Taxation of SPEAS shares

The review below is based on our interpretation of the rules and should not be considered exhaustive, as it does not necessarily include all tax implications relevant to all shareholders. Shareholders, existing as well as potential, who contemplate investing on the basis of this review or who are subject to more complicated tax rules, including investors operating with a non-calendar financial year and investors who have purchased/sold shares on an ongoing basis, are recommended to consult their own tax advisers. Scandinavian Private Equity A/S takes no responsibility for decisions or actions that this review might lead to.

SPEAS is a tax-exempt investment company.

Shareholders liable to pay taxes in Denmark are taxed on the change in value over the year equal to the difference in share value at the beginning and the end of the year, less acquisition costs and plus sales proceeds. The determination follows the shareholder’s financial year, and shareholders are taxed on the basis of the following principles:

Pension funds: Pension capital investments in SPEAS are taxed like any other investment with PAL tax.
Personal investors: Realised and unrealised capital gains and losses over the year as well as share dividends are included as capital income on an ongoing basis.
Company investors: Realised and unrealised capital gains and losses over the year as well as share dividends are included as corporate income on an ongoing basis.

As a result of SPEAS’s classification as an investment company, personal investors’ shares may be included in the Danish Business Tax Scheme.

Share prices

31 December 2016 DKK 9,290
31 December 2015 DKK 15,750
31 December 2014 DKK 16,780
31 December 2013 DKK 17,820
31 January 2012 DKK 13,600
31 January 2011 DKK 11,100
31 January 2010 DKK 7,990

Taxation in 2016 (not relevant for pension capital investments)

You have not traded SPEAS shares during 2016 Dividend distributed, total: DKK 6,000 per share.
Unrealised capital loss: DKK 6,460 per share.
Net loss of DKK 460 per share is taxed as capital/corporate income in 2016.
The withholding tax of dividend is included in the tax statement as a prepaid tax.
You have bought SPEAS shares during 2016 Unrealised capital gain/loss until 31 December 2016 (DKK 9,290 per share minus actual acquisition price) is taxed as capital/corporate income in 2016.
In addition comes taxation of any dividend distributed in the holding period.
You have sold SPEAS shares during 2016 Realised capital gain/loss (actual sales price minus DKK 15,750 per share, if the share is bought before 1 January 2016, and actual acquisition price, if the share is bought on 1 January 2016 or later) is taxed as capital/corporate income in 2016.
In addition comes taxation of any dividend distributed in the holding period.
Dividend distributed during 2016 26 May 2016: DKK 1,500 per share
14 July 2016: DKK 1,500 per share
21 September 2016: DKK 1,000 per share
23 December 2016: DKK 2,000 per share

Taxation in 2015 (not relevant for pension capital investments)

You have not traded SPEAS shares during 2015 Dividend distributed, total: DKK 6,000 per share.
Unrealised capital loss: DKK 1,030 per share.
Net gain of DKK 4,970 per share is taxed as capital/corporate income in 2015.
The withholding tax of dividend is included in the tax statement as a prepaid tax.
You have bought SPEAS shares during 2015 Unrealised capital gain/loss until 31 December 2015 (DKK 15,750 per share minus actual acquisition price) is taxed as capital/corporate income in 2015.
In addition comes taxation of any dividend distributed in the holding period.
You have sold SPEAS shares during 2015 Realised capital gain/loss (actual sales price minus DKK 16,780 per share, if the share is bought before 1 January 2015, and actual acquisition price, if the share is bought on 1 January 2015 or later) is taxed as capital/corporate income in 2015.
In addition comes taxation of any dividend distributed in the holding period.
Dividend distributed during 2015 3 June 2015: DKK 1,500 per share
31 July 2015: DKK 1,500 per share
6 October 2015: DKK 2,000 per share
21 December 2015: DKK 1,000 per share

Taxation in 2014 (not relevant for pension capital investments)

You have not traded SPEAS shares during 2014 Dividend distributed, total: DKK 5,700 per share.
Unrealised capital loss: DKK 1,040 per share.
Net gain of DKK 4,660 per share is taxed as capital/corporate income in 2014.
The withholding tax of dividend is included in the tax statement as a prepaid tax.
You have bought SPEAS shares during 2014 Unrealised capital gain/loss until 31 December 2014 (DKK 16,780 per share minus actual acquisition price) is taxed as capital/corporate income in 2014.
In addition comes taxation of any dividend distributed in the holding period.
You have sold SPEAS shares during 2014 Realised capital gain/loss (actual sales price minus DKK 17,820 per share, if the share is bought before 1 January 2014, and actual acquisition price, if the share is bought on 1 January 2014 or later) is taxed as capital/corporate income in 2014.
In addition comes taxation of any dividend distributed in the holding period.
Dividend distributed during 2014 3 June 2014: DKK 2,800 per share
29 September 2014: DKK 1,500 per share
23 December 2014: DKK 1,400 per share

Taxation in 2013 (not relevant for pension capital investments)
With effect from 2013, the taxation follows the shareholder’s financial year

You have not traded SPEAS shares from 1 February 2012 to 31 December 2013 The unrealised capital gain from 1 February 2012 to 31 December 2013 of DKK 4,220 per share (DKK 17,820 – DKK 13,600) is taxed as capital/corporate income in 2013.
You have bought SPEAS shares between 1 February 2012 and 31 December 2013 Unrealised capital gain/loss until 31 December 2013 (DKK 17,820 per share minus actual acquisition price) is taxed as capital/corporate income in 2013.
You have sold SPEAS shares during 2013 Realised capital gain/loss (actual sales price minus DKK 13,600 per share, if the share is bought before 1 February 2012, and actual acquisition price, if the share is bought on 1 February 2012 or later) is taxed as capital/corporate income in 2013.

Taxation in 2012 (not relevant for pension capital investments)
Until 2012, the taxation followed SPEAS’s financial year, which runs from 1 February to 31 January.

You have not traded SPEAS shares from 1 February 2011 to 31 December 2012 The unrealised capital gain from 1 February 2011 to 31 January 2012 of DKK 2,500 per share (DKK 13,600 – DKK 11,100) is taxed as capital/corporate income in 2012.
You have bought SPEAS shares between 1 February 2011 and 31 January 2012 Unrealised capital gain/loss until 31 January 2012 (DKK 13,600 per share minus actual acquisition price) is taxed as capital/corporate income in 2012.
You have sold SPEAS shares during 2012 Realised capital gain/loss (actual sales price minus DKK 11,100 per share, if the share is bought before 1 February 2011, and actual acquisition price, if the share is bought on 1 February 2011 or later) is taxed as capital/corporate income in 2012.

Taxation in 2011 (not relevant for pension capital investments)

You have not traded SPEAS shares from 1 February 2010 to 31 December 2011 The unrealised capital gain from 1 February 2010 to 31 January 2011 of DKK 3,110 per share (DKK 11,100 – DKK 7,990) is taxed as capital/corporate income in 2011.
You have bought SPEAS shares between 1 February 2010 and 31 January 2011 Unrealised capital gain/loss until 31 January 2011 (DKK 11,100 per share minus actual acquisition price) is taxed as capital/corporate income in 2011.
You have sold SPEAS shares during 2011 Realised capital gain/loss (actual sales price minus DKK 7,990 per share, if the share is bought before 1 February 2010, and actual acquisition price, if the share is bought on 1 February 2010 or later) is taxed as capital/corporate income in 2011.

Taxation in 2010, read more here