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You as an investor deposit NOK 120,000 into an investment fund account in 2021.   At the start of 2022, the share component of the investment fund account is 40 percent (the rest is bonds and other securities). The risk-free return base on the investment fund account for 2022 then becomes NOK 48,000 since the share component is 40 percent (40 percent of the deposit of NOK 120,000). At the start of 2023, the share component is 10 percent. The risk-free return base for 2023 will then be NOK 0 since the share component is below 20 percent and therefore set to 0 according to the standard rule.

In the example, no consideration has been given to any unused risk-free return that is included in the risk-free return base.

Note that if deposits/withdrawals have been made on the account during the year, this will affect the risk-free return base. Withdrawals will reduce the risk-free return base for the year, and deposits will increase the risk-free return base for the year. Furthermore, unused allowance from the previous year will be included in the risk-free return base for this year's calculation even if all or part of it is used to reduce taxable withdrawals.

The investor deposits NOK 120,000 into an investment fund account in 2021.  At the start of 2022, the share component of the investment fund account is 40 percent (the rest is bonds and other securities). The risk-free return base on the investment fund account for 2022 then becomes NOK 48,000 since the share component is 40 percent (40 percent of the deposit of NOK 120,000),

In July 2022, a deposit valued at NOK 100,000 is made. The risk-free return base on the investment fund account for 2022 then becomes NOK 88,000 since (as at 1 January 2022) is 40 percent (40 percent of deposits totalling NOK 220,000).

In the example, any unused risk-free return included in the basis for risk-free return has not been taken into account.

The formula for calculating the risk-free return base:

((Remaining tax-free amount as at 31 December 2022 x share component in the customer's portfolio as at 1 January 2022) + unused risk-free return as at 1 January 2021) x risk-free return interest for 2022

The share component for 2023 is determined based on the composition of shares, other securities, and cash at the start of 2023.

You contribute values of NOK 100,000 to the securities account so that the input value is NOK 100,000.

You make various investments and purchases/sales for a few years without any withdrawals. In the years you do not make any withdrawals, you must only enter capital from the securities account in the tax return.

After 5 years, you withdraw NOK 50,000 from the securities account.

You must then value the securities account at the time of the withdrawal in order to find the taxable yield. In the example, we presuppose that the market value on the securities account at the time of the withdrawal is NOK 400,000.

50,000 X 100,000 / 400,000 = 12,500

• NOK   50,000 is the withdrawn amount
• NOK   100,000 is the invested amount
• NOK   400,000 is the market value

The fraction shows how much of the withdrawn capital is tax-free reimbursement of insurance premium/invested capital.

NOK 12,500 is the tax-free reimbursement of premium to reduce input value and basis for risk-free return to NOK 87,500.

NOK 37,500 is the taxable amount. In order to find the gain share component and gain interest component, you must look at the average share component for each year in the period of ownership. In this example, we presuppose the following share component:

• Share component year 1: 50
• Share component year 2: 70
• Share component year 3: 85
• Share component year 4: 30
• Share component year 5: 50

The average share component is then (50+70+100+30+50)/5= 60

Note that for year 3, the share component will be 100 due to the standard rule (the Taxation Act section 10-20, subsection 3)

NOK 22,500 is taxed as share income (60 percent of the gain of NOK 37,500)

NOK 15,000 is taxed as interest income. (40 percent of the gain of NOK 37,500).

We presuppose that NOK 50,000 is withdrawn from a securities account with contributed capital of NOK 800,000. The market value is reduced to NOK 200,000 at the time of the withdrawal.

50,000 X 800,000 / 200,000 - withdrawal  =  150,000

• NOK   50,000 is the withdrawn amount
• NOK   800,000 is the contributed amount
• NOK 200,000 is the market value

The fraction helps you to calculate how much of the loss you’ve realised (NOK 150,000).

NOK 150,000 is the deductible loss.

In order to find the loss share component and loss interest component, you must look at the average share component for each year in the period of ownership. In this example, we presuppose the following share component:

• Share component year 1: 50
• Share component year 2: 70
• Share component year 3: 85
• Share component year 4: 30
• Share component year 5: 50

The average share component is then (50+70+100+30+50)/5= 60

Note that for year 3, the share component will be 100 due to the standard rule (the Taxation Act, section 10-20, subsection 3)

NOK 90,000 is to be deducted as loss from shares (60 percent of the loss of NOK 150,000).

NOK 60,000 is to be deducted as loss from bonds. (40 percent of the loss of NOK 150,000).

Here you must apply 91.67 percent as basis for division of gain/loss on the share component/interest component (do not calculate the standard rule 80/20 twice). This means that if the gain is NOK 100,000, then NOK 91,670 must be taxed as share income, and NOK 8,330 must be taxed as interest income.

All withdrawals from a securities account are considered realisation. You must calculate gain/loss on the share component and interest component upon each withdrawal. The question is whether you must apply all unused risk-free return each time on all of the gains (on both the share component and the interest component), or whether you can choose to only apply unused deduction of risk-free return on the share component. You can then “save” the component of the unused risk-free return (which potentially falls on the interest component) until the next withdrawal when there’s also a share income component.

You must apply all unused risk-free return each time on the whole gain. If you wish, you may first reduce the gain on the share component by maximum unused risk-free return and then enter any remaining unused against the gain interest component.

The share component upon cessation of the agreement is taken into account for both the establishment and cessation of the customer relationship.

The share component must be valued by the end of the year, but upon reporting of the share component the actual share component is reported (not standard) per 1 January of the income year.

Example:

The share component on 1 January = 90 percent   

The share component on 31 December = 80 percent  

Tax value of securities account by the year-end is 100

• Capital share component = 90
• Capital interest component = 10