Lager vs realisation, when you actually pay
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.
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.
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.
Common questions
Why are ETFs taxed differently from stocks?
Does the Positivliste really change my rate?
Is accumulating vs distributing relevant?
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.