What is asset value and how should it be reported in the tax return for private shareholders and holding companies?

Posted by:
Monica Eriksen
on
June 22, 2022

The asset value of shares is normally pre-filled in the tax return, but this is not always the case. Take a look at our latest blog post to find out what applies to you.

Tax value / Assets value
Tax value or assets value as the Tax Authorities in Norway renamed it in 2017, is a tax concept that has an impact on wealth tax.

The asset value is the taxable asset value of the shares you own at the end of the year. Asset values ​​of shares are normally pre-filled in your tax return.

If you have changes or additions associated with assets value, you must change this directly in the tax return and not in the share statement. The same applies if the share capital is not pre-filled in the tax return.

Assets value for non-listed joint stock companies
If you have shares in a company that was established in the income year, has bought their own shares or had capital changes in the income year, this means that the assets value will not be pre-filled on the tax return. In other words, you are responsible for extracting the information or contacting the company to obtain the information and update the tax return.

When the limited company itself submits its tax return, the Tax Administration receives information about the property value and you will then receive a new share return (RF-1088R). The new share statement shows the correct asset value that was previously unknown. You can receive this before or after the submission deadline for your tax return.

Look carefully trough the share statement
The share statement helps you get the tax deductions you are entitled to based on your share income. Therefore, it is important that the share return is carefully checked before you submit the tax return.

Note that if the information in the new share statement does not match the tax return, regardless of whether you have already submitted it, you must update and submit a new tax return. This also applies if new information is received about taxable dividends and gains or losses - which in turn leads to you receiving a new share statement that must be checked.

New or old format of the tax return
If you submit the tax return in the old format, you have to fill out the information and changes in the form «Gains, losses, dividends and assets on shares and other financial products» (RF-1159). If, on the other hand, you submit the tax return in a new format, you enter the information directly in the new tax return and do not submit form RF-1159 in addition.

Feel free to contact us if you have any questions regarding the tax return or anything else.

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