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bigduckontax, Accountant
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There, I worked in Switzerland from 2009 to 2012

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Hi there, I worked in Switzerland from 2009 to 2012 for UBS and contributed towards a share purchase scheme. I recently recieved a "Wealth Tax Statement" from Equatex, the share plan company that manages the scheme. The statement they have sent says this at the top :
"The plan Casg reflects contributions made towards the Equity Plus Plan, which have not yet been used for a share purchase"
Followed by a table of the Grant details, one line for each year 2009-2012 with the number of shares and "Tax Price" and "Taxable Value".
The statement then says this at the bottom :
"Income: - No interest is paid on the outstanding Cash in the Equity Plus Plan, therefore no taxable income is generated".
I moved back to the UK 3 years ago and would like to sell these shares, but I'm finding it hard to determine whether these would be termed Employee Shareholder Shares as they are in swiss francs and in a swiss company ...
https://www.gov.uk/tax-employee-share-schemes/employee-shareholder-shares
The value of the shares is a little under this 50,000 gbp limit (at current exchange rate).
Any help would be greatly appreciated,
Francis.
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
I have added in the letter I recieved from Equatex. I am a higher rate taxpayer also, not sure if that affects the capital gains or employee share scheme allowance(s). Thanks again, Francis.
Expert:  bigduckontax replied 1 year ago.
Hello Francis, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. First things first. When you moved to Switzerland did you send a Form P85 to HMRC? If you did not you should do so immediately. Fortunately there is no time limit as to its submission, it is available on the web and can be filed on line. You will find dealing with HMRC much easier if you use the P85 procedure. On receipt HMRC will class you as non resident for the tax year following your date of departure and furthermore split the leaving year into two portions, one resident and the other non resident. On your return you tell HMRC and the process is reversed, again with a split year incorporated. These shares would not be in an HMRC approved Share Scheme so their allocation would be subject to UK taxation were you resident in the UK when they were issued. However, you were not, you were non resident, so any taxation would be subject to the Swiss authorities and any disposal subject to Swiss rules. Under the Double Taxation Treaty between the UK and Switzerland such matters can only be taxed in one jurisdiction, in this case Switzerland. I do hope that my reply has been of assistance.
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.

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