You do not receive a tax deduction after the first home – VG



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BUDGET LEAKS: The three youth party leaders come up with a budget leak, which can have a lot to say for many young people. Photo: Terje Bringedal, Tomm W. Christiansen and Linda Torkelsen.

The BSU scheme will be reinforced in the proposal for next year’s state budget.

– If you can buy a house without using money from the BSU account, it’s probably good and good to be able to use it to save. But that is not what we are going to subsidize. The goal of the plan is to help young people buy their first home, conservative youth leader Sandra Bruflot tells VG.

Young people under 34 can receive up to NOK 5,000 tax relief if they save in a BSU account. But the account can only be created once. This means that if you use the money to buy your first home, you won’t be able to save more there later. But if you have other equity and don’t have to use it, you can continue to use the account to save even after you’ve bought your first home.

The government’s proposal for next year’s state budget changes this: If you own a home or buy a home, you will no longer be able to get a tax deduction.

– You can still save in the BSU account, but you will not receive the tax deduction. Once the tax deduction is removed, it’s like putting the money in any savings account, Bruflot says.

Various settings

In addition, the government will set the limit of the exemption card from NOK 55,000 to NOK 60,000. They will also increase the maximum annual amount that can be saved in the BSU account from 25,000 to 27,000.

– This makes the schema more specific. Previously, a third of those who saved at BSU already owned a home, says Edel-Marie Haukland, leader of KrFu.

Young Liberal Party leader Sondre Hansmark says the current BSU scheme has been too generous.

– In Norway, most people own their own home, but there is a group of young people who are struggling to enter the housing market. So we better spend money on them instead of subsidizing those inside, she says.

I would scrap the scheme

Several youth parties, including KrFu and Unge Venstre, have previously spoken in favor of eliminating the entire current BSU scheme, because they believe it increases the gap between young people.

Critics of the BSU scheme believe that it is those who can afford to save who benefit from it. Figures from Statistics Norway show that those with wealthy parents save more than others.

– KrfU has wanted a scheme that is more aimed at those with the worst advice. We will continue to do so
work, but this is a big step in the right direction, says Haukland.

Hansmark says the tweak now means the scheme will be more targeted at those in need.

– Then you can discuss the BSU scheme itself, but I think this is a step in the right direction, he says.

You can save at BSU until the year you turn 33. The proportion who save in BSU and already own a home increases with age. In addition, Bruflot says that figures from the Tax Authority show that those who own a home while saving in BSU typically have higher incomes than those who do not.
In the Government’s proposal, home ownership also includes indirect ownership, for example through limited partnerships or housing associations, as well as cases where a part of a home is owned.

In total, you can save 300,000 crowns (plus interest) on the BSU scheme.

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