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Old 24.02.2012, 18:00
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Trustee for UK trust: any implications for Swiss tax?

Hi - hopefully someone might be able to give me an initial steer on this one!

My husband has been asked by a member of his family to be a trustee for a trust that is being set up as part of inheritance planning. The lawyers in the UK have suggested that my husband being nominated is not a good idea because it might have implications for him under Swiss tax.

We get the impression that the lawyers actually don't know if there are any implications on the UK side and would rather just recommend a simpler option - I really don't see how being a trustee for funds that are all going elsewhere (i.e. my husband will not receive any assets etc from this) could impact on either income or fortune tax in Switzerland.

Does anyone have any experience of this?

Thanks hugely in advance
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Old 24.02.2012, 18:06
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Hi - hopefully someone might be able to give me an initial steer on this one!

My husband has been asked by a member of his family to be a trustee for a trust that is being set up as part of inheritance planning. The lawyers in the UK have suggested that my husband being nominated is not a good idea because it might have implications for him under Swiss tax.

We get the impression that the lawyers actually don't know if there are any implications on the UK side and would rather just recommend a simpler option - I really don't see how being a trustee for funds that are all going elsewhere (i.e. my husband will not receive any assets etc from this) could impact on either income or fortune tax in Switzerland.

Does anyone have any experience of this?

Thanks hugely in advance
If your husband is not a bennificery of the trust , then there won't be any implications .
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Old 24.02.2012, 19:12
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Re: Trustee for UK trust: any implications for Swiss tax?

you should check whether there is a an obligation to declare any fiduciary relationship in switzerland and also whether there is an imputed income as a percentage of the value of assets held under trust.

i'm not saying that there definitely is, but given the potential exposure, it is something that you would be wise to look into before agreeing to such a responsibility willy-nilly.

you may also wish to check whether the swiss tax authorities issued a statement of practice on this a few years ago.
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Old 25.02.2012, 09:01
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Re: Trustee for UK trust: any implications for Swiss tax?

Thanks very much for both of you. I will contact the Swiss tax authorities to see if they have any additional information
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