According to the popular initiative submitted by the Young Socialists (Juso) in February 2024, “For a socially just climate policy – fairly financed (Initiative for the Future),” a new tax on inheritances and gifts from private individuals (known as the “future tax”) is proposed to be introduced. The parliamentary process has been completed on 17 June 2025. Parliament has followed the Federal Council’s recommendation to reject the initiative without counterproposal. In the following, we summarize the key elements of the referendum ahead:

•  Inheritances and gifts after the referendum date are subject to taxation if they exceed the exemption limit of CHF 50 million.
•  The tax rate is 50% on the difference between the amount of the gift or inheritance and the exemption amount of CHF 50 million.
• The initiative stipulates that the Federal Council must issue implementing provisions in the form of an ordinance within three years of the initiative being accepted.
•  The implementing provisions shall apply retroactively to inheritances and gifts taking place between the date of the referendum and the entry into force of the ordinance. Specifically, this would mean the following:

Inheritances: In the event of death after the referendum date, the portion of the inher-itance exceeding the exemption amount is subject to taxation.

Gifts: These are also subject to taxation from the date of the referendum if the exemp-tion amount is exceeded. The tax is expected to be levied at the time the exemption limit is exceeded. If gifts are planned, it should be considered whether these can be made before the referendum so that they do not fall within the scope of the initiative.

• In addition, the Federal Council is to issue implementing provisions to prevent tax avoid-ance, particularly with regard to relocations. In the opinion of the Federal Council, these measures to prevent tax avoidance must not be implemented retroactively to the date of the referendum. This means that persons who are subject to unlimited taxation in Switzerland can still move abroad after the referendum (but before the implementing provisions come into force) without triggering the tax consequences of the new tax. Even relocations after the implementing provisions come into force will not, in the opinion of the Federal Council, be considered tax avoidance per se and trigger the tax, as there may also be non-tax reasons for relocating.

The fastest possible timetable envisages that the referendum takes place as early as 30 November 2025. The initiative is not considered to have much chance of success by the daily press and political observers.