The Swiss voters have by a large majority rejected the popular initiative submitted by the Young Socialists (JUSO) entitled «For a social climate policy – financed fairly through taxation (Initiative for the Future)», which called for a federal gift and inheritance tax of 50% with an exemption limit of CHF 50 million.

This means that Switzerland will not introduce a Federal inheritance and gift tax of 50%. The inheritance and gift taxes can still only be levied by the cantons and municipalities in their discretion. The cantons of Schwyz and Obwalden do not levy any inheritance and gift tax while Lucerne does not levy any gift tax. Spouses are exempt from inheritance and gift tax in all the cantons which levy such taxes whereas descendants are exempt from inheritance and gift tax in virtually all cantons (exceptions: cantons of Appenzell Innerrhoden, Neuchâtel, and Vaud).

Any inheritance tax is payable by the heir in the canton of residence of the deceased in accordance with the law applicable there. Any gift tax is payable by the recipient in the canton of residence of the donor.

Due to the lack of inheritance and gift taxes in the cantons of Schwyz and Obwalden and to the exemption of direct descendants and spouses from inheritance and gift tax in virtually all Swiss cantons, Switzerland remains internationally competitive with regard to inheritance and gift taxes.