Subscription rights to new shares

If you sell share options or subscription rights to shares admitted for trading on a regulated market, you must determine the gain or loss as the difference between the selling price and the purchase price - the so-called share-for-share method.

In 2024, income from shares of less than DKK 61,000 (DKK 122,000 for married couples) is taxed at 27% (in 2023 it was DKK 58,900 and DKK 117,800 for married couples).

In 2024, income from shares of more than DKK 61,000 (DKK 122,000 for married couples) is taxed at 42% (in 2023 it was DKK 58,900 and DKK 117,800 for married couples).

If the subscription rights are neither sold nor used to subscribe for shares, and these are subscription rights to shares admitted for trading on a regulated market, you are not liable to pay tax on them, as both the acquisition cost and the selling price are regarded as being DKK 0.

Transitional rules on purchases of shares and investment certificates made before 2006If you exercise the allotted subscription rights to purchase shares, the shares are regarded as having been acquired at the price you pay for the shares. If you subsequently sell the shares, the gain or loss must be determined according to the average cost method.

However, if you have shares acquired before 1 January 2006 which can be sold tax-free, these shares must not be included in the determination of the average acquisition cost.

Transitional rules on shares and investment certificates purchased before 2006

If you sell subscription rights, the gain is always taxable. This also applies even if the shares which have formed the basis for the allotment of subscription rights can be sold without taxation.

In fact, section 44 of the Danish Capital Gains Tax Act (Aktieavancebeskatningsloven) does not cover subscription rights which are allotted on or after 1 January 2006 on the basis of listed shares (now defined as shares admitted to trading on a regulated market) from a tax-free holding.