Investment Tax: Lager vs Realisation

The one-line versionTwo taxation methods decide when you owe tax. Realisation: you pay only when you sell. Lager (mark-to-market): you pay every year on the gain, sold or not. Which applies depends on what you hold.

The two methods

Danish investment tax hinges on one question: when is the gain taxed? There are two answers, and they change your cash flow and planning completely.

	Realisation (realisationsprincippet)	Lager (lagerprincippet)
When taxed	Only when you sell or get a dividend	Every year, on the change in value
Applies to	Individual stocks; Danish distributing funds	ETFs; accumulating funds; everything in an ASK
Effect	Defers tax - good for buy-and-hold	Annual bill even with no sale

Two income categories, two rate sets

Separately, what you hold decides which rates apply:

Share income (aktieindkomst) - individual stocks and ETFs on SKAT's Positivliste: 27% up to DKK 79,400, 42% above (2026; doubled to DKK 158,800 for married couples).
Capital income (kapitalindkomst) - funds not on the Positivliste: taxed with your other capital income, up to about 42%, and added to your personal income.

The Positivliste is the deciding listSKAT publishes an annual list of share-based funds. On the list, a fund is taxed as share income (27/42). Off it, as capital income (up to 42). It's updated each January and funds move on and off - check yearly.

Worked example

You buy a Positivliste ETF for DKK 100,000 in March. By 31 December it's worth DKK 114,000, though you've sold nothing. Under lagerbeskatning you owe tax on the DKK 14,000 gain now: DKK 14,000 x 27% = DKK 3,780 (assuming you're under the DKK 79,400 threshold). If it later falls, you get a deduction for the loss, which carries forward.

Lager means a tax bill with no saleThe catch with ETFs and accumulating funds is you can owe tax in a year you sold nothing - purely on paper gains. Keep cash aside for it. Individual stocks avoid this: you pay only when you sell.

How this shapes strategy

Buy-and-hold individual stocks defer tax until sale (realisation) - powerful over long horizons.
ETFs are convenient and diversified but taxed annually (lager) - plan for the yearly bill.
The ASK uses lager too, but at just 17% - usually the best home for ETFs.

Spread large sales across yearsBecause the 27% rate only covers the first DKK 79,400 of share income a year, selling a big holding all at once can push gains into the 42% band. Selling across two calendar years can keep you under the threshold both times.

Common questions

Why are ETFs taxed differently from stocks?

Danish rules put most ETFs and accumulating funds on lagerbeskatning (annual), while individual stocks and distributing funds use realisation (on sale). It's about the vehicle, not the underlying assets.

Does the Positivliste really change my rate?

Yes - on the list means share-income rates (27/42); off it means capital-income treatment (up to 42) and it stacks on your personal income. Check every January.

Is accumulating vs distributing relevant?

For ETFs, Denmark largely ignores the distinction - lager taxes the whole change in value, dividends included, whether paid out or reinvested.

Verified July 2026 against official sources: skat.dk (Skattestyrelsen), the Danish Ministry of Taxation and broker documentation (Nordnet, Saxo). Figures are 2026 levels and reset each January. General information, not financial or tax advice - see our editorial policy.

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