The return of Swiss and foreign fund units/shares to the fund for redemption by the unit/shareholder is exempt from Swiss stamp tax. However, if the claim is settled with the delivery of taxable securities from the fund's assets instead of a cash payment (i.e. in-kind redemption), this generally constitutes a transfer of taxable securities for consideration according to the FTA and is subsequently subject to Swiss stamp tax. In-kind redemptions (i.e. repayments of net assets to unit/shareholders by means of securities) are only exempt from Swiss stamp tax if the redemption is made as part of a (full or partial) liquidation of the investment fund.
Thus, in each case of a redemption of fund units/shares where the unit/shareholder receives securities instead of cash, it must be reviewed whether a partial or full liquidation of the investment fund takes place. In mass proceedings, the default rule ""subject to tax"" is probably appropriate.
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