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Old 11.02.2010, 18:15
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CGT for Non-Swiss Resident?

Afternoon Folks

I'd greatly appreciate any views anyone can offer on this subject.

For a UK resident and domiciled individual, owning a second property in Switzerland, what is the situation re Capital Gains Tax on selling the swiss property in canton Vaud?

The UK CGT on second homes is currently 18% I believe, but I understand the Swiss CGT on such may be 28%, reduced by 1% for each year owned. Is this the case?

Does anyone know how UK domiciled and resident individuals are treated for CGT on a Swiss home sale? is it just the UK 18%, or the full Swiss CGT less any deductions for years owned, or some other hybrid / bi-lateral agreement where HMRC would be paid 18% and the Swiss authorities any balance up to their local law % levels?

Finally, I know the HMRC calculates CGT as the sale price, less the original purchase price, less allowances such as stamp duty (or eqv) and sale, marketing, tax advice and conveyancing fees etc. But does anyone know if these are all calculated in the original Swiss francs cost at the time of each transaction, then the bottom line converted to sterling for any gross profit CGT calculation? - or are all Swiss costs converted into first and then calculated? I would have thought the former, as forex variances over a long period of time could make a big difference, but you never know with HMRC!

If anyone is able to recommend a good (English speaking) Swiss CGT specialist that would be much appreciated.

Many thanks for any views and tips

Regards

SG
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