ISK vs AF calculator
Two ways to hold investments in Sweden, and the choice matters more than most fund decisions. Enter your amount, expected return and horizon — the calculator shows the after-tax outcome for each, the tax-free floor that settles most cases, and which account comes out ahead for your numbers. Figures are for 2026.
A small flat tax on your whole balance, every year — currently about 1.065% — whether it rises or falls.
30% tax — but only when you sell, and only on your gain.
If your portfolio makes 3.4% a year or more, the ISK is the better choice.
Here’s how 1 000 000 kr plays out over 20 years if it grows 7.0% a year:
The AF runs above the ISK the whole way — it grows untaxed. But at the sale, 30% of the gain comes out (the dashed drop), and it lands below the ISK.
At 7.0% a year, you keep about 275 964 kr more in the ISK.
Try your own numbers
Illustrative, not tax advice — figures move with budgets and governments. 2026 basis: statslåneränta 2.55% → schablon 3.55% → an effective ISK tax of about 1.065% a year on the amount above the 300 000 kr tax-free floor (Skatteverket). The AF is modelled as buy-and-hold, so its 30% falls due only at the sale; trading it actively would tax gains sooner and make it worse. Foreign-dividend withholding is out of scope.
Want the full picture, including KF? Read ISK vs KF vs AF: Swedish investment accounts, explained for the ownership, foreign-withholding and inheritance differences behind the numbers.
All guidesCommon questions
- ISK or AF for a long-term buy-and-hold portfolio?
- For most equity investors expecting anything like historical stock returns, the ISK wins. The first 300,000 SEK per person is tax-free (2026), and above that the ISK's flat schablon tax is about 1.065% of the taxed capital a year. An AF pays 30% on gains, so it only competes when your expected return is low or you truly never sell — the calculator shows which account comes out ahead for your amount, return and horizon.
- Do I pay ISK tax if the market falls?
- Yes. The ISK's schablon tax is charged on the account's value every year regardless of whether it rose or fell, because it taxes the capital, not the gain. That is the ISK's main downside: in a bad year you still pay. An AF, by contrast, only taxes realized gains, and losses are deductible.
- How is the ISK tax calculated in 2026?
- Your capital base is multiplied by the government borrowing rate (statslåneränta, 2.55% for 2026) plus one percentage point, with a floor of 1.25% — giving a schablon rate of 3.55%. That is taxed as capital income at 30%, so the effective cost is about 1.065% of the base per year. The first 300,000 SEK per person is exempt, shared across your ISK and KF accounts.
- What about a KF (kapitalförsäkring)?
- A KF is taxed like an ISK at the same effective rate, and shares the same 300,000 SEK allowance. Its only real differences — the insurer reclaiming foreign-dividend withholding tax, and naming a beneficiary — are edge cases, so this tool keeps the comparison to the clean ISK-vs-AF binary.
- Does the account choice depend on which broker or platform I use?
- No — the wrapper decision (ISK vs AF) is separate from the platform decision. The ISK and AF are Swedish account types offered by Swedish brokers; a foreign broker sits outside the Swedish ISK system entirely, so check your own tax treatment there. Pick the wrapper first, on the tax maths; the platform is a separate question.