Investering i skattefri porteføljeaktier anno 2015: Jamen selskabsskatten er da 23,5% i 2015 - eller?

Birthe Brouer Viggaard

Student thesis: Master executive thesis


Investments in tax-free portfolio shares in 2015 may result in taxation, which substantially exceeds the level of the corporate income tax rate. This master thesis analyses and demonstrates how this is possible based on an example calculating an effective tax rate above 200 %. As from 1 January 2013, gains on tax-free portfolio shares have been tax-exempted; this was implemented as an incentive for investments in growth and start-up companies in accordance with the law proposal L49. Tax-free portfolio shares are defined as owned by a company, not listed on a stock exchange, and the corporate shareholder owns below 10 % of the shares. As a basis for the discussion, the taxation of capital gain and dividend from the tax-free portfolio shares including a number of anti-avoidance rules is analysed. In total, the taxable dividend definition includes more or less all kinds of distributions from a company, and together with the anti-avoidance rules, it results in a gross taxation including the original purchase price paid by the investor, and even converts tax-free capital gain to taxable dividend. This also applies for ordinary business transactions that a minority investor seldom can affect. However, which role does the symmetric or asymmetric taxation of the capital gain and the dividend play in respect of avoiding a sometimes extreme taxation? The analysis demonstrates that the symmetry plays a substantial part in this respect. The analysis shows that a number of different present rules may be used and result in either a nil taxation or a reduction of the taxation to the level of the corporate income tax rate by creating the symmetry. However, is this enough – may a clearer definition of rules ensure predictability? The master thesis finally suggests and analyses proposals for an improvement of the law. The overall conclusion is that investments in tax-free portfolio shares may be highly challenging and complex; they are covered by rules that may result in taxation, which cannot be predicted at the time of investment, and by tax dispensation practice, which lacks transparency and, therefore, creates situations, where legal certainty is at a test.

EducationsMaster i Skat, (Executive Master Programme) Final Thesis
Publication date2015
Number of pages73