SIPPs and Swiss Taxes

Taxes
1

Hello all; I have used the find function to see if this question had been asked before and could not find anything so there it is: do any of you declare the assets within your UK SIPP in your Swiss Tax declaration?

I am asking because while I understand that pension assets which are ‘blocked’ and subject to strict withdrawal rules do not need to be reported in the tax declaration (as would a 3rd Pillar account in Switzerland), I haven’t found the specific legal rule which extends this to foreign types of “gebundene Vorsorge” .

2

I think these are excluded.

3

Just call your cantonal tax authorities, theyll be able to confirm quickly

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4

They should be excluded as they are considered equivalent to a pillar 2.

Side note, it’s pretty difficult to even transfer it to a QROPS scheme in Switzerland if one even wanted that.

5

Question from a non-UK person: what is QROPS?

6

QROPS is a qualified account which allows one to transfer their UK pension to a swiss based pension account.

An institution must go to the UK tax authorities for QROPS accreditation, there aren’t many in Switzerland who have this accreditation. It basically just means a swiss based pension agrees to enforce and follow UK pension rules. It’s also difficult and costly to do so not worth it.

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