Permanent incapacity argues against self-employment

A married couple from Geneva sought to claim their losses from forex trading as tax-deductible losses arising from commercial securities trading. Between 2012 and 2021, they made profits of around CHF 829’000, but at the same time incurred losses of over CHF 12 million.

The Federal Supreme Court ruled that this did not constitute self-employment, as there was no objective prospect of long-term profits. The activity was classified as private asset management, which is why the losses are not tax-deductible. (Source: BGE 9C_325/2025 of 19 May 2026)