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-   -   UK Property asset - value for Swiss Tax Return (https://www.englishforum.ch/finance-banking-taxation/229073-uk-property-asset-value-swiss-tax-return.html)

china93 03.03.2015 16:30

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!

fatmanfilms 03.03.2015 18:19

Re: UK Property asset - value for Swiss Tax Return
 
Quote:

Originally Posted by china93 (Post 2351732)
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.

china93 03.03.2015 20:32

Re: UK Property asset - value for Swiss Tax Return
 
Brilliant!
Many thanks for the quick reply.

ipoddle 03.03.2015 22:32

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.

st2lemans 03.03.2015 22:38

Re: UK Property asset - value for Swiss Tax Return
 
CH tax values are about 33% of true value. ;)

Tom

china93 07.03.2015 16:42

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!

Ormsby 07.03.2015 18:45

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.

Belgianmum 07.03.2015 22:06

Re: UK Property asset - value for Swiss Tax Return
 
Quote:

Originally Posted by Ormsby (Post 2354015)
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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