4.8.1 Domestic debt

Item 4.8.1 Applies to the tax year 2016

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This item shows your debt to Norwegian lending institutions or in connection with credit purchases, your outstanding underpaid tax as of 31 December and the deduction for debt for ground rent. The amount will normally be pre-filled with the amount that has been reported, so you should check that everything is correct. 

Does this item concern me?

The item concerns everyone who:

has debt with Norwegian lending institutions

• has debt in connection with credit purchases

• owes the tax collector underpaid tax as of 31 December.

Leasehold land

The item also concerns people who have a residential property or holiday home on a leasehold plot for which

the usufruct is not limited in terms of time and where 

you will be subject to wealth tax for this plot. 

You will then be entitled to a deduction for debt under this item because you must pay tax on the plot under item 4.5.4.

Rates and key figures

For leasehold plots, the capitalised value is 10.

How do I enter this in my tax return?

The item will normally be pre-filled with the amount that you owe as of 31 December. The amounts are based on what was reported by your lender, so you should check that everything is correct.

The amounts you should perform the check against will be shown in the annual statement you receive from your lender(s) in January.

If the amount shown is wrong, you must change it in the tax return. You should also contact your lender to ensure that the annual statement is correct. Interest that has been paid on the loan must be entered under item 3.3.1.

If any information is missing

If any information is missing, you must enter the lender's name, debt, interest on debt and the reason for any change.

Underpaid tax

Underpaid tax that you owe as of 31 December will normally be pre-filled. The amount will be based on the amount of underpaid tax outstanding that is registered by the tax collector.

The amounts you should perform the check against will be stated in the annual statement "Oversikt over gjeld og betalt renter til skatteoppkrever per 31.12" (Summary of debt and interest paid to the tax collector as of 31 December - in Norwegian), which you will receive from the tax collector in January. If the amount shown is wrong, you must change it in the tax return.

You should contact the tax collector to ensure that the annual statement is correct.

Leasehold plots

The deduction for debt for leasehold plots is the annual ground rent x 10 (capitalised value). You must enter this amount in the tax return yourself.

Private loans

Private loans will not be reported, even if you have provided information on them in your tax deduction card or in previous years, and you will therefore need to add them.

You enter the amount as of 31 December, the name of the lender and the address of the party concerned. You must do this in your tax return every year.

Tell the person you have borrowed the money from that they must also remember to declare the loan under item 4.1.6.

Distribution of debt between spouses/spouse-equivalent partners/joint borrowers

Even if you have a loan jointly with someone else, it will only be reported by the bank for one person. The way in which you can distribute it will depend on whether or not you are married. This distribution must be repeated every year in the tax return and both people concerned must make the change. The total amount must be the same regardless. For example, if the debt is reduced by NOK 100,000 by one person, it must be increased by NOK 100,000 by the other person. You must alter or add information on the lender, debt, interest on debt and the reason for the change.

Spouses

Spouses can distribute both debt and interest on debt as they wish, but it must amount to 100 percent in total.

Spouse-equivalent cohabitants

Spouse-equivalent cohabitants must distribute the debt and interest on debt as stated in the loan documents if you have taken out the loan together. You must then distribute both the debt and the interest on the debt according to the respective percentages that you each own. Check that you are stated as being spouse-equivalent cohabitants under item 1.3.

If you establish a contract between you which distributes the loan differently, e.g. because one has a low income, the debt and interest can be distributed in accordance with the contract. 

Break-up of relationships

If your previous partner does not wish to alter the debt and interest on debt, you can do so in your tax return and explain why under item 5.0.

If you were spouse-equivalent cohabitants, you must also check that you are also no longer stated as cohabitants under item 1.3.

Log in and fill in the item.

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Documentation requirements

You do not need to send us any documentation for this, but you must be able to present documentation if we ask for it. 

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