I'd like to own some Novo Nordisk and my investment vehicle is a UK SIPP (pension) account.

There don't appear to be any Novo Nordisk listings directly on the UK, but there are many tickers listed on various non-UK stock exchanges (https://www.google.co.uk/finance?q=novo+nordisk&ei=oGnUVpG_BcPSugSaqLmQDA). Which of those listed would be most tax-efficient in this case, and how do I go about figuring that out on my own for future purchase considerations?

Please ignore the question of restrictions on where my SIPP might let me purchase stock -- I've got that covered. The question only pertains to tax efficiency of each particular ticker, with respect to holding in the UK. For example, I know that holding NOVO-B, which is listed on the CPH exchange, will cause a 27% pre-distribution tax withholding on any dividends for non-Danish stock holders. And because my holding will be in a SIPP, I have no way to claim that back either as a refund or as a tax credit on my UK taxes. I don't know about cap gains taxation for NOVO-B though. And I'm having trouble finding the rules for dividend and capital gain taxation for all these possibilities.

1 Answer 1


What I ended up doing was finding where each ticker of Novo was registered (what exchange), then individually looking up the foreign taxation rules of the containing country. Luckily, most companies only have a few tickers so this wasn't too hard in the end.

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