Tax — the principles, with Denmark as the example

What is an aktiesparekonto?

An aktiesparekonto is a special Danish account type where gains on stocks and equity funds are taxed at only 17% — against the normal 27–42%. In return there is a cap on how much you may deposit (DKK 174,200 in 2026), and the tax is paid every year on that year's gain, even if you have not sold (mark-to-market taxation).

Tax is national. This page describes a Danish account type. The principle is the same in many countries, but the rates, caps and account types are not — Sweden has the ISK, Norway the aksjesparekonto (ASK), the UK the ISA — and some countries, Germany among them, have no equivalent account at all. Check your own tax authority. If you use Kiggo in Sweden or Norway, the app shows your country's own tax terms (ISK and schablonskatt; aksjesparekonto and skjermingsfradrag).

Each red dot is a year end where tax is paid on that year's gain.

How it works

Tax: 17% of the year's return — gains and dividends. If you lost money in a year, the loss is carried forward and offset against later gains.
Cap: DKK 174,200 (2026) in total deposits. The cap is adjusted every year. If the account grows above the cap by itself, that is fine — you just may not deposit more.
One account per person, opened at a bank or broker that offers it.
Only stocks and equity-based funds — not bonds, not all ETFs. Your provider shows what is allowed in the account.

The maths

Deposit DKK 100,000 and let it rise 7% in a year = 7,000 in gains.

In the aktiesparekonto: 17% of 7,000 = DKK 1,190 in tax, paid in January.
In an ordinary account: 27% of 7,000 = 1,890 — but only on the day you sell.

The difference is 700 a year on 100,000. Over many years and with compounding it adds up. The price is that you pay the tax every year and need the money for it — the account usually deducts it itself.

Who it suits

Most private investors in Denmark with less than the cap in stocks. That is why many call it "the first place to start". It suits less well if you want bonds or ETFs that are not approved for the account — those have to sit elsewhere.

Kiggo says: The aktiesparekonto is the state's way of saying: "Give it a try — we will take less of the gain." Offers like that are rare.

The typical beginner's mistake

Forgetting that the tax is deducted in January even if you have not sold. If everything is invested and there is no cash in the account, the provider typically sells shares to cover the tax — or sends you a bill. Keep a little cash, or be ready for it.

How you see it in Kiggo

Kiggo's "Get started" guide covers the aktiesparekonto together with the choice of broker — and what the different ones charge per trade. In the app's dictionary, aktiesparekonto, mark-to-market and realisation taxation are the three Danish tax terms. Kiggo is not a tax adviser; rates and caps change, so always check skat.dk.

Frequently asked questions

What is the aktiesparekonto cap in 2026?

DKK 174,200 in total deposits. The cap is usually raised a little every year. The account's value may grow above the cap — only the deposits are limited.

What can I lose in an aktiesparekonto?

The same as in an ordinary account — the stocks can fall. The tax advantage does not remove market risk. Losses are carried forward and offset against later gains in the account.

Can I hold ETFs in an aktiesparekonto?

Only ETFs that are equity-based and on the Danish tax authority's list of approved funds. Your provider shows what may sit in the account. Bond funds may not.

Is it 17% of the whole amount?

No — only of the year's gain and dividends. If the account stands still or falls, you pay no tax that year.

Kiggo explains — Kiggo does not advise. We never tell you what to buy or sell, and key figures can only be compared between companies in the same industry. The decision is yours. Last updated 2026-09-07.

Written by Claus Frisch, founder of Kiggo. Not an adviser, not a bank — Kiggo explains, you decide.