Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #21  
Old 09.04.2021, 15:24
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 21,376
Groaned at 461 Times in 352 Posts
Thanked 23,091 Times in 11,824 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Taxation of recovered debt

Quote:
View Post
Huh, I recently opened a side account to move some money out of Postfinance. Guess what, the bank called me to verify how did I got ahold of the money ??! even though it was a transfer between swiss banks with the same account holder name/address.
If the new Bank had not done an extended KYC check thats to be expected, if they were just expecting salary payments then a years salary comes in they are bound to ask questions. If you do this often they will see it as normal.

I have had an account in the UK for 48 years, interestingly they have never asked any questions, they knew I ran a successful business 40 years ago & have always had large transactions flow through the account so alarm bells just don't ring. Curiously my mother was asked to prove he identity & provide a utility bill on an accounted opened 70 years ago, she has had the same address for 60 years.
Reply With Quote
This user would like to thank fatmanfilms for this useful post:
  #22  
Old 09.04.2021, 15:59
Senior Member
 
Join Date: Oct 2020
Location: Vaud
Posts: 386
Groaned at 26 Times in 16 Posts
Thanked 191 Times in 122 Posts
Gravity has an excellent reputationGravity has an excellent reputationGravity has an excellent reputationGravity has an excellent reputation
Re: Taxation of recovered debt

Yup, I think their expectations were that their new clients are choosing their account because it's for free, so most likely because they feel like paying a few francs a month is too much. BTW, I may seem too strict for a common sense of many, but if the bank get a few hundred thousands francs for free in their deposit and yet asks for account management fee *it's greedy* (not too mention the scam of the millennia - negative interests)

Quote:
View Post
If the new Bank had not done an extended KYC check thats to be expected, if they were just expecting salary payments then a years salary comes in they are bound to ask questions. If you do this often they will see it as normal.
Reply With Quote
  #23  
Old 12.04.2021, 10:46
Senior Member
 
Join Date: Apr 2015
Location: Port-Valais (was SFO)
Posts: 447
Groaned at 5 Times in 3 Posts
Thanked 326 Times in 181 Posts
Caryl has a reputation beyond reputeCaryl has a reputation beyond reputeCaryl has a reputation beyond reputeCaryl has a reputation beyond repute
Re: Taxation of recovered debt

Quote:
View Post
Huh, I recently opened a side account to move some money out of Postfinance. Guess what, the bank called me to verify how did I got ahold of the money ??! even though it was a transfer between swiss banks with the same account holder name/address.
What a change from (about) 1970 when I walked into the Bahnhofstrasse branch of the (now defunct and merged into CS) Schweitzerische Volksbank to collect some corporate forms for a client and the teller assumed I was a new client and my attaché case was filled with cash and welcomed me into a secret room.
Reply With Quote
This user would like to thank Caryl for this useful post:
  #24  
Old 12.04.2021, 11:23
Mica's Avatar
Forum Veteran
 
Join Date: Oct 2007
Location: Zurich
Posts: 979
Groaned at 1 Time in 1 Post
Thanked 1,244 Times in 553 Posts
Mica has a reputation beyond reputeMica has a reputation beyond reputeMica has a reputation beyond reputeMica has a reputation beyond reputeMica has a reputation beyond repute
Re: Taxation of recovered debt

In my opinion, if you have given a loan as a private person, the repayment of the principal will not be taxed as income (only interest payments would count as income). You might have a tax issue regarding the failure to declare the loan as an asset for wealth tax reasons. There you might need to explain why you considered the loan non-recoverable.

The situation will probably be different if you gave the loan via a corporation and wrote-off the loan, since in this case you would have used the write-off to reduce the company profits, and if the loan is "resurrected" you would need to account for it. There are also some issues if the loan was granted to related parties and subsequently written-off...
__________________
Liability for any statements hereinabove excluded! - Need a Swiss lawyer PM me.
Reply With Quote
Reply

Tags
debts, tax advice




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Taxation at source -> how to change to a normal taxation petertu Finance/banking/taxation 13 24.02.2021 19:00
How to remove a debt from the debt register? jammidge Finance/banking/taxation 19 12.11.2017 22:19
Anyone recovered from depression? missnobody Family matters/health 107 08.10.2013 21:48
Betreibung from UK debt? poot Finance/banking/taxation 4 21.07.2010 12:10
Debt in UK jq957 Finance/banking/taxation 15 17.07.2008 05:18


All times are GMT +2. The time now is 07:31.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0