Deduction for young people's housing savings (BSU)
If you have deposited savings in your BSU account, you are entitled to a deduction from your tax in the form of a certain percentage of the deposited amount. There are maximum limits on the amount you can save in a year and the total amount of savings you can have in the account. See the bottom of the page.
You can obtain a deduction for BSU up to and including the year in which you reach the age of 33. In order to be entitled to the deduction, your bank must have notified the Tax Administration that you actually deposited money in your account before the end of the year. You must also have sufficient income for your tax to be enough to make the BSU deduction from. If your income is not sufficient to enable this, the deduction will lapse. Also, if you do not have income and do not pay tax, you cannot get a deduction.
How to enter the deduction in your tax return
If your bank has reported the deduction to the Tax Administration, you will find it on a separate line under "Provisional calculation of taxes and duties" on the penultimate page of your tax return.
If the deduction is not shown in your tax return, you must ask the bank to notify the Tax Administration of the amount.
Rate for tax deduction
|Maximum annual savings amount||NOK 25,000|
|Maximum total savings amount under the scheme||NOK 300,000|