When you turn on Wise Interest or Stocks, you’re investing in units in a fund. If you’re a Norway tax resident, this means you may need to pay income tax and capital gains tax.
Capital gains tax can become due when you dispose of units in the fund and you realise a gain. In other words, when you spend, send, convert or move money to another account.
Income Tax may be due if your income from all sources exceeds your personal allowance. Income tax is based on an annual deemed return on investment — calculated based on the fair market value of the fund units you hold on 1 January.
If you invest in the Interest or Stocks funds it’s deemed part of your taxable wealth, so you may also be subject to Norway’s wealth tax.
Filing a tax return
Norway tax resident individuals may need to submit a Norway personal income tax return if your gains are not covered by the capital gains or wealth tax allowances.
As Wise does not report tax details directly to Norwegian tax authorities, the relevant tax data will not form part of your pre-completed tax return.
You can find more information on the Norway tax administration website.
If you're a sole trader using Interest or Stocks passively, the guidance above also applies to you.