows your position relative to the aktieindkomst (share income) threshold.

Danish tax law applies two different rates to share income (aktieindkomst):

• Low rate (27%) — applies to share income up to 79,400 DKK per person (2026 figure; the threshold is adjusted annually by SKAT).
• High rate (42%) — applies to share income that exceeds the threshold.

The progress bar shows:

• How much of the threshold has been used by your current share income.
• The remaining headroom before the high rate kicks in (or, if you have exceeded the threshold, how much has crossed into the high-rate zone).
• The estimated tax at each rate, split out so you can see how much is taxed at 27% and how much at 42%.

Income type sections

The main part of the page is divided into four sections, one for each Danish tax income type that Portfolio Manager tracks. Each section header shows the income type name, a brief note on the applicable tax rate, the net income, and the estimated tax for that type.

Share income (Aktieindkomst)

Covers individual stocks, and investment funds and ETFs that appear on SKAT’s positive list (positivlisten). Gains, dividends, and losses from these instruments are taxed as share income. The two-rate structure (27% / 42%) described above applies here.

Capital income (Kapitalindkomst)

Covers investment funds and ETFs that are not on SKAT’s positive list, bonds, and certain derivative instruments. The tax rate for capital income depends on your overall net capital income and your personal marginal rate.

Personal income (Personlig indkomst)

Covers cryptocurrency (treated as speculation income — spekulationsindkomst), staking rewards, and certain types of interest. Personal income is taxed at the highest marginal rate.

Pension (Pensionsbeskatning)

Covers pension accounts subject to PAL tax (pensionsafkastskat). Portfolio Manager records pension account activity but does not compute PAL tax in full detail — this section is informational.

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The calculation chain

Inside each section, Portfolio Manager shows a step-by-step calculation chain:

Step	Description
Gross income	Total gains and income before any deductions.
Losses + fees	Losses realised on instruments in this income type, plus trading fees.
Net income	Gross income minus losses and fees.
Carry-forward from previous years	Unused losses brought forward from prior tax years (see Loss Carry-Forward below). Applied only where tax law permits.
Withholding tax	Tax withheld at source (e.g. foreign dividend withholding). Credited against the estimated tax.
Taxable income	The income figure that the tax rate is applied to.
Estimated tax	Taxable income multiplied by the applicable rate(s), minus any withholding tax credit.
Carry-forward to next year	Losses that could not be used this year and will be available to offset income in the following year.

Not every step appears in every section — only the steps that are relevant to the income type and your actual data are shown.

Tax bucket breakdown

Inside each income type section, a Breakdown by tax bucket grid lists the individual tax buckets that contribute to that section’s totals. A tax bucket groups the tax events for a specific instrument (or instrument type) into a single line.

This grid is a summary view. For a deeper dive into individual tax events and how they are computed from transactions, see How tax is calculated.

Loss Carry-Forward

The Loss Carry-Forward section at the bottom of the page shows a table of carry-forward loss pools. Danish tax law allows unused losses in certain income types to be carried forward and offset against gains in future years.

Portfolio Manager maintains the following carry-forward pools:

Pool	Notes
Share income (free funds)	Losses on individual stocks and ETFs/funds on the positive list, free funds accounts.
Capital income	Losses on instruments taxed as capital income.
Stock savings account (ASK)	Isolated pool — losses in an aktiesparekonto can only offset gains within the same account.
Pension (PAL)	Isolated pool — PAL losses carry forward within the pension account.
Speculation / crypto	Isolated pool — crypto/speculation losses carry forward separately.

The table shows two columns for each pool: losses carried in from the previous year, and losses that will be carried out to the next year.

Manual carry-forward entry

Portfolio Manager automatically computes carry-forward back to 2021 (the earliest year with configured tax rates), provided you have imported transactions for those years. Capital income (kapitalindkomst) is an exception — losses are computed for the current year but any remaining balance is not automatically carried to the following year. If you have unused capital income losses to carry forward, enter them manually. For all other pools, manual entry is needed only if you had losses from before 2021 or from years for which you have not imported transactions.

You can manually enter the carry-forward loss balance for each pool for the year before your data begins. This overrides the starting balance for that pool and flows forward automatically into all subsequent years.

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For a detailed explanation of how transactions are turned into tax events and how the calculations work, see How tax is calculated.