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Inheritance tax referendum spooks Swiss super-rich

Bankers and lawyers warn of exodus ahead of public vote on 50 per cent rate for the very wealthy
The Alpine nation is due to hold a popular vote in November on the introduction of a federal tax on inheritances and gifts worth more than Sfr50mn ($61mn).

Lawyers and bankers in Switzerland are warning of a UK-style exodus of the wealthy ahead of a referendum on a 50 per cent inheritance tax for the super-rich.

The Alpine nation is due to hold a popular vote in November on the introduction of a federal tax on inheritances and gifts worth more than Sfr50mn ($61mn). Unlike existing cantonal duties that would still apply, the proposal does not include an exemption for spouses or direct descendants.

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