Bit of an odd question I hope someone might have a view on:
I’m tax resident in Baselland since around 20 years
My family own a farm in UK, when my father passed away I inherited a % of the land asset
The farm business is run now by my brother and mother, living in UK, in a legally drawn up Farming Partnership
My fathers Will bequeathed the land to the 3 of us. The land will now be owned jointly by the Farming Partnership (Mother and Brother) and me
I will soon therefore have formal ownership of a % of the land, through a ‘Declaration of Trust’ on the UK land asset
I’m not involved in the farm business, don’t own any of the buildings, machinery, cows etc. nor draw any income from the farm or land
How should I declare this on the Swiss tax return?
My guess would be I declare it as an inherited asset, with estimated value (from the Will and UK inheritance tax valuations)
Then this gets taken into account on Wealth tax as a worldwide asset
Any other considerations or advice much appreciated, thanks