This briefing summarises certain key aspects of Guernsey taxation law for the calendar year 2020.Topics covered include corporate income tax, personal income tax, withholding tax, anti-avoidance...
The trust was governed by the law of England and Wales, but administered in Guernsey by Guernsey trustees and therefore subject to the jurisdiction of the Royal Court.
The island of Guernsey is the second largest of the Channel Islands, which are situated in the English Channel close to the French coast of Normandy.
The OECD Forum on Harmful Tax Practices (FHTP) has concluded that the domestic legal frameworks of Guernsey and Jersey are in line with agreed standards and therefore "not harmful".
Guernsey Finance Chief Executive Dominic Wheatley reflects on the findings of the latest OECD tax report to world leaders.
This document summarises certain key aspects of Guernsey taxation law for the calendar year 2019.
Guernsey does not levy any form of capital gains tax, inheritance tax or value added tax. No stamp or document duty, or transfer tax, is payable in respect of companies,
Guernsey's rules on corporate tax residence changed at the beginning of 2019 following amendments to its existing tax law brought into effect by a combination of the Income Tax
In September HMRC published revisions to its inheritance tax (IHT) manuals relating to its interpretation of where a specialty debt (a specialty) is sited. There has been little commentary
Following an announcement in Guernsey's 2019 Annual Budget, revised draft legislation updating the island's corporate tax residence law has now been published.
Like other offshore jurisdictions, Guernsey will be implementing legislative economic substance requirements by the end of 2018 to address concerns raised by the EU Code of Conduct Group on Business Taxation...
Duff and Phelps
Amidst the publicity surrounding publication of the Paradise Papers last November, some important facts were lost.
The peer review reveals the important progress made by Jersey in the implementation of the international standard...
In a recent decision the Royal Court has considered whether to set aside a distribution on the grounds of equitable mistake in circumstances where that mistake led to adverse UK tax consequences.
The new rules will mean that IHT is charged on all UK residential property,
On 29 July 2016, the States of Guernsey Income Tax published their latest bulletin on guidance in relation to the implementation of the Common Reporting Standard in Guernsey.
In October 2015 we reported on the UK's consultation papers outlining HMRC's proposed two pronged approach to tackling facilitators and enablers of offshore tax evasion.
Earlier today, the tax authorities of Guernsey and Jersey (along with the Isle of Man) released revised joint guidance on the application of each island's economic substance legislation
Trust law in China is rather different from that in common-law jurisdictions. A trust is not a turnkey product and is definitely not an off-the-shelf structure, and that is not an easy concept to understand,
The EU Code of Conduct Group on Business Taxation has confirmed the status of the Cayman Islands, Guernsey and Jersey as cooperative jurisdictions.