Norwegians seeking to take advantage of the tax wrapper status of equity assets held within the so called Aksjesparekonto (ASK, equity savings account) are running out of time, the Norwegian Fund and Asset Management Association (VFF) has warned.
Some NOK100bn has already been shifted into such accounts, but a third of equity fund capital still resides outside, according to new market figures.
The deadline is 1 December, for those who wish to shift equity assets into an ASK account from another without paying capital gains tax. This follows a transition period that has been in place since the ASK regime launched in September 2017. Like similar fiscal regimes in other European markets, direct equities and shares in equity funds can be bought and sold within the wrapper without triggering tax charges. Tax is paid when money is removed from the account.
From 1 January 2020, it will not be possible to shift assets into an account without triggering CGT. However, for those seeking to shift existing assets into an ASK account with a different account provider, it must be done before 1 December.
VFF cites figures suggesting some 65% of retail investor equity capital has been shifted into ASK accounts. This equates to some 583,000 accounts and assets of NOK101bn. It has published a table of providers and the numbers of ASK accounts administered.
The Association's figures also illustrate the growth in total retail assets in equity funds and the proportion held within ASK accounts since the end of 2017: