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Old 03.03.2015, 17:30
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UK Property asset - value for Swiss Tax Return

We are Swiss residents with a house in UK. On the tax return we have to list its value as an asset. Is it the current market value or the re-build cost we use?
The reason we ask is that our apartment in Switzerland is listed by the Swiss Tax authority at about half the amount we paid for it!
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Old 03.03.2015, 19:19
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Re: UK Property asset - value for Swiss Tax Return

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We are Swiss residents with a house in UK. On the tax return we have to list its value as an asset. Is it the current market value or the re-build cost we use?
The reason we ask is that our apartment in Switzerland is listed by the Swiss Tax authority at about half the amount we paid for it!
Market value less 30% would be fine, which is about the fire sale value on 31 December. Valuations are always opinion rather than fact. Remember to show any mortgage you have which could possible give a negative value overall.
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Old 03.03.2015, 21:32
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Re: UK Property asset - value for Swiss Tax Return

Brilliant!
Many thanks for the quick reply.
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Old 03.03.2015, 23:32
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Re: UK Property asset - value for Swiss Tax Return

I was never asked for any proof of the valuation I gave for my UK house.

Also.. remember.. the value goes on the asset part of the declaration.. any rent goes on your income.. but any costs..(all mortgage payments.. upkeep etc)...are tax deductible.
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Old 03.03.2015, 23:38
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Re: UK Property asset - value for Swiss Tax Return

CH tax values are about 33% of true value.

Tom
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Old 07.03.2015, 17:42
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Re: UK Property asset - value for Swiss Tax Return

Many thanks for the info everyone. We had initially priced our house at the UK market value.

Reducing it by even a small amount moves us to a lower category for the Wealth Tax as we were just over a boundary!

Cheers!
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Old 07.03.2015, 19:45
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Re: UK Property asset - value for Swiss Tax Return

I thought property you owned abroad was one thing you didn't pay wealth tax on! Oh dear.
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Old 07.03.2015, 23:06
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Re: UK Property asset - value for Swiss Tax Return

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I thought property you owned abroad was one thing you didn't pay wealth tax on! Oh dear.
I'm afraid not. You don't have to pay capital gains tax in Switzerland if you sell it though ( although you may have to pay in the country the property is located in).
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