Act On The Tax Treatment Of Gains And Losses On The Disposal Of Shares Etc. (Capital Gains Tax Act)

Original Language Title: Bekendtgørelse af lov om den skattemæssige behandling af gevinster og tab ved afståelse af aktier m.v. (aktieavancebeskatningsloven)

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Overview (table of contents)

Chapter 1

Scope of the Act


Chapter 2

The circle of taxable


Chapter 3

Common shares


Chapter 4

Special rules for certain shares


Chapter 5

Investment fund units and shares in financial companies


Chapter 6

Statement of profit and loss


Chapter 7

Acquisition and disposal, etc.


Chapter 8

relocation


Chapter 9

Commencement


Appendix 1

European Parliament and Council Directive 2009/65 / EC:


The full text
Act on the tax treatment of gains and losses on the disposal of shares etc. (Capital Gains Tax Act) 1)
hereby promulgated Law on the tax treatment of gains and losses on the disposal of shares etc. ( Capital Gains Tax Act). Act no. 796 of 20 June 2011, with the changes resulting from § 1 of the law no. 1380 of 28 december 2011, § 3 of law no. 1382 of 28 december 2011, § 9 law no. 118 of 7 February 2012, § 1 of law no. 433 of 16 May 2012, § 4 of the law no. 557 of 18 June 2012, § 3 of law no. 591 of 18 June 2012, § 2 of law no. 922 of 18 september 2012 § 1 of the law no. 1255 of 18 december 2012, § 3 of law no. 1354 of 21 december 2012 and § 2 of the law no. 792 of 28 June 2013 .
the change resulting from § 1 of the law no. 624 of 14 June 2011 is not included in this consolidated act when change is subsequently terminated in accordance. § 6 of the Act no. 1255 of 18 december 2012.

Chapter 1

The scope of

§ 1. Gains and losses on disposal of shares included in the calculation of taxable income in accordance with this law.

PCS. 2. Act on shares shall also apply to shares in private limited companies, shares, tradable investment certificates and similar securities. Provisions of this Act shall also apply mutatis mutandis to ownership interests in companies covered by the Corporation Tax Act § 2 C.

PCS. 3. Furthermore, the Act on shares correspondingly to convertible bonds.

PCS. 4. Gains and losses on the sale of subscription rights to shares to subscribe for convertible bonds or right to bonus shares (share rights) included in the calculation of taxable income in accordance with this law. Apart from § 36, the provisions of this Act do not apply to subscription rights to shares that are covered by Tax Assessment Act § 28

§ 2. Gains and losses on the distribution of liquidation proceeds from limited companies, etc. in the calendar year in which the company, etc. finally dissolved, under the rules of this law. 1st clause. shall not apply upon the distribution of liquidation proceeds are taxable for associations and companies for Corporation Tax Act § 5 B, paragraph. 4 and Merger Tax Act § 12 paragraph. 3, and in cases where the distribution of liquidation proceeds Assessment Act § 16a paragraph. 3, no. 1, to be accounted for dividends. At the distribution of liquidation proceeds from a UCITS with minimum tax, subject to § 21, the first section. only apply to the extent the distribution exceeds the minimum income, see. Assessment Act § 16 C, paragraph. 3.

PCS. 2. Gains and losses on distribution in connection with reduction of share capital, etc. of a company etc. and gains and losses on the distribution of liquidation proceeds from limited companies, etc. preceding the calendar year in which the company, etc. finally dissolved, under the rules of this law, if after rules of the Assessment Act § 16a paragraph. 3, no. 2, obtained permission for the distributed amount exempt from taxation as dividends, and in cases covered by Assessment Act § 16a paragraph. 3, no. 3

PCS. 3. Gains and losses on the sale of shares to the company, etc., which issued shares, under the rules of this law in the following cases:

1) The sale of shares acquired by exercising a purchase option or subscription under the Assessment Act, § 28, where the issue of shares is subject to the shares from the disposal or death of the employee sold at the company, which in this case is required to acquire these. It is a condition that the employee shareholder is not the main shareholder in the company after § 4.

2) On disposal of a company, etc. wound up in the calendar year in which the company, etc. finally dissolved, see. However Assessment Act § 16 B, paragraph. 2, no. 2.

3) On disposal of investment certificates.


4) On disposal of shares which are admitted to trading on a regulated market, unless the seller after the Assessment Act § 16 B, paragraph. 3, has indicated that the sale is subject to Assessment Act § 16 B, paragraph. 1.

5) In accordance Assessment Act § 16 B, paragraph. 2, no. 6, obtained permission for the selling amount exempt from taxation as dividends.

6) When the shares covered by § 17 have been abandoned by a company that meets the conditions to receive dividends exempt from tax under the rules of Corporation Tax Act § 2. 1, point c and § 13 paragraph. 1 pt. 2

PCS. 4. Cash amounts received in connection with a tax-free exchange of shares, see. § 36, or a tax-free merger or a tax-cleavage covered by the Merger Tax Act and which shall be an amount that is less than the market value of each of the shares assigned in the acquiring respectively the receiving company, under the rules of the Assessment Act § 16a paragraph. 1.

Marketable investment certificates

§ 3. Marketable investment certificates are always considered investment certificates admitted to trading on a regulated market.

Definition of major shareholder shares

§ 4. As the majority shareholder shares are considered securities owned by taxpayers who own or at any time within the past 5 years has owned 25 per cent. or more of the share capital or which areas or in the above have already held more than 50 per cent. of the voting. If the shares are acquired in connection with the conversion of an individual enterprise under the Act on tax-exempt business transformation, considered the shares of major shareholder equity if the taxpayer at any time in the past 10 years has owned shares representing 25 per cent. or more of the share capital by conversion or council of more than 50 per cent. of the voting. The calculation of the share capital of a company apart from its holding of treasury shares.

PCS. 2. In determining whether the taxpayer or the estate by the taxpayer owns or has owned at least 25 per cent. of the share capital of a company or has or has had more than 50 per cent. of the total voting power, included shares simultaneously belong or have belonged to the taxpayer's spouse, parents and grandparents, children and grandchildren and their spouses or estates of the persons mentioned. Place Barns and adoptive equated with natural parentage. Shares belonging to a former spouse of the first section. persons mentioned and shares, as a spouse for the first section. mentioned persons have refrained before marriage, counted not. Also included are shares that belong or have belonged corporations, foundations, etc., over which the above persons because of share ownership, statute provision, agreement or joint management has or had a controlling interest. Control is due to shareholding exists if one or more people in it in the first section. persons mentioned because of ownership or disposal of voting rights directly or indirectly owns more than 50 per cent. of the share capital or controls more than 50 per cent. of the votes. If the shares are admitted to trading on a regulated market, the controlling influence of a concrete assessment be available at an interest of less than 50 percent.

PCS. 3. Convertible bonds are not counted in determining whether the taxpayer under subsection. 1 and 2, own or have owned 25 per cent. or more of the share capital or has or has had more than 50 per cent. of the voting share capital.

Definition of subsidiary shares

§ 4 A. subsidiary shares mean shares held by a company owning at least 10 per cent. of the share capital of the subsidiary, see. However paragraph. 2, 3 and 7.

PCS. 2. It is a condition under subsection. 1 that the subsidiary under the Corporation Tax Act § 1. 1, no. 1-2 a, 2 d-2h and 3a-5 b, or the taxation of dividends from the subsidiary waived or reduced in accordance with Directive 2011/96 / EU on a common system of taxation for parent companies and subsidiaries different Member States or under a double taxation treaty with the Faroe Islands, Greenland or the state of the subsidiary.

PCS. 3. Subsidiary Shares considered owned directly by the parent company (the holding company) direct and indirect shareholders who are subject to Corporation Tax Act § 1, § 2. 1, point a, or §§ 31 A or 32 Funds Tax Act § 1 or Assessment Act § 16 H, and at any phase between the shareholder and the holding company owns 10 per cent. of the shares in the underlying company. It applies only if the following conditions are met:


1) Intermediate Holding Company's primary function is ownership of subsidiary shares and group shares. See § 4 B.

2) Between the holding company carries no real economic activities relating to the shareholding.

3) Between The holding company does not own the entire share capital of its subsidiary, or between the holding company owns the entire share capital of a subsidiary which is not taxable in Denmark, and the taxation of dividends from the subsidiary through direct ownership would be reduced or waived in accordance with Directive 2011/96 / EU on a common system of taxation for parent companies and subsidiaries of different Member States or under a double taxation treaty with the Faroe Islands, Greenland or the state of the subsidiary.

4) The shares in the holding company are not admitted to trading on a regulated market or a multilateral trading facility.

5) More than 50 per cent. of the share capital of the holding company owned directly or indirectly by companies etc. as mentioned in point 1. that would not be able to receive dividends tax by direct ownership of the shares in each subsidiary.

PCS. 4. If the same shares as a result of the paragraph. 3 directly owned by several corporate shareholders, subject to paragraph. 3, point 1., The shares are considered to be owned directly by the top shareholder.

PCS. 5. If the shares owned by the company's shareholders referred to in paragraph. 3, no. 5, conferred dividend preference, include the following shareholdings in the holding company by the statement in paragraph. 3, no. 5:

1) Shareholdings associated personal shareholders with a controlling influence. See Assessment Act § 16 H, paragraph. 6, in the corporate shareholder.

2) Shareholdings of persons who are related to the personal shareholders, see. Assessment Act § 16 H.

3) Portfolio Shareholdings associated companies, etc., where the persons listed in no. 1 and 2 has a controlling influence. See Assessment Act § 16 H, paragraph. 6

4) Portfolio Shareholdings associated funds etc. founded by persons listed in no. 1 and 2, following. Assessment Act § 16 H, paragraph. 6

PCS. 6. By witholding tax under PAYE Act § 65 in cases where a company shareholder under subsection. 3 is considered to own shares in the underlying companies directly obliges the corporate shareholder for payment of an amount equal to the tax value of the company shareholder's share of the distributed profits to the holding company. The payment has no tax consequences for the payer or receiver.

PCS. 7. Subsidiary Shares. See paragraph. 1, does not include convertible bonds and warrants convertible bonds.

Definition of group shares

§ 4 B. In group shares mean shares, where the owner and the company in which it holds shares, are taxed for Corporation Tax Act § 31, or can be assessed jointly by the Corporation Tax Act § 31 A. In group shares understood also shares how a fund etc. and the company in which owned shares is consolidated, ref. company tax Act § 31 C, and where the company can enter into a joint taxation.

PCS. 2. Group Shares considered owned directly by the owners of the consolidated company (the holding company) shareholders who are subject to Corporation Tax Act § 1, § 2. 1, point a, or §§ 31 A or 32 Funds Tax Act § 1 or Assessment Act § 16 H, which owns 10 per cent. of the shares in the underlying company of any link between the shareholder and the intermediary company. It applies only if all the conditions of § 4 A, paragraph. 3, Nos. 1-5 are met. § 4 A, paragraph. 4-6 shall apply mutatis mutandis.

PCS. 3. Group Company Shares. See paragraph. 1, does not include convertible bonds and warrants convertible bonds.

Definition of tax-exempt portfolio shares

§ 4 C. In the tax-equity securities means any shares that are not admitted to trading on a regulated market or a multilateral trading facility and owned by a company that owns less than 10 per cent. of the shares in the portfolio company, see. However paragraph. 2-5.

PCS. 2. Tax-exempt portfolio shares does not include shares owned by a life insurance company.

PCS. 3. It is a condition for the shares covered by paragraph. 1 that portfolio company limited by shares which is taxable by the Corporation Tax Act § 1. 1, no. 1, or an equivalent foreign company.


PCS. 4. It is a condition for the shares covered by paragraph. 1, the value of the portfolio company's holding of shares admitted to trading on a regulated market or a multilateral trading facility, calculated on average over the previous fiscal year for the portfolio company does not exceed 85 per cent. of the portfolio company's equity at the end of the same year. For the portfolio company's first financial year shall apply the earliest accounts as the basis for the statement. If the portfolio company has a controlling influence. See Assessment Act § 2. 2 of another company whose shares are not admitted to trading on a regulated market or a multilateral trading facility, is seen in the calculation under the first section. Excluding these shares, and instead included the share of other companies' shares which are admitted to trading on a regulated market or a multilateral trading facility and equity corresponding to the portfolio company's direct or indirect ownership in the other company.

PCS. 5. Tax-portfolio shares exclude shares covered by §§ 4 A and 4 B, convertible bonds or warrants convertible bonds.

FIFO principle

§ 5. If a taxpayer owns shares with the same rights acquired at different times, are considered the first shares acquired for the first divested.

PCS. 2. Shares held in trust by the Assessment Act § 7a counted only after the paragraph. 1 from the time the escrow ophører.2)

loss

§ 5 A. Loss on disposal of shares can only be deducted to the extent that the loss exceeds the sum of the following dividends received:

1) Dividends received on the shares by the taxpayer in ownership have always been exempt from counting on income.

2) Dividends received on the shares in which the taxpayer has obtained relief on dividends paid by a tax treaty with an amount greater than the tax paid to the foreign state. It included an amount corresponding to the increased relaxation.

PCS. 2. The sum of dividends received in the paragraph. 1 increased to the extent that the tax on dividend preference shares in the company have received similar dividends have not already reduced loss deduction under subsection. 1.

PCS. 3. Companies that are taxable under § 17 or are subject to § 43 paragraph. 4, the sum of dividends received by paragraph. 1 include any subsidies and benefits of dividend preference shares granted by the equity loss-making group company and group companies as stock loss-making group company directly or indirectly has a controlling interest, to other group companies as stock loss-making group company has no direct or indirect controlling influence over. For group companies means companies in the same group for Corporation Tax Act § 31 C. 1st clause. shall apply to persons who are taxable under § 7 if these directly or indirectly has control over both the sponsoring as grant recipient company.

Chapter 2

Circle of taxable

Companies, etc.

§ 6. Companies, foundations and associations etc. that are taxable under the Corporation Tax Act or the Funds Tax Act, should the calculation of taxable income include gains and losses on shares covered by §§ 1 and 2, according to the rules specified in § § 5, 8-10 and 16-19, § 20 paragraph. 1, § 20 A, Chapter 6 and §§ 29 A-31, 33, 36-37 and 43.

people

§ 7. Persons taxpayer Withholding Tax, and estates that are taxable for estate tax law, should the calculation of taxable income include gains and losses on shares covered by §§ 1 and 2 in accordance with the rules set in § 5, §§ 12-15, Chapter 4, § 19, § 20 paragraph. 2, §§ 21 and 22, Chapters 6 and 7, §§ 37-39 B and 44-47.

Chapter 3

Common shares

Subsidiary Shares, group shares and tax equity securities

Companies, etc.

§ 8. Gains and losses on disposal of subsidiary shares, group shares and equity securities covered by § 4 C are not included when calculating taxable income.

Taxpayers portfolio shares, etc.

Companies, etc.

§ 9, 2) Gain on shares that are not covered by § 8, included in the calculation of taxable income, see. However, § 10.

PCS. 2. Losses on shares covered by paragraph. 1, where the taxpayer uses the storage principle, see. § 23 paragraph. 5, deducted in calculating taxable income, see. However paragraph. 5 and § 10


PCS. 3. Losses on shares covered by paragraph. 1, where the taxpayer uses realization, see. § 23 paragraph. 6, can be deducted in the income year gains on realisationsbeskattede shares after paragraph. 1, see. However paragraph. 5 and § 10

PCS. 4. Losses are not deductible under paragraph. 3, deducted in the following indkomstårs gains on realisationsbeskattede shares after paragraph. 1. Losses can only be transferred to deductions in subsequent income if it can not be accommodated in net gains on realisationsbeskattede shares covered by paragraph. 1 in a previous assessment. By switching to the storage principle, argued loss deducted in net gains subject to paragraph. 1.

PCS. 5. Notwithstanding paragraph. 2 and 3, loss on disposal of intercompany convertible bonds and subscription rights for such convertible bonds can not be deducted in computing the taxable income. By intercompany convertible bonds are bonds of affiliated companies, see. Corporation Tax Act § 31 C.

§ 9 A. (Repealed).

Treasury shares

Companies, etc.

§ 10. Gains and losses on own shares are not included when calculating taxable income.

Fusion between cooperatives and companies, etc.

Companies, etc.

§ 11. (Repealed).

Gains

people

§ 12. Gain on disposal of shares included in the calculation of taxable income.

Tab - shares not admitted to trading on a regulated market

people

§ 13. Losses on disposal of shares not admitted to trading on a regulated market shall be deducted in computing the taxable income.

PCS. 2 pcs. 1 shall not apply to shares in the taxpayer's holding period has been admitted to trading on a regulated market. Losses on such shares is treated instead by § 13 A.

Tab - shares admitted to trading on a regulated market

people

§ 13 A. Loss on disposal of shares which are admitted to trading on a regulated market shall be deducted from the sum of the income year dividends, profits and selling prices for Assessment Act § 16 B referred to. However, this Act § 14. Losses can only be deducted in dividends, profits and selling prices related to shares admitted to trading on a regulated market where any gain is subject to § 12, and the dividends relating to shares covered by § 44. Furthermore, losses are deductible only in dividends, profits and selling prices that share income, cf.. personal tax Act § 4 a.

PCS. 2. Losses are not deductible under paragraph. 1, deducted in the following indkomstårs dividends, profits and selling prices for Assessment Act § 16 B. Paragraph. 1, 2 and 3 shall. Apply mutatis mutandis. Losses can only be transferred to deductions in subsequent income if it can not be accommodated in the sum of dividends, profits and selling prices in a previous fiscal year.

PCS. 3. If the taxable married and exceeds the taxpayer's total loss sum of the total amount of dividends, profits and selling prices for Assessment Act § 16 B, transferred the surplus in the income year to deduct the net amount of the spouse's total dividends, gains, losses and selling prices for Assessment Act § 16 B, if the spouses cohabiting at the income year end, see. withholding tax Act § 4. the loss is also transmitted by the rule in the first section. to deduct the net amount of the spouse's total dividends, gains, losses and selling prices for Assessment Act § 16 B in the following fiscal year, if the loss can not be included in the sum of the taxable dividends, profits and selling prices for Assessment Act § 16 B of the income year. PCS. 1, 2 and 3 shall. Apply mutatis mutandis.

§ 14. Deductions according to § 13 A is subject to customs and tax administration before the end of the tax return deadline after Tax Act § 4, paragraph. 1, point 1., For the income year in which the acquisition has taken place, or the escrow of shares held in trust by the Assessment Act § 7 A cease, received information about the acquisition of the shares, indicating the shares identity number, the date of acquisition and the acquisition cost.

PCS. 2. The condition in paragraph. 1 is considered to be met if the customs and tax administration, regardless of the time limit in paragraph. 1 has received information about the acquisition by the reporting of other reporters than the taxpayer after Tax Act § 10 paragraph. 4, § 10 B, § 10 E or § 11 H. The condition in paragraph. 1 is considered regardless of the deadline also fulfilled if the taxpayer can demonstrate that the reports made on its behalf is inaccurate.


PCS. 3. For shares acquired prior to the onset of tax liability to this country considered the condition in paragraph. 1 to be met if the loss-share is included in the information in the statement issued by the Tax Act § 11 B, paragraph. 4, or if the loss-share is included in the information in a statement containing the information specified in the Tax Act § 11 B, paragraph. 4, the holding of shares by the onset of tax liability to this country in which the taxpayer has submitted to the customs and tax administration before the end of the tax return deadline for the income year in which the tax liability to this country occurs. For shares that are part of a portfolio overview, see. § 39 A, considered the condition in paragraph. 1 also satisfied.

PCS. 4. shares in the taxpayer's ownership admitted to trading on a regulated market without previously being admitted to trading, considered the condition in paragraph. 1 met if Customs and Tax Administration received information about the acquisition of shares before the end of the tax return deadline for the income year in which the share admitted to trading on a regulated market. The condition in the first section. deemed to be met if the customs and tax administration received information about the possession after Tax Act § 11 B, paragraph. 6, or whatever time period specified in the first section. received information about the possession of reporting for Tax Act § 10 paragraph. 1 and 2, or disclosure by Tax Act § 11 B, paragraph. 7. Paragraph. 2, point 2. Shall apply mutatis mutandis.

PCS. 5. For shares acquired on distributions from an estate where the declaration of estate was filed after the deadline referred to in paragraph. 1, considered the condition in paragraph. 1 to be met if the distribution recipient later than on submission of the declaration of estate emit in paragraph. 1 information provided to customs and tax administration.

Shares to housing

people

§ 15. Gains and losses on the sale of stocks, shares and similar securities that are associated with the right to use an apartment in a building with several flats, are tax free if the residential requirement mm, see. Property Gains Tax Act § 8 ​​paragraph. 4, are met.

PCS. 2. Gains and losses on the distribution of liquidation proceeds of shares, as referred to in paragraph. 1 is tax under the same conditions as mentioned in paragraph. 1, when the distribution takes place in the calendar year in which the company, etc. finally dissolved.

Chapter 4

Special rules for certain shares

Allocation of subscription rights to shares - existing shareholders

Entities, companies and individuals

§ 16 Gain on sale of subscription rights to shares due to the allocation of subscription rights to shares not kept in proportion to the existing shareholders are tax free. Losses on disposal of subscription rights as mentioned in the first section. can not be deducted.

PCS. 2. Notwithstanding the provisions of paragraph. 1 gains and losses must be included in the calculation of taxable income, if the allocation is a gift for the recipient. The rule in the first section. shall apply only to the grant of warrants entitling to subscribe for shares at a price at grant date is below the market price.

Nutritional

Entities, companies and individuals

§ 17. If the taxpayer carries nutrients in the purchase and sale of shares included gains and losses on the disposal of shares acquired as part of this source of income, the calculation of taxable income.

PCS. 2. Notwithstanding paragraph. 1, loss on disposal of intercompany convertible bonds and subscription rights for such convertible bonds can not be deducted in computing the taxable income. By intercompany convertible bonds are bonds of affiliated companies, see. Corporation Tax Act § 31 C.

PCS. 3. If the taxpayer covered by paragraph. 1, included gains and losses on all the taxpayer's investment units in UCITS with minimum tax, see. Assessment Act § 16 C, paragraph. 1, the calculation of taxable income.

PCS. 4. In cases covered by paragraph. 1 or 3, the regulations of §§ 8, 9, 12-14, 17 A, 22, 44 and 47 do not apply. PCS. 1 and 3 do not apply to in §§ 10 and 15, § 16 paragraph. 1 and §§ 18 and 19 cases mentioned.

Shares owned by private equity partners

people


§ 17 A. For taxpayers with a privileged position in a capital or venture fund included gains and losses of shares acquired through capital or venture fund in the calculation of taxable income. Gains attributed also dividends and selling prices of the shares. The taxpayer has a preference when it is agreed that the taxpayer's proportionate share of the results of the investment unit exceeds the taxpayer's proportionate share of the total participation capital. The total participation capital includes both paid-in capital and loan capital subscribed by the participants in the capital and venture fund.

PCS. 2. Gains by paragraph. 1 must be divided into

1) gains, not exceeding a standard return, see. Paragraph. 4, of the subscribed capital, and

2) gains that exceed standard return on the capital invested.

PCS. 3. The capital and venture funds means investment vehicles that invest in stocks in order to completely or partially to acquire one or more companies, etc. in order to participate in the management and operation of these.

PCS. 4. By default return means the return of the other participants in the capital and venture fund without preference achieves. When calculating the standard return included both the return on the capital invested and the return of loan capital.

PCS. 5. In cases covered by paragraph. 1, the provisions of §§ 12-15, 22, 44 and 47 do not apply. PCS. 1 shall not apply to in § 16 paragraph. 1 and §§ 17, 18 and 19 cases mentioned.

Shares in cooperatives

Entities, companies and individuals

§ 18. Gains and losses on the sale of shares or shares in cooperatives under the Corporation Tax Act § 1. 1, no. 3, included in the calculation of taxable income.

PCS. 2. Gains and losses on the distribution of liquidation proceeds from cooperatives referred to in paragraph. 1 included in the calculation of taxable income when the distribution takes place in the calendar year in which the cooperative is finally wound up.

PCS. 3. In cases covered by paragraph. 1 or paragraph. 2, the regulations of §§ 9, 12-14, 17, 17 A, 19, 31, 32, 36 and 47 do not apply.

PCS. 4. Gain on sale of share certificates, etc. are not covered by paragraph. 1 and 3, if the cooperative was established prior to 22 May 1987 and the cession has not been done to avoid taxation under paragraph. 2.

Chapter 5

Investment units and shares in financial companies

Investment fund units and shares in investment companies

Entities, companies and individuals

§ 19. Gains and losses on shares and investment certificates, etc. issued by an investment included in the calculation of taxable income.

PCS. 2. When an investment means:

1) A UCITS pursuant to the European Parliament and Council Directive 2009/65 / EC See Appendix 1.

2) A company etc., whose business is investing in securities and where the shares of the company at the request of holders, repurchased, out of the assets with a market value that is not substantially less than the intrinsic value. With the buyback equated to a third party informs the company that either he or another natural or legal person upon request, will buy any shares at a market value that is not substantially less than the intrinsic value. The requirement for repurchase on demand is met, even if the claim can only be granted within a certain time limit. Although there is no obligation to repurchase, considered the company for an investment firm if its business is collective investments in securities etc. Collective investment means that the company has at least 8 participants. Affiliated and related parties pursuant. Capital Gains Act § 4, paragraph. 2, and this Act § 4, paragraph. 2, considered in this context to one participant.


PCS. 3. An investment firm referred to in paragraph. 2, no. 2, 1st clause., Does not include a company etc., if fortune through subsidiary companies mainly invested in assets other than securities, etc. When a subsidiary means a company in which the parent company has a controlling influence. See Assessment Act § 2. 2. An investment referred to in paragraph. 2, no. 2, Item 4., Does not include a company etc., if more than 15 per cent. of the company's financial assets during the year on average, are located in other than securities, etc. For securities, etc. are not included shares in another company in which the former company holds 10 per cent. of the share capital, unless the other company is itself an investment firm which. paragraphs. 2. Where a company has a controlling interest in a company, see. Assessment Act § 2. 2, seen in the calculation by the third section. Excluding these shares, and instead included the shares of the other company assets, which corresponds to the former company direct or indirect ownership in the other company.

PCS. 4. An investment firm referred to in paragraph. 2 does not include a UCITS with minimum tax, see. Assessment Act § 16 C. An investment referred to in paragraph. 2 also does not include a custodian association that fulfills the conditions of § 2, 2nd and 3rd clauses., The Act on taxation of members of custodian funds.

PCS. 5. An investment firm referred to in paragraph. 2, no. 2, Item 4., Does not include a company, etc., solely owns shares, warrants and share rights in another company if all the shareholders of the former company by acquisition of the shares was an employee of the other company or other companies that are affiliated with the other company, ref. company tax Act § 31 C, unless the second or one of the other companies itself is an investment firm which. paragraphs. 2. Notwithstanding the 1st clause. the company may also hold cash, including placement in a current account, within a limit of 15 per cent. of the company's financial assets calculated on average during the year.

PCS. 6. In cases covered by paragraph. 1, the §§ 8-9, 12-14, 17 and 17 A not applicable. PCS. 1 shall not apply in the cases mentioned in § 10, § 16 paragraph. 1 and §§ 18, 21 and 22

Certificates of other accumulative investment funds

Entities, companies and individuals

§ 20. For taxpayers subject to § 6 included gains and losses on the sale of negotiable certificates of deposits accumulating investment funds, ref. Company tax Act § 1. 1 pt. 5 a, in computing the taxable income under the rules specified in Chapters 1 and 2, §§ 8-10 and 17 and Chapter 6-9.

PCS. 2. For taxpayers subject to § 7 included gains and losses on the sale of negotiable certificates of deposits accumulating investment funds, ref. Company tax Act § 1. 1 pt. 5 a, in computing the taxable income under the rules specified in Chapters 1 and 2, §§ 12-14, 17 and 17 A and Chapters 6-9.

Certificates of UCITS with minimum taxation

Companies, etc.

§ 20 A. Gains and losses on marketable securities for deposits in UCITS with minimum tax, see. Assessment Act § 16 C, paragraph. 1, included in the calculation of taxable income under the rules specified in Chapters 1 and 2, §§ 9, 10 and 17 and Chapter 6-9, cf.. However paragraph. 2.

PCS. 2. For UCITS that have less than eight participants, it is a condition for being able to deduct losses that the UCITS invests in receivables in respect of which a participant in the fund is affiliated with by the Capital Gains Act § 4, paragraph. 2.

Certificates of share-based UCITS with minimum taxation

people

§ 21. Gains and losses on the sale of negotiable certificates of deposit in UCITS with minimum tax, see. Assessment Act § 16 C, paragraph. 1, which is equity-based, see. Paragraph. 2-5, included in the calculation of taxable income under the rules specified in Chapters 1 and 2, §§ 12-14, 17 and 17 A and Chapters 6-9.

PCS. 2. A UCITS with minimum taxation is based on shares, if 50 per cent. or more of the department's asset base during the Institute's income year average is placed in securities etc. covered by this Act, except for shares subject to § 19 and investment certificates covered by § 22. It is a further condition that the remainder of the total assets exclusively located in securities, etc. and in the Department's administration building.


PCS. 3. When determining whether placements comply with the requirements of paragraph. 2, any assets as defined in the Capital Gains Act §§ 29-33 with the value of the underlying asset.

PCS. 4. If the UCITS investments do not comply with the requirements of paragraph. 2, considered the Foundation to have changed tax status to a bond based UCITS with minimum tax, see. § 33 and Corporation Tax Act § 5 F, and the rules of § 22 apply.

PCS. 5. The Company shall submit information to the customs and tax authorities to assess whether placement limit in subsection. 2 are met. The information must be submitted no later than simultaneously with the data to assess whether the UCITS complies with the conditions for being a UCITS with minimum taxation. If placing limit is not met, the UCITS must publish this.

Certificates of bond UCITS with minimum taxation

people

§ 22. Gains and losses on the sale of negotiable certificates of deposit in UCITS with minimum tax, see. Assessment Act § 16 C, paragraph. 1, there is bond, see. Paragraph. 2-5, included in the calculation of taxable income. 1st clause. shall, however, only apply if the net gain or net loss, added to net gains and losses on debts covered by the Capital Gains Act §§ 14 and 23 exceeds 2,000 kr.

PCS. 2. A UCITS with minimum taxation is based bond if less than 50 per cent. of the department's asset base during the Institute's income year average is placed in securities etc. covered by this Act, except for shares subject to § 19 and investment certificates covered by this provision. It is a further condition that the remainder of the total assets exclusively in securities etc. and in the Department's administration building.

PCS. 3. When determining whether placements comply with the requirements of paragraph. 2, any assets as defined in the Capital Gains Act §§ 29-33 with the value of the underlying asset.

PCS. 4. If the UCITS investments do not comply with the requirements of paragraph. 2, considered the Foundation to have changed tax status to a share-based investeringsinstitutmed minimum tax, see. § 33 and Corporation Tax Act § 5 F, and the rules of § 21 applies.

PCS. 5. The Company shall submit information to the customs and tax authorities to assess whether placement limit in subsection. 2 are met. The information must be submitted no later than simultaneously with the data to assess whether the UCITS complies with the conditions for being a UCITS with minimum taxation. If placing limit is not met, the UCITS must publish this.

PCS. 6. In the cases covered by paragraph. 1, the rules in §§ 5 A, 12-13 A and 44 do not apply. PCS. 1 shall not apply in §§ 17, 17 A and 19 cases mentioned.

Chapter 6

Statement of profit and loss

Entities, companies and individuals

§ 23. Gains and losses on shares to be included in the calculation of taxable income shall be included in the income year in which the gain or loss realized (realization).

PCS. 2. Taxpayers covered by § 7, for gains and losses included in § 17 in place once and for all choose to include unrealized gains and losses on holdings of shares to the taxable income (inventory principle). If the taxpayer chooses to use market principle, calculated income net gain or loss as the difference between the value of the shares by income year-end and value of the shares by income year beginning. For shares acquired in income during the year, used the purchase price instead of value of the shares by income year beginning. For shares that are abandoned in income during the year, used the sales price instead of the value of the shares by income year-end.

PCS. 3. Tax and Customs Administration may allow another specification method used subject. However paragraph. 4-8. If such permission is given, it can hereby approved specification method amended only by permission of the customs and tax administration.

PCS. 4. Taxpayers covered by § 7 should use market principle when determining the gain or loss on units covered by § 17 paragraph. 3. In addition, taxable under § 7 apply market principle when determining the gain or loss on units covered by § 22 if he or she uses market principle when determining the gain or loss on the bonds that are admitted to trading on a regulated market.


PCS. 5. Taxpayers covered by § 6 must use market principle when determining the gain or loss on the shares covered by §§ 9 and 17, § 20 paragraph. 1 and § 20 A, see. However paragraph. 6

PCS. 6. Notwithstanding paragraph. 5 may be taxable under § 6 apply realization when determining the gain or loss on the shares covered by § 9, which are not admitted to trading on a regulated market or a multilateral trading facility. It is a condition that the taxpayer uses the realization of all such shares. 1st clause. shall not apply if the taxpayer has used market principle of such shares, or if the taxpayer is a life insurance company. 1st clause. shall not apply to investment units under § 20 paragraph. 1, or § 20 A. 1st section. does not apply to subscription rights to shares, convertible bonds and subscription rights to convertible bonds if the shares to be subscribed or converted to will be admitted to trading on a regulated market or a multilateral trading facility.

PCS. 7. The taxpayer must use market principle when determining the gain or loss on shares, investment certificates, etc. covered by § 19 paragraph. 1. In cases where the taxpayer and the investment firm has different accounting years, and in the case of shares not admitted to trading on a regulated market or registered in a central securities depository, the value at the beginning of the investment company's income year instead of the value at the beginning of the taxpayer's income year and the value at the end of the investment company's income year will supersede the value at the end of the taxpayer's income year. For shares which the taxpayer acquired during the investment company's income year, enter the purchase price instead of value of the shares at the beginning of the tax year. For shares that the taxpayer has ceded during the investment company's income year, will enter the sales price instead of the value of the shares at the end of the tax year. The value of shares and investment certificates, etc., issued by an investment company, is market price. Can a market value is not determined, or is this lower than the surrender value is calculated according to § 19 paragraph. 2, no. 2, used the surrender value.

PCS. 8. On disposal of an investment certificate in a UCITS with minimum tax, which has been subject Assessment Act § 16 C, and where the investment certificate because of the department's decision or due to lack of timely submission of correct information on minimum income, etc. covered by § 19 PCS. 1, the taxable income from the sale, as the paragraph. 7, § 19 paragraph. 1 and § 33 paragraph. 1, did not apply. However, this applies only if the cession occurs within decision time or before the time the timely submission of correct information should have taken place and the taxpayer not because of the outcome of a cover being general had reason to believe that the decision would be taken, or that there would not be timely submission of correct information.

§ 23 A. The calculation of gains and losses on intercompany convertible bonds under § 9 and § 17 used market principle on each convertible bond. The value of income end of the year and the sales price can not be less than the tax acquisition. By intercompany convertible bonds are bonds of affiliated companies, see. Corporation Tax Act § 31 C. 1st and 2nd clauses. apply mutatis mutandis to warrants convertible bonds.

§ 24. Gains and losses are calculated using the average method. See § 26, cf.. However paragraph. 2.

PCS. 2. Gains and losses on disposal of share rights and subscription rights to shares admitted to trading on a regulated market, measured by the share of equity-method. See § 25.

PCS. 3. Taxpayers who change from realization to the market principle, to use the share purchase price as the value at the beginning of the first fiscal year in which the change to take effect. Taxpayers who change from market principle for the realization must use the share value at the end of the tax year before principle changed as the share's purchase price at a later statement of gains and losses on the stock. 1st and 2nd clauses. shall not apply in cases covered by § 33 A.


PCS. 4. For shares covered by § 17 released for the taxpayer's investment portfolio, and where the taxpayer has elected to calculate gains and losses after the inventory, see. § 23 paragraph. 2, the shares are considered to have been transferred to the investment portfolio of the subsequent years. At a subsequent disposal calculated gains and losses on the basis of the shares' value at the end of the tax year before the transition, rather than the acquisition cost.

PCS. 5. If the shares are acquired before tax liability, the regulations of § 37 on the acquisition date and acquisition price use. Upon termination of tax liability or tax residence, the provisions of § 38 apply for the calculation of gains and losses in accordance with paragraph. 1 and 2.

Share precooked and subscription rights to shares admitted to trading on a regulated market

Entities, companies and individuals

§ 25. Gains and losses on disposal of share rights and subscription rights to shares admitted to trading on a regulated market, calculated as the difference between the sales price and the acquisition cost.

PCS. 2. The purchase price of share rights and subscription rights allocated to the taxpayer in its capacity as shareholder of the company, is 0 kr.

PCS. 3 pieces. 1 shall not apply in cases where gains and losses are calculated on an accrual basis.

Average method

Entities, companies and individuals

§ 26. Gains and losses on the disposal of shares is calculated in accordance with paragraph. 2.6 annexed. However, § 23 paragraph. 2, 4, 5, 7 and 8, on principle.

PCS. 2. Gains and losses are calculated as the difference between the sales price and the acquisition cost for the shares. When the acquisition cost is the aggregate purchase price for the holding of shares by the taxpayer in that company, whether they have different rights. Refraining a company's shares at a price below market value, and the company may deduct the difference between the stocks' market value and the sales price by the State Tax Act § 6, paragraph. 1, point a, shares in the calculation under the first section. considered ceded to the shares on the date of disposal.

PCS. 3. Share precooked and subscription rights, subject to § 25 shall not be included in calculations under paragraph. 2 and 6, and should not be made a statement under subsection. 2 and 6 from the disposal of such dishes. The same applies to shares that are part of a stock covered by § 44, and subscription rights to shares subject to § 16 paragraph. 1, in the case of subscription rights to shares that are not admitted to trading on a regulated market. Furthermore, subscription rights to shares under the Assessment Act § 7 A, in the case of subscription rights to shares that are not admitted to trading on a regulated market, not included in the calculations under paragraph. 2 and 6. Subscription rights as mentioned in the 2nd and 3rd clauses. is not covered by the rules in paragraphs. 4.

PCS. 4. Subscription rights for shares not covered by § 25, regarded as shares. Subscription rights are considered acquired for an amount calculated as the sum of the purchase price for the warrants and the amount to be paid upon subscription. Preemptive deemed waived for an amount calculated as the sum of the selling price for the warrants and the amount to be paid upon subscription.

PCS. 5. Shares held in trust under the provisions of the Assessment Act § 7 A, must first be included in the calculations under paragraph. 2 and 6 from the time of expiry of the escrow. The shares are included with their purchase. Upon occurrence of the tax liability under § 38, shares mentioned in point 1. However, included in the calculations under paragraph. 2 and 6, although they are tied up at the time of tax liability.

PCS. 6. Refraining taxable part of its shares in a company, etc., allocated the purchase price for all the shares in the company, etc. proportionately between the transferred shares and the shares held by the taxpayer container. This also applies in cases where the transfer does not trigger taxation. If the shares have a nominal value, the apportionment shall be on the basis of this value. The face value of the convertible bonds is calculated as the nominal value of the share, the bond can be converted to. The part of the total purchase price, the allocation attributable to the divested shares taken into account when calculating the gain or loss on the disposal. The rest of the total purchase price is considered acquisition of the intact remaining shares and shall be later abandoning a portion of the shares allocated according to the above rules.

Increase of the acquisition cost of certain investment certificates

Entities, companies and individuals


§ 27. In cases where you do not make effective payment of the minimum income of a UCITS with minimum tax, see. Assessment Act § 16 C, there is a UCITS pursuant to the European Parliament and Council Directive 2009/65 / EC in accordance with. Annex 1 , considered the lack of effective payment as a supplement to the initial share that is considered acquired at the same time as the original share and at a purchase price equal to the non-payment. The lack of effective disbursement is considered plus the original share at the time of the UCITS annual approval of the accounts, but not later than 6 months after the end of the UCITS taxation.

PCS. 2 pcs. 1 shall only apply if

1) the non-payment is not treated by the Foundation as a new deposits, leading to an increase of the receiver's nominal shares of the institution, or

2) there is no question about the Assessment Act § 16a paragraph. 3, no. 1, said liquidation distribution, are only included with the distributed amount.

PCS. 3. If the purchase price can not be established, employed it to 0 kr.

PCS. 4 pcs. 1-3 apply correspondingly to the lack of effective payment to taxpayers who are taxed on increases in value of investment units in UCITS with minimum tax on an accruals basis, even if the institution is a UCITS pursuant to the European Parliament and Council Directive 2009/65 / EC.

Reduction of the purchase price

Entities, companies and individuals

§ 28. To the extent the reduction or repayment of a debt or collateral for a debt made in connection with a debt to the debtor or to a company, etc., in which the debtor holds more than 10 per cent. of the equity or share capital, reduce the purchase price for the shares acquired in connection with the capital investment, with the amount by which the outstanding claim is face value exceeds the claim market value on the redemption date. The calculation of the reduction excluding contributions. Reduction occurs when the capital contribution directly or indirectly made:

1) In the claim the creditor or his spouse.

2) For a company in which the creditor or the creditor's spouse, directly or indirectly owns more than 50 per cent. of the equity or share capital directly or indirectly holds more than 50 per cent. of the votes.

3) A person who, alone or together with his spouse, directly or indirectly owns more than 50 per cent. of the equity or share capital of creditor company or holds more than 50 per cent. of the votes.

4) For a company that is affiliated with the creditor company pursuant. Capital Gains Act § 4, paragraph. 2.

5) For a guarantor for the debt and of persons and companies, etc. that have a connection to the guarantor, as mentioned in Nos. 1-4.

6) A former creditor or guarantor of the debt and of persons and companies, etc. that have the Nos. 1-4 above related to the former creditor or guarantor. It is a condition that the claim or guarantee contract transfer is deemed to have occurred in connection with the capital investment.

PCS. 2 pcs. 1 applies only if any losses on the outstanding debt or guarantee for the outstanding debt would not be deductible to the creditor or guarantor of the receivable. The same applies to a former creditor or guarantor of the receivable when the claim or guarantee contract transfer is deemed to have occurred in connection with the capital investment. Notwithstanding the 1st and 2nd clauses. paragraph. 1 does not apply if a loss on the shares acquired in connection with the recapitalization, not included in the calculation of taxable income, see. § 8.

§ 28 A. written down a claim on a shareholder concerning non paid-up share capital referred to in the Companies Act. § 33, reduced the purchase price for the shares subscribed in connection with the formation of the claim, an amount similar to the claim has been written down.

PCS. 2. Use the inventory principle on equities for which the purchase price must be reduced in accordance with paragraph. 1, written down value of the shares by income year beginning in the year in which the debt is written down. For shares acquired in income during the year, used the purchase price instead of value of the shares by income year beginning.


§ 29 Dividends paid amount from a limited liability company not yet had included in the calculation of the share holder's taxable income, see. Paragraph. 2 are deducted from the total purchase price for the shares in the company. The rest of the total purchase price is considered acquisition of the intact remaining shares.

PCS. 2. Dividends paid amounts were not required to be included when calculating taxable income, the amount distributed in connection with a capital reduction of a limited company with a share capital not exceeding nominal 225,000 kr., Where the capital reduction was reported to the Danish Commerce and Companies Agency the period from 1 June 1996 to and including 30 september 1997 and the share capital of the company was increased by cash contribution, in kind or conversion of debt in the period from december 6, 1991 through May 31, 1996 or where the company had been created during this period. 1st clause. includes only the portion of the distributed amount not exceeding the nominal value of the canceled shares.

PCS. 3 pieces. 2 does not include shares in the company, which was acquired as part of the taxpayer's livelihood, see. § 17 if the capital reduction led to anpartshavernes interest in the company was upset, or if the distributed amount completely or partially exempt from dividend taxation under the rules for exemption for dividend taxation of liquidation proceeds.

Chapter 7

Acquisition and disposal, etc.

Acquisition Time

Entities, companies and individuals

§ 29 A. Shares acquired through conversion of a convertible bond shall be deemed to have been acquired at the time of conversion.

Transfer etc.

§ 30. On disposal purposes of this Act the sale, exchange, cancellation and other forms of disposal.

PCS. 2. The concept of selling covers of this law the situation where gains and losses are calculated on an accrual basis.

§ 31 Acquisition and disposal of shares by gift, inheritance or advancement equated in this law with the purchase or sale. As the purchase consideration received or considered in these cases, the amount is taken into account in the calculation of gift tax, inheritance tax or income tax on the acquisition. Has this not been tax or income tax, considered as acquisition or disposal price the stock's market value at the time of transfer. The rules in the 1st-3rd section. does not apply to the extent that the transferee joins the transferor's tax position.

PCS. 2. Replacement and insurance sums equivalent to selling prices.

§ 32. 3) Deposits of shares and warrants in an installment savings for pension purposes, a savings for pension purposes, at the age savings in a pension scheme or in a children's savings scheme covered by the Pension Taxation Act, equated with disposal. As the consideration received is considered the value at the time the deposit is placed.

PCS. 2. Allotment of shares and subscribe for shares of an arrangement referred to in paragraph. 1 equated to the acquisition. As the purchase price considered value on the date of distribution. Is there paid an amount for Pension Tax Act § 30 B, paragraph. 1 and 6 shall apply this as acquisition cost.

PCS. 3 pieces. 1 and 2 shall apply to deposits and the distribution of shares from pension schemes approved by the Pension Taxation Act § 12 paragraph. 1 and § 15 C.

§ 33. If an accumulative investment, ref. Company tax Act § 1. 1 pt. 5 a, a UCITS with minimum tax, see. Assessment Act § 16 C, or an investment firm which. § 19, became a tax without the company etc. dissolved, the participants' shares of the company etc. is considered abandoned and acquired again the market value at the time as the change take effect, see. however, § 23 paragraph. 8. When changing the tax status means that gains and losses on the taxpayer's shares and units etc. in the company, etc. after the date on which the change take effect, taxed according to different rules than the rules applicable until then, see. however paragraph. 3.

PCS. 2 pcs. 1 shall also apply when a corporation under the Corporation Tax Act other tax provisions change the tax status of an investment company under the Corporation Tax Act § 3, paragraph. 1 pt. 19

PCS. 3. The following tax status change does not imply that the participants' shares of the company etc. is considered abandoned and acquired again:

1) If a bond based UCITS with minimum tax change tax status for an investment firm or share-based investment institution with a minimum tax.


2) Where an investment firm became a tax to a bond based UCITS with minimum taxation.

PCS. 4. The fair value of investment certificates as referred to in paragraph. 1 is calculated after deduction of distributions mm, after the beginning of the first year of a new status paid from profits in the last year with the old status. The investment banks with minimum taxation referred to in paragraph. 1 represents deductions for distribution mm however the minimum income, see. Assessment Act § 16 C.

PCS. 5. 3) During the first year in which the year, gains or losses on shares issued by an investment firm covered by § 19, see. Paragraph. 2, reduced the value of units in investment by income year beginning with the actual distributions made after the status change to the extent that it relates to the time before the status changed. Similarly, reduced the purchase price of shares when an investment firm which. § 19, became a tax. By status change from UCITS with minimum tax, see. Assessment Act § 16 C, the investment reduced the value of the shares at least with minimum income.

PCS. 6. Shares belonging to a mutual fund or a UCITS with minimum tax, which became a tax under subsection. 1, so that will be taxed as members of a partnership shall be deemed waived and bought back the market value at the time that status changed take effect.

PCS. 7. For taxpayers who are taxed as members of a partnership and released for taxation as members of an accumulative investment, ref. Company tax Act § 1. 1 pt. 5 a, or an investment firm which. § 19, it shall be deemed as sale of partnership shares at market value at that time.

PCS. 8. For taxpayers who are taxed as members of a partnership and released for taxation as participants in a UCITS with minimum tax, see. Assessment Act § 16 C, or as members of an account holding investment fund, ref. Company tax Act § 1. 1, no. 6, it shall be deemed not as a disposal of partnership shares.

§ 33 A. In cases where shares changing tax status, see. Paragraph. 2, the shares shall be deemed waived and bought back the market value at the time of change of tax status.

PCS. 2. When changing the tax status, see. Paragraph. 1, means that gains and losses on shares either

1) changes from being covered by § 8 to be covered by §§ 9, 18 and 19, § 20 paragraph. 1, or § 20 A or

2) changes from being subject to §§ 9, 17, 18 and 19, § 20 paragraph. 1, or § 20 A to be covered by §§ 8 or 10.

PCS. 3 pieces. 1 and 2 shall apply where the shares as part of a tax-free transaction exchanged for shares in the same or another company when the shares have a different tax status than the shares exchanged. Change of tax status under subsection. 1 and 2 are liable to tax under the general rules in §§ 9, 17, 18 and 19, § 20 paragraph. 1, or § 20 A, regardless of the status shift occurs in connection with a tax-free mergers, divisions, transfers of assets or exchanges of shares, with or without permission.

PCS. 4 pcs. 1-3 does not apply in § 33 cases mentioned.

Family Handing over succession

people

§ 34. At the transfer inter vivos of shares, the parties to the transfer using the rules in paragraphs. 2-4 if the following conditions are satisfied. However paragraph. 5:

1) The transfer is done to children, grandchildren, siblings, siblings 'children, siblings' grandchildren or cohabitant, meaning a person who at the time of transfer meets the conditions of boafgiftslovens § 22 paragraph. 1, paragraph d. Stedbarns- and adoptive equated with natural parentage.

2) Each transfer of shares representing at least 1 per cent. stock or share capital.

3) It is shares in a company, etc., whose activity does not consist chiefly of rental property or possession of cash, securities or similar. Referred. Paragraphs. 6. Letting of real estate used for agriculture, horticulture, nurseries, orchards and forestry, see. Assessment Act § 33 paragraph. 1 or 7, are considered in this context not as a rental property.

4) The shares are not subject to § 19


PCS. 2. Gain on transfer are not taxed by the transferor. The transferee joins the transferor's tax position at the handover. This applies regardless of when the transferee shall refrain shares. Determining the acquirer's profit or loss on disposal of shares shares are treated as acquired for the purchase and at the time they were acquired for by the transferor.

PCS. 3. If the acquirer because of its registered office is not taxable to this country after the Withholding Tax Act § 1, paragraphs. 2 only to the extent that the shares after the transfer is part of a business that is taxable for the transferee after the Withholding Tax Act § 2. 1 pt. 4. If the acquirer is liable to tax in this country after the Withholding Tax Act § 1, but in accordance with the provisions of a tax treaty with a foreign state, the Faroe Islands and Greenland may be considered to be resident there, paragraphs. 2 only to the extent that the shares after the transfer is part of a company that Denmark under the double taxation agreement has the right to tax.

PCS. 4. Withholding Tax Act § 33 C, paragraph. 3, 4, 7, 8 and 13, apply mutatis mutandis to shares.

PCS. 5. The conditions of paragraph. 1 pt. 2 and 3, shall not apply to the transfer of shares as mentioned in § 17 or § 18 paragraph. 1 or 4. The condition in paragraph. 1, no. 3, does not apply to the transfer of shares in a company, etc., carrying nutrients in the purchase and sale of securities or financial services.

PCS. 6. 4) The Company's business is considered largely to consist of rental property or possession of cash, securities or similar. as mentioned in paragraph. 1, no. 3, if at least 50 per cent. of the company's revenues, which means the accounting revenue plus the sum of the rest of recognition of income, calculated as the average of the last 3 financial years resulting from such activity or if the market value of the Company's rental properties, cash, securities or similar. either at the time of transfer or calculated as the average of the last three financial years is at least 50 per cent. of the market value of its total assets. Possession of shares covered by § 18 is considered in the assessment as not hold securities. The return and value of shares in subsidiaries in which the Company directly or indirectly owns at least 25 per cent. of the share capital, etc. are not included. Instead, it excludes the portion of the subsidiary's income and assets equivalent to ownership. In the evaluation shall be disregarded rental income of real estate between the Company and a subsidiary or between subsidiaries. Real estate leased between the company and a subsidiary or between subsidiaries and bearings uses in operations, considered in the assessment not as a rental.

Transfer to honor employees with succession

people

§ 35. § 34, except for paragraph. 1 pt. 1 apply correspondingly to the transfer of shares to an employee when the employee within the last 5 years have been engaged in a number of hours equivalent to full-time employment in total of at least 3 years in the company, etc. that issued the shares. The transfer of shares in accordance with § 34, except for paragraph. 1 pt. 1, can also happen when the employee within the last 5 years have been engaged in a number of hours equivalent to full-time employment in total of at least 3 years in one or more companies, which are consolidated, meaning. Capital Gains Act § 4, paragraph . 2, with the company that issued the shares. When calculating the number of hours after the second section. the number of hours the employee has been employed for two or more group companies shall be aggregated. It is a condition that the companies are consolidated in both the period when the employee under the 1st clause. must have been employed for a number of hours equivalent to full-time employment in total of at least 3 years in the company, which at the time the shares are transferred.

PCS. 2. If the transferred shares as referred to in paragraph. 1 is received by the transferor as consideration in a merger, division, transfer of assets or exchange of shares within the past 5 years, the number of hours the employee has been employed for the transferring or acquired company included in the calculation of the number of hours after paragraph. 1.

PCS. 3. If the company, etc., which issued the transferred shares as referred to in paragraph. 1, is established by conversion of an individual enterprise within the past 5 years, the number of hours the employee has been employed in this company included when calculating the number of hours equivalent to full-time employment after paragraph. 1.


PCS. 4 pcs. 1-3 apply correspondingly to a close employee's acquisition of shares from an estate.

Transfer to former owners with succession

§ 35 A. § ​​34, except for paragraph. 1 pt. 1 apply correspondingly to the transfer of shares to a former owner when the transfer to the former owner happens within the first 5 years after the transferor acquired the shares. It is a condition that the transferor acquired the shares from the previous owner and that the transferor occurred in the previous owner's tax position on acquisition. 1st and 2nd clauses. shall also apply when a previous owner's acquisition of shares from an estate.

Share Exchange

Entities, companies and individuals

§ 36. In the exchange of shares, the shareholders of the acquired company may be taxed under the rules of the Merger Tax Act §§ 9 and 11, when both the acquiring as the acquired company's definition of a company in a Member State under Article 3 of Directive 2009/133 / EC, or are companies which corresponds to Danish limited liability companies, but who are resident in countries outside the EU. As merger date shall be treated as the date of the share exchange. Application of the rules in the first section. is conditional upon the obtained permission from the customs and tax administration. Customs and Tax Administration may establish specific terms of the license. 1st-4th section. shall not apply when it is acquired or the acquiring company in taxation in this country is considered to be a transparent entity.

PCS. 2. The exchange of shares. See paragraph. 1 means the operation whereby a company acquires a holding in the capital of another company with the effect that it obtains a majority of the voting rights in that company, or if it already has such a majority, acquires a further holding in exchange for securities belonging to the shareholders of the other company assigning them shares in the first company and possibly a cash payment. Conditions in paragraph 1. that the acquiring company must obtain the majority of votes in the acquired company shall be deemed satisfied, even if the acquiring company immediately after the exchange of shares is split by the rules of the Merger Tax Act § 15a.

PCS. 3. Tax and Customs Administration may allow non-taxation under §§ 9, 12-14, 17-19 and 22 in the case where a company acquires the entire share capital of another company, or where a company already owns shares in another company acquires the rest of the shares in the other company. It is a condition that the shareholders of the other company as consideration only receive shares in the first company and possibly a cash payment. Merger Tax Act §§ 9-11 shall apply mutatis mutandis.

PCS. 4. It is a condition that the transactions referred to in paragraph. 1 and 3 will be implemented within a maximum period of 6 months from the first ombytningsdag. Customs and Tax Administration may extend the deadline in the first section. Exchange of shares may not be retroactive.

PCS. 5. If the acquired company are covered by § 19 paragraph. 3 applies only if the acquiring company also covered by § 19. If the acquired company are covered by § 22 paragraph. 3 applies only if the acquiring company also covered by § 22. If the acquired company are covered by § 21 paragraph. 3 applies only if the acquiring company also covered by § 21

PCS. 6. Exchange of shares under subsection. 1-5 can be implemented without obtaining permission from the customs and tax administration. It is a condition that the value of the consideration shares plus a possible cash payment equivalent to the market value of the shares exchanged. It is also a condition that the acquiring company does not refrain shares in the acquired company for a period of 3 years after the conversion date. Regardless 3rd clause. can the shares of the acquired company during that period divested in connection with a tax restructuring of the acquiring or acquired company if the restructuring does not happen payments by other than shares. In such cases, the condition in the third section. in his remaining term use of shareholder respectively it or the participating companies in the subsequent tax restructuring. It is a condition of the exchange of shares without the consent of shareholders, who have controlling interest in the acquired company, see. Assessment Act § 2, will exchange its shares for shares in a company resident in the Faroe Islands or Greenland, one State that is a member of EU / EEA or a state that has a tax treaty with Denmark.


PCS. 7. Not later than when submitting the tax return for the income year in which the share exchange is completed, the acquiring company providing customs and tax administration information that the company has participated in a share exchange in accordance with paragraph. 6. If the acquiring company refrains shares referred to in paragraph. 6, 3rd paragraph., The Customs and Tax Administration be disclosed no later than 1 month after the divestment.

§ 36 A. (Repealed).

Chapter 8

Relocation

Entities, companies and individuals

§ 37. Shares that are not already subject to Danish taxation is deemed to have been acquired at the actual time of acquisition at fair value on move-in date, ref. Company tax Act § 4 A and Withholding Tax Act § 9. When a company, etc. or a person under the provisions of a tax treaty concluded between Denmark and a foreign state, the Faroe Islands and Greenland are resident in Denmark, equated this by application of the rule in the first section. with the onset of tax in this country.

Moving out

people

§ 38. Gains and losses on shares subject to the provisions of this Act are considered as realized if the gain or loss relating to a share that is subject to Danish taxation and the Danish taxation ceases for any reason other than the taxpayer's death, see. However, paragraph . 2 and 3. Gains and losses on shares at a disposal of 3 years or more after the acquisition covered by § 44, at the date of tax liability termination has been held for less than three years shall not be regarded as realized by the first section . When a person under the provisions of a tax treaty concluded between Denmark and a foreign state, the Faroe Islands and Greenland are resident outside Denmark, equated this by applying the rules in point 1. Paragraph. 2-5 and §§ 39-39 B with the termination of tax liability.

PCS. 2. Paragraph. 1 applies only to persons who at the time of termination of tax liability has a portfolio of shares with a total value of 100,000 kr. Or more, unless the portfolio is stocks with a negative purchase price.

PCS. 3. The rules in paragraphs. 1 applies only to persons who have been taxable by withholding tax Act § 1 or § 2 of the share gains in a period or periods totaling at least seven years in the last 10 years before the tax liability termination. The rules in paragraphs. 1 applies, however, if the shares are acquired by the taxpayer's spouse and complies with the conditions in the first section. Furthermore, the rules apply to persons on the acquisition of shares under §§ 34, 35 and 35 A has joined the transferor's tax position, and shares acquired by a tax-exempt business transformation, where the privately owned company acquired by succession. Conditions in paragraph 1. does not apply to persons in accordance with § 39 B has been reduced market value of shares on the relocation date still figured on the inventory list, mentioned in § 39 A, paragraph. 1.

PCS. 4. Gains and losses are considered realized after paragraph. 1, calculated in accordance with §§ 23-29, 46 and 47, however, the value at the end of tax liability instead of selling amount. For subscription rights, the taxpayer may choose instead to calculate the taxable gain as the difference between the exercise price and the market price of the share on the date of tax liability end. Losses at a disposal might have been deducted in accordance with §§ 13-14 and 17-19, § 20 paragraph. 2 and §§ 21 and 22, may only be deducted in gains on shares that are considered realized after paragraph. 1.

PCS. 5. The calculated tax on the total net profit calculated in accordance with paragraph. 4 which is considered as realized in accordance with paragraph. 1. Please indicate deferral of the tax calculated in accordance with § 39 and § 39 A, to the extent that gains or losses from tax liability termination must be calculated according to the realization.

§ 39. Persons can defer payment of the calculated tax, see. § 38 paragraph. 5, when the payment is due to the cessation of tax liability for withholding tax Act § 1, or that the person under the provisions of a double taxation treaty have been resident outside Denmark, cf. § 38 paragraph. 1, 3rd section.

PCS. 2. deferred under paragraph. 1 provided that upon moving out, etc. filed tax return to the Tax and Customs Administration. There must be submitted a portfolio overview, see. § 39 A, paragraph. 1, together with the tax return. When an exposure time of submission of the tax return for Tax Control Act § 4, paragraph. 4, the tax return and inventory report be submitted before that deadline.


PCS. 3. If the person vacating etc. to a country not covered by the agreement of 7 December 1989 between the Nordic countries for assistance in tax matters or Council Directive 2010/24 / EU of 16 March 2010, is standing by paragraph. 1 also subject to the provision of adequate security. Safety must be proportionate to the deferred amount and may take the form of shares, bonds admitted to trading on a regulated market, bank guarantee or other satisfactory security for the Minister's determination. Is the person vacating happened to a country governed by the first sentence. that agreement or in the first section. that Directive, and move the person subsequently transmitted to a country that is not covered by that agreement or the directive, remains standing subject to the provision of adequate security, see. 2nd clause. Is the person vacating happened to a country not covered by the first section. that agreement or in the first section. that Directive, and move the person subsequently transmitted to a country covered by the said Convention and the said directive, released the security provided upon request.

PCS. 4. Where the tax return and inventory overview, see. Paragraph. 2, in due time, it will lapse on the grace and taxes are considered delinquent at the time the tax would be due if there had been deferred. The tax remunerated at the rate under § 7 paragraph. 2 of the Act on Collection of Taxes and Levies plus 0.4 percentage points per year. month started from that moment.

PCS. 5. Tax and Customs Administration can disregard the deadline for submission of tax returns and inventory report referred to in paragraph. 2, see. Paragraph. 4.

§ 39 A. Upon standing states that an inventory list of the shares that the person is the owner of the time of moving. Shares where the calculated tax, see. § 38 paragraph. 5, paid, should not be included in the inventory list. A subsequent tax-free share exchange, merger or demerger, the shares acquired by succession, enter the inventory list. Furthermore establishes a deferral balance made up of the calculated tax (deferred amount). Grace is due for payment in accordance with paragraphs. 2-10.

PCS. 2. On disposal of shares included in the inventory list, made a statement of profit or loss. There should not be a statement from the disposal of shares at the time of moving was covered by § 44. The calculation is made per. ceded share and be made on the basis of the share purchase price and the sales price. By share purchase price shall mean the acquisition, included in the calculation according to § 38 paragraph. 4. On disposal is considered the first shares acquired for the first divested. On disposal to gain the rule in paragraph. 3 use and the disposal of loss, the rule set out in paragraph. 4 apply.

PCS. 3. The calculated tax on the gain recognized under the rules of Personal Tax Act § 8 ​​a. In the calculated tax is given credit for any tax paid to the foreign state, the Faroe Islands or Greenland in accordance with the Assessment Act § 33 paragraph. 1. If the calculated tax the tax paid abroad, due the excess to pay. Deferral balance reduced by the amount when it is paid. If the statement under paragraph. 2 instead would have resulted in a loss if it was made on the basis of the share value at the time of moving and selling amount is written down deferred balance further by an amount equal to the negative value of the Identified losses calculated in accordance with the Personal Tax Act § 8 ​​a. the extent that the person by the foreign rules that person is subject, the deduction for it after the fifth section. Identified losses, calculated a negative tax value thereof. An amount equal to the calculated negative tax amount due for payment. There should be a maximum payment of an amount equal to the negative tax value of the calculated loss calculated on the basis of the rules in the Personal Tax Act § 8 ​​a.


PCS. 4. The following paragraphs. 2 calculated losses reduced by an amount equal to the difference between the acquisition price and the value at the time of moving, if at the time of the move was recorded a loss on the share, the loss, however, can not be reduced to less than 0 kr. The following paragraphs. 2 calculated losses increased by an amount equal to the difference between the share value at the time of the move and the acquisition cost, if at the time of moving was estimated a gain of that share. On the basis of the rules in the Personal Tax Act § 8 ​​a calculated negative tax value of the calculated loss as regulated by the 1st or 2nd section. Deferral balance reduced by an amount equal to the calculated negative tax value. Can there by the foreign rules that person is subject, calculated a loss for which the person can deduct in that country, calculated a negative tax value thereof. An amount equal to the calculated negative tax amount due for payment. There should be a maximum payment of an amount equal to the negative tax value of the calculated loss, calculated on the basis of the rules in the Personal Tax Act § 8 ​​a.

PCS. 5. The disposal of shares to the issuing company, see. Assessment Act § 16 B, and upon receiving a dividend of shares. See Assessment Act § 16 A included in the inventory list, calculated tax thereon under the provisions of the Personal Tax Act § 8 ​​a. in the calculated tax is given credit for any tax paid to Denmark, and deductions under the provisions of the Assessment Act § 33 paragraph. 1, tax paid to the foreign state, the Faroe Islands or Greenland. Exceeds the calculated tax sum of the Danish and foreign taxes paid, due the excess to pay. Deferral balance reduced by the amount when it is paid. Moreover written down deferred balance of tax paid to Denmark.

PCS. 6. For other distributions and operations of a company in which shares of the company are included in the inventory list, and where the distribution or disposition could affect the share price downward, calculated tax thereon under the provisions of the Personal Tax Act § 8 ​​a. This applies to distributions for the person himself and other distributions and dispositions, likely to be in his interest. In the calculated tax give tax relief for Danish taxes and deductions under the provisions of the Assessment Act § 33 paragraph. 1, tax paid to the foreign state, the Faroe Islands or Greenland. Exceeds the calculated tax sum of the Danish and the foreign taxes due, the excess amount for payment. Deferral balance reduced by the amount when it is paid. Furthermore impaired standing balance with pay Danish taxes.

PCS. 7. Upon receipt of loans, etc. from a company in which shares of the company are included in the inventory list, due an amount equal to the amount loan proceeds for payment. The same applies if the loan is received from a company in which the aforementioned company is a participant, taking as due an amount equal to the aforementioned company ownership. Deferral balance reduced by the amount when it is paid. The provisions in the 1st-3rd section. shall also apply for loans to the persons mentioned in § 4, paragraph. 2, and to companies, etc., in which the person himself or the persons mentioned directly or indirectly owns at least 10 per cent. of the capital. The provisions in the 1st-4th section. does not apply to loans to companies, etc., in which the lending company shareholding. Furthermore, the provisions in 1st-4th section. not where the lending company is a financial institution and the person owning less than 5 per cent. of the share capital.

PCS. 8. The impairment of deferred balance after paragraph. 3-7 balances may not be written down to less than 0 kr.

PCS. 9. The person's death treated as a disposal of all the shares included in the inventory list. The rules in paragraphs. 2-4 and 10-12 apply mutatis mutandis.

PCS. 10. When all the shares included in the inventory list, are abandoned, lapses Any remaining deferred balance. Deferral balance lapse, however, if the person has unused realized losses that can be carried forward for deduction in subsequent income.


PCS. 11. There must be filed tax returns for each tax year in which there is a positive balance of grace. Upon filing of the tax return must be given of the address of the time of submission. Tax return deadline is July 1 of the year following the income year. Expiring tax return deadline on a Friday or a Saturday, the tax return on time made the following Sunday. Submitted tax return in due time lapse deferral, and the amount stated on the standing balance due for payment. Customs and tax authorities may disregard the deadline for submission of tax returns.

PCS. 12. The deadline for payment of the amount covered by paragraph. 3-7, 9 and 11 is 1 October in the year following the tax year or the year of death of late payment the 20th of the month. If the last date for payment is on a public holiday or a Saturday, the deadline is extended to the following Monday. If payment is not made, interest amount due with interest under § 7 paragraph. 2 of the Act on Collection of Taxes and Levies plus 0.4 percentage points per year. commenced month from the due date.

PCS. 13. Customs and Tax Administration may request the person concerned within a reasonable time to submit documentation for use in determining the deferred amounts due for payment in accordance with paragraphs. 2-10. Submitted documentation in due time lapse deferral, and the amount stated on the standing balance due for payment. Customs and tax authorities may disregard the excess of the prescribed period. The deadline for payment of the amount covered by the 2nd clause. is the second month following the submission of the claim for payment with payment date on 20 of the month. PCS. 12 Points 2 and 3. Shall apply mutatis mutandis.

§ 39 B. Will the person in the new fiscal domicile in Denmark, the rule in § 37 applies to shares which were included on the inventory list and the person still owns. Is there at that time still standing balance, however, be a reduction of the market value of the shares on the relocation date still included in inventory list. The commercial value is reduced by the lower of the following amounts:

1) the remaining tax amount included in the deferred balance of relocation time, converted to income basis based on the rules of the Personal Tax Act § 8 ​​a.

2) The total net profit of the shares that the person owns the relocation date, calculated on the basis of market value at the time of relocation and acquisition, included in the calculation according to § 38 paragraph. 4.

PCS. 2. The paragraphs. 1 pt. 2, said total net profit calculated at that for each share, which remains part of the inventory list, we calculate the gain or loss, as calculated losses are deducted from the calculated gains. If the net statement after the first section. leading to a total gain of 0 kr., or a total net loss, there shall be an adjustment of the fair.

PCS. 3. The amount by which the market value following paragraph. 1 and 2 must be reduced by deducted proportionally to the shares in question on the basis of their market value.

PCS. 4. When there is an adjustment of fair value in accordance with paragraph. 1-3, canceled the remaining deferred balance.

PCS. 5. If the person at the time of moving owned shares, which in total was recorded a net loss, there may be an increase in the market value of the shares that the person still owns the relocation date. That increase is the share of net losses corresponding to the share's proportionate share of the total value of the influx time of the shares that were included in the calculation of net losses, which remain in the person's possession at the move back to Denmark.

§ 40. Deferment The amount according to § 39 A written down by the tax that the person has paid in shares included in the inventory list as a result of the Corporation Tax Act § 5, paragraph. 5, without. Assessment Act § 16a paragraph. 3, no. 1, point c. The balance is written down when the tax is paid. The balance can not be written down to less than 0 kr.

§ 41. (Repealed).

Chapter 9

Entry into force

§ 42. This Act comes into force after publication in the Official Gazette and shall apply for waivers, which takes place on 1 January 2006 or later.

PCS. 2. Act on taxation of profits from the sale of shares etc. (Capital Gains Tax Act). Act no. 835 of 29 August 2005, repealed as of divestments, which takes place on 1 January 2006 or later.

Transitional rules

Companies, etc.


§ 43. The calculation of gains and losses on shares according to § 26 shall be disregarded shares acquired November 18, 1990 or earlier. The rule in the first section. does not apply if the company etc. 18 November 1993 or later, the new shares at a premium relative to shares on. Moreover, the rule in the first section. not apply to shares acquired from an estate upon distribution of succession November 18, 1993 or later. Has the company, etc. subscribed for new shares at a premium, meaning. 2. Section., The company etc. for shares acquired November 18, 1990 or earlier use shares on May 19, 1993 or November 18, 1993 instead of the purchase price in the calculation of the average acquisition price.

PCS. 2. Losses realized as a result of a company, etc., in the 2009 income year change status so that it is covered by § 19, can not be deducted in accordance with § 8 paragraph. 2, of Legislative Decree no. 171 of 6 March 2009, although the loss otherwise covered by this provision. The loss included instead in the statement pursuant to § 19 as an addition to the value of the share or investment certificate in the calculation under § 23 paragraph. 7.

PCS. 3. Unused deductible losses as mentioned in Capital Gains Tax Act § 8 ​​paragraph. 3, see. § 43 paragraph. 1 and § 9 A, paragraph. 3, of Legislative Decree no. 171 of March 6, 2009, from the tax years 2002 to 2009 are deducted from net gains after § 9 paragraph. 1, in the tax year 2010 or later, see. However, 2.-6. section. Losses can only be transferred to deductions in subsequent income if it can not be accommodated in net gains in a previous tax year. If the taxpayer uses the realization of portfolio shares not admitted to trading on a regulated market or a multilateral trading facility, the loss of such shares to be closed April 22, 2009 or later, only deducted in net gains on realisationsbeskattede shares. 1st clause. does not include deductible losses on equity subsidiary shares. See § 4 A, and group company shares. See § 4 B realized 22 April 2009 or later. 1st clause. Nor do they include deductible losses on intercompany convertible bonds and subscription rights to do so if the loss is realized April 22, 2009 or later. By deduction of losses realized in 2009 income year, is considered the first realized loss for used first.

PCS. 4. Loss on change of tax status according to § 33 A, paragraph. 2, no. 1, to be covered by § 9 deductible for income year net gains on the same shares when the shares were acquired in the period from 23 April 2006 to 22 April 2009. Change of tax status must be made by the fourth fiscal year following the tax year in which the shares are acquired. The calculated loss for the first section. deducted in subsequent years according to the principles that apply to losses covered by § 9 paragraph. 4, the loss can only be deducted in net gains on the same shares. The carry-forward losses must be declared in the income year and forms part of the tax assessment for the current fiscal year. The loss lapse if the shareholder by the tax status change subscribe for new shares in the same company at a premium relative to shares on. The loss lapse if the shares then became a tax according to § 33 A, paragraph. 2, no. 2, to be covered by § 8. Life insurance companies may not calculate loss for the first section.

Transitional rules

people

Tax exemption for certain listed shares


§ 44. Gains and losses on listed shares. See § 3, no. 1 and 2, of Legislative Decree no. 171 dated 6 March 2009, acquired before 1 January 2006 which is part of a portfolio of listed shares , see. § 4, paragraph. 2, point 2., Of Legislative Decree no. 835 of 29 August 2005, and as per. 31 December 2005 a total market value at or below the limit specified in § 4, paragraph. 2, 3rd clause., Of Legislative Decree no. 835 of 29 August 2005, are not included when calculating taxable income, see. However paragraph. 3-6. When calculating the market value per. December 31, 2005 considered shares only traded on NASDAQ, to be unlisted, unless the taxpayer chooses the shares shall be deemed to be listed. The choice must apply all the taxpayer's holding of shares, as per. December 31, 2005 only traded on NASDAQ, and the choice must be communicated to customs and tax administration, within these shares surrendered, at the latest before the deadline for submission of the tax return for the tax year 2005. If the taxpayer for the entire period from the income year beginning on and 31 december 2005 has been cohabiting with a spouse, see. withholding tax Act § 4, included the spouse's holdings of listed shares. see § 4, paragraph. 2, point 2., Of Legislative Decree no. 835 of 29 August 2005. This limit represents in this case the limit mentioned in § 4, paragraph. 2, 5. section., Of Legislative Decree no. 835 of 29 August 2005. In a cohabiting spouse deaths in the period from and including the income year beginning up to and including December 31, 2005 considered cohabitation in this regard will expire at the end of the calendar year 2005 .

PCS. 2. The tax exemption under subsection. 1 correspondingly apply to bonus shares awarded on the basis of the shares covered by paragraph. 1.

PCS. 3. The tax exemption under subsection. 1 does not apply to the disposal of shares which, at the time of disposal have been held for less than 3 years. Gains and losses on disposals as mentioned in the first section. included in the calculation of taxable income in accordance with Chapters 1 and 2, §§ 12-14, 23-25 ​​and 28 of Chapter 7 and 8 and §§ 46 and 47. Gains and losses on shares that are part of a portfolio covered this provision is calculated according to the share of equity-method. see § 24 paragraph. 2 and § 25 paragraph. 1.

PCS. 4. The tax exemption under subsection. 1 does not apply to shares no later than on the date of disposal has changed the tax status so that they are no longer admitted to trading on a regulated market. The calculation of gains and losses on disposal of shares mentioned in point 1. considered the share acquired of the market value at the time of change of tax status.

PCS. 5. The tax exemption under subsection. 1 does not apply to shares subject to §§ 17, 19 and 22

PCS. 6. The tax exemption under subsection. 1 does not apply to shares that would have been covered by § 2 c or § 2 ei Act no. 835 of 29 August 2005, at a disposal, 31 December 2005.

§ 45. (Repealed).

§ 45a (Repealed).

Other transitional rules

§ 46. The calculation of gains and losses on listed shares. See § 3, no. 1 and 2, of Legislative Decree no. 171 of March 6, 2009, subject to § 12 and § 13 A, acquired before 1 . January 2006 and as per. 31 December 2005 includes a portfolio of listed shares with a total market value over the limit mentioned in § 4, paragraph. 2, 3rd clause., Of Legislative Decree no. 835 of 29 August 2005, the people of the shares which under § 7 paragraph. 1 of Legislative Decree no. 835 of 29 August 2005 has been awarded a special input value, choose to use this particular input value, ie the share price at the time of the excess over the threshold, rather than the acquisition cost. For taxpayers offset income year can exchange value per. December 31, 2005 is used as a special input value of the listed shares, which the taxpayer acquired three years or more prior to December 31, 2005 if the taxpayer has not been provided specific input value for the shares in accordance with § 7 paragraph. 1 of Legislative Decree no. 835 of 29 August 2005. The rules in § 44 paragraph. 1, 4th-6th section. shall apply mutatis mutandis. This choice must be collected for all the shares in each company. A deductible or offsetting justified losses may not exceed the difference between the sales price and the specially assigned input value under § 7 paragraph. 1 of Legislative Decree no. 835 of 29 August 2005 or the specially assigned input value after the second section.


PCS. 2. Losses on listed shares. See § 3, no. 1 and 2, of Legislative Decree no. 171 of March 6, 2009, subject to § 12, recorded in the income year 2002 or later, but before January 1, 2006 and which could be deducted from gains recorded on 1 January 2006 or later in accordance with § 2. 2, or § 4, paragraph. 3, of Legislative Decree no. 835 of 29 August 2005 may be deducted in accordance with § 13 A.

PCS. 3. Losses on unquoted shares covered by § 12, recorded in the income year 2002 or later, but before 1 January 2006 which may be deducted from gains recorded on 1 January 2006 or later in accordance with § 2. 2, of Legislative Decree no. 835 of 29 August 2005, can be deducted from dividends, gains and selling prices for Assessment Act § 16 B recorded on 1 January 2006 or later. Losses can only be deducted from dividends, gains and consideration relating to shares where any gain is subject to § 12, and dividends on shares covered by § 44. Furthermore, losses may only be deducted from dividends, gains and selling prices that are equity income referred. personal tax Act § 4 a. the rules of § 13A paragraph. 2 and 3 shall apply mutatis mutandis. As unlisted shares considered shares not covered by § 3, no. 1 and 2, of Legislative Decree no. 171 of 6 March 2009.

PCS. 4. The calculation of gains and losses on shares subject to §§ 12-14, acquired before 19 May 1993, persons at a disposal, May 18, 1993 should not have been calculated gain after § 6 Act no. 865 of 22 October 1992, as amended by Act no. 1030 of 19 december 1992, or as alone should have done it by virtue of § 6 paragraph. 6 of Legislative Decree no. 865 of 22 October 1992, persons not covered by the main shareholder concept, using the shares on the 19th May 1993 instead of the purchase price as set. However, it also paragraph. 1 and § 44. This does not apply if a possible disposal of shares May 18, 1993 would have been covered by § 2 a, § 2 c or § 3 of Legislative Decree no. 865 of 22 October 1992, as amended by Act no. 1030 of 19 december 1992. This choice must be collected for all the shares in each company. A deductible or offsetting justified losses may not exceed the difference between the sales price and shares on the 19th May 1993.

PCS. 5. The calculation of gains and losses on employee shares from a scheme which was approved under the Assessment Act § 7 A, which accordingly was held in restricted May 19, 1993, individuals who know a disposal, May 18 1993 should have been calculated gain after § 6 of Legislative Decree no. 865 of 22 October 1992, as amended by Act no. 1030 of 19 december 1992, or as alone should have done it by virtue of § 6 paragraph. 6 of Legislative Decree no. 865 of 22 October 1992, persons not covered by the main shareholder concept, using shares on båndlæggelsens at the end rather than the acquisition cost, see. However, also paragraph. 1 and § 44. This does not apply if a possible disposal of shares May 18, 1993 would have been covered by § 2 a, § 2 c or § 3 of Legislative Decree no. 865 of 22 October 1992, as amended by Act no. 1030 of 19 december 1992. a deductible or offsetting justified losses may not exceed the difference between the sales price and the shares on at båndlæggelsens end. If the person during the restricted period has subscribed for new shares at a premium relative to shares on, the eligibility to apply the rule in the first section. The person may instead use shares on the eve drawing at a premium, meaning. However, it also paragraph. 1 and § 44.

PCS. 6. Convertible bonds acquired before 1 July 1981 which are not covered by § 17 are deemed to have been acquired for the bonds' market value 1 July 1981 instead of the actual price, unless this is higher meaning. However, also paragraph. 1 and 4 and § 44.

PCS. 7. For people for whom § 6 paragraph. 3, last sentence. Paragraph. 4 or paragraph. 7 of Legislative Decree no. 865 of 22 October 1992 had no effect or would have had the effect of a disposal May 18, 1993, the term shares actual cost remains the amounts which may be determined in accordance with those provisions.

PCS. 8. For persons who according to § 6 paragraph. 5, 2nd paragraph., Of Legislative Decree no. 865 of 22 October 1992 has decided to use an average acquisition price for the shares he held on 1 July 1981 is meant by the actual purchase prices remain the said average acquisition price.


PCS. 9. The calculation of gains and losses on the share certificates, etc., subject to § 18 paragraph. 4 acquired before 19 May 1993, persons at a disposal, May 18, 1993 should not have been calculated gain after § 6 of Legislative Decree no. 865 of 22 October 1992, as amended by Act no. 1030 of 19 december 1992, or as alone should have done it by virtue of § 6 paragraph. 6 of Legislative Decree no. 865 of 22 October 1992, persons not covered by the main shareholder concept, use andelsbevisets etc. on the 19th May 1993 instead of the acquisition cost. This choice must be collected for all share certificates, etc. in each cooperative. At a later disposal, a deductible or offsetting justified losses may not exceed the difference between the sales price and the share certificates of etc. on the 19th May 1993.

PCS. 10. The calculation of gains and losses on fund units covered by § 22 acquired before 19 May 1993, persons at a disposal, May 18, 1993 should not have been calculated gain after § 6 of the Act no. 865 of 22 October 1992, as amended by Act no. 1030 of 19 december 1992, or as alone should have done it by virtue of § 6 paragraph. 6 of Legislative Decree no. 865 of 22 October 1992, persons not covered by the main shareholder concept, using investment securities are on the 19th May 1993 instead of the purchase price as set. However, it also paragraph. 11. This does not apply if a possible sale of investment certificates May 18, 1993 would have been covered by § 2 a, § 2 c or § 3 of Legislative Decree no. 865 of 22 October 1992, as amended by Act no. 1030 of 19 december 1992. This choice must be collected for all mutual fund shares in each fund. A deductible or offsetting justified losses may not exceed the difference between the sales price and unit trust: evidence on the 19th May 1993.

PCS. 11. When calculating the gain or loss on investment certificates covered by § 22 acquired before January 19, 1994, individuals applying investeringsforeningsbevisets on the 19th January 1994 in place of the purchase price if the person at a disposal of the investment certificate the 18th January 1994 had not had to take into account any gain, respectively, had not been able to deduct any loss on the calculation of taxable income, see. however, also paragraph. 10. The purchase price to be used for calculating the gain or loss on a disposal 19 January 1994 or later can not be a higher amount than investeringsforeningsbevisets on the 19th January 1994 or from the certificate fair value at the date of disposal.

PCS. 12. For persons in connection with the termination of tax liability or transfer of tax residence before 1 January 2004 has been deferred payment of the tax calculated in accordance with § 13 a of Act no. 2 of 4 January 2004, the requirement collateral and calculating the allowance for deferred amount lapsed. The requirement of collateral is only canceled for the people who know tax liability termination was taxable to a country covered by the agreement of 7 December 1989 between the Nordic countries for assistance in tax matters or Council Directive 76/308 / EEC of 15 March 1976, as amended by Council Directive 79/1071 / EEC of 6 december 1979, Council Directive 92/108 / EEC of 14 december 1992 and Council Directive 2001/44 / EC of 15 June 2001.

PCS. 13. For persons whose previous rules apply market principle in the calculation of gains and losses on shares as mentioned in § 17, maintained that choice.

PCS. 14. For shares covered by § 3 of Legislative Decree no. 835 of 29 August 2005 but with effect from 1 January 2006 subject to the rules in §§ 12-14 or §§ 20-22, persons who has used market principle, make a statement of profit and loss per. December 31, 2005, as the market value December 31, 2005 replaces the commercial value of income year-end. For shares covered by the first section. used shares on December 31, 2005 as the purchase price when determining the gain or loss on a sale of shares on 1 January 2006 or later.

PCS. 15. Losses realized as a result of a company, etc., in the 2009 income year change status so that it is covered by § 19, can not be deducted in accordance with § 14 of Legislative Decree no. 171 of 6 March 2009 or § 13 A, even the losses are caught by one of these provisions. The losses are instead included in the inventory in accordance with § 19 as an addition to the value of the share or certificate in the calculation under § 23 paragraph. 7.


PCS. 16. Losses on listed shares. See § 3, no. 1 and 2, of Legislative Decree no. 171 of March 6, 2009, recorded in the period from 1 January 2006 to 31 December 2009, the regardless § 14 deductible according to § 13 A, paragraph. 2 and 3.

PCS. 17. § 13 paragraph. 2, shall not apply in the case of a share that has been admitted to trading on a regulated market without complying with the requirement to be listed in § 3, no. 1 and 2, of Legislative Decree no. 171 of 6. March 2009 and before 1 January 2010 has surpassed not to be admitted to trading on a regulated market.

Majority shareholder Discounts

people

§ 47. The calculation of gains on shares acquired before May 19, 1993, taxpayers may, at any sale of such shares 18 May 1993 should have been calculated gains and losses in accordance with § 6 of the Act no. 865 of 22 October 1992, as amended by Act no. 1030 of 19 december 1992, achieving a reduction in the taxable gain on the shares. The same applies to the calculation of the gain of any bonus shares or share rights that are granted before 1 January 2006 on the basis of such shares. Not calculated credit of shares covered by §§ 17, 18 or 19 and shares that would have been covered by § 2 c of Legislative Decree no. 835 of 29 August 2005, at a disposal, 31 December 2005. || |
PCS. 2 pcs. 1 shall not apply if the taxpayer alone should have calculated gain by virtue of § 6 paragraph. 6 in the paragraph. 1 mentioned Decree.

PCS. 3. Reductions in accordance with paragraph. 1 calculated at 1 per cent. per. years, the taxpayer owned the shares prior to the end of the tax year 1998. The tax credit can not exceed 25 per cent. Transferred or distributed the shares so that the transferee joins the transferor's tax position, see. § 34, § 35 or estate Tax Act § 36 used value of the shares by the transfer or distribution instead of the sales price to calculate the impact.

PCS. 4. Is the shares acquired at different times, distributed gains from the calculation of the deduction for ownership proportionally between the shares. If the shares have a nominal value, the apportionment shall be on the basis of this value. Surrendered a portion of the shares in the same company, considered the first acquired shares sold first.

Faroe Islands and Greenland

§ 48. This Act does not apply to the Faroe Islands and Greenland.

Taxation, October 31, 2013
PMV
Jens Brøchner
/ Lise Bo Nielsen



Appendix 1

European Parliament and Council Directive 2009/65 / EC: ...

Article 1



1. This Directive applies to undertakings for collective investment in transferable securities (UCITS) established on their territory.

2. For the purposes of this Directive and subject to Article 3, the UCITS an undertaking:

a) the sole object the collective investment in transferable securities or other in Article 50. 1, said liquid financial assets of capital raised from the public and which operate on the principle of risk spreading, and

b) the units at the request of holders repurchased or redeemed directly or indirectly, out of those undertakings' assets. The fact that a UCITS undertaking measures that the exchange value of its units does not differ from their net asset value as equivalent to such repurchase or redemption.

Member States may allow UCITS to consist of several investment funds.

3. The provisions of paragraph. 2 may be constituted in accordance with the agreement (funds managed by the management company) as 'trusts' ( 'unit trusts') or under statute (investment companies).

According to this directive include:

a) 'common funds' shall also include 'unit trust'

b) the term "units" of UCITS also shares in UCITS.

4. This Directive does not include investment companies whose assets through subsidiaries mainly invested in assets other than securities.

5. ...

6. ...

7. ...

...

Article 3 The following undertakings shall not be subject to this Directive:



a) closed collective investment


b) collective investment undertakings which raise capital without promoting the sale of their units to the public in the Community or any part of this

c) collective investment undertakings whose units under the fund rules or the investment company's articles of association may only be sold to the public in third

d) categories of collective investment laid down in the provisions of the Member State in which such collective investment undertakings are established, for which the provisions of Chapter VII and Article 83 in view of their investment and borrowing policies are inappropriate.

...
Official notes

1) The Act contains provisions implementing parts of Council Directive 2009/133 / EC of 19 October 2009 on a common system of taxation applicable to mergers, divisions, partial divisions, transfers of assets and exchanges of shares concerning companies of different Member States and to the transfer of an SE or SCE's registered office between Member States Official Journal 2009, no. L 310, page 34.

2) The taxation of portfolio shares. See Capital Gains Tax Act § 9, held at the beginning of the 2010 fiscal year, used as acquisition: 1) The fair value at the beginning of the 2010 fiscal year, unless the company is covered by # 2. If a company's total acquisition cost of equity securities referred. Aktieavancebeskatningslov § 9, at the beginning of the 2010 fiscal year exceeds the shares' total trade, this net losses deducted under the provisions of § 9 paragraph. 2-5, in net gains for Capital Gains Tax Act § 9 paragraph. 1, in the tax year 2010 or later. The calculation included the acquisition cost of disposal the sum of shares that the company has refrained May 25, 2009 or later, and at the time of disposal had been held for three years or more. The net capital loss is reduced to the extent the company in the financial years 2007-2009 have been exempt from counting dividends on those shares by income. If the taxpayer in the 2010 income year choose realized gains on portfolio shares not admitted to trading on a regulated market or a multilateral trading facility, the net loss on such shares may only be deducted in gains on realisationsbeskattede shares. Rules. excludes net capital losses on shares which the company in the holding period has been able to receive tax-exempt dividends by the Corporation Tax Act § 13 paragraph. 1, no. 2, and the shares acquired in connection with a tax restructuring that is adopted on 25 May 2009 or later. Life insurance companies showdown not a net loss. 2) The tax purchase price if the company had not started the 2010 fiscal year on May 25th 2009 and did not own portfolio shares at this time, or if the company is founded by 25 May 2009. If the market value at the beginning of the 2010 fiscal year is less than the tax purchase price, the acquisition cost reduced by the dividends received by the company, etc. in own time has been exempt from counting on income. The reduction can not exceed the difference between the tax cost of acquisition over the fair. Refer to § 22 paragraph. 9 of the Law no. 525 of 12 June 2009. The value at the beginning of the 2010 fiscal year and net losses for shares in amendment Act § 22 paragraph. 9 will be declared, and forms part of the tax assessment for the 2010 income year, cf.. Amending Act § 22 paragraph. 18

3) § 32 paragraph. 1 In this version as from the income year 2013. For taxpayers with backward offset income year 2013, the wording effective as of tax year 2014. Those with backward offset income year 2013, with effect for the tax year 2013, make deposits as mentioned in Pension Tax Act § 16 paragraph. 1, point 1., With effect from 1 January 2013. For such deposits has § 32 paragraph. 1, as from the income year 2013 under. Law no. 922 of 18 September 2012, § 13 paragraph. 2 and 3.


4) § 34 paragraph. 6, first paragraph., In this version only effect of transactions taking place on 1 January 2012 or later. Up to and including 31 December 2014, the Company's activities for the taxpayer's choice instead of being assessed under the terms of the Capital Gains Tax Act § 34 paragraph. 6, first paragraph., Is considered largely to consist of rental property or possession of cash, securities or similar. If at least 50 per cent. of the company's revenues, which means the accounting revenue plus the sum of the rest of recognition of income, calculated for the last financial year resulting from such activity or if the market value of the Company's rental properties, cash, securities or similar. either at the time of transfer or calculated at the end of the last financial year is at least 50 per cent. of the market value of its total assets, see. § 6 paragraph. 2 of Law no. 1380 of 28 December 2011.

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