Read the latest tax updates from the Channel Islands
The latest tax updates from the Channel Islands
Revenue Jersey released a taster last week of what to expect in the upcoming Automatic Exchange of Information (“AEOI”) reporting deadline of 30 June 2020. While we still await the issuance of updated Guidance Notes, we have summarised the pertinent points.
As the impact of the Coronavirus on the Island increases, the Government of Jersey has announced a series of measures which seek to support businesses and lessen the economic impact. This alert summarises the tax related measures announced by Government to date and also highlights some of the broader tax considerations.
In light of the substantial changes companies need to consider in relation to Economic Substance and a recent announcement from Revenue Jersey, we would like to take the opportunity to provide you with an update on a few important matters with regard to Economic Substance.
Initial comments from KPMG in the Channel Islands
On the 8th October 2019, the Stats of Guernsey announced their budget changes for the Year of Charge 2020
The Governments of Jersey, Guernsey and the Isle of Man set out their stance on the future registers of the beneficial ownership of companies.
In this document, we present a descriptive summary of the key features of what is proposed under the ESL
Consultation on the introduction of substance requirements for certain Jersey tax resident companies
Jersey, Guernsey and the Isle of Man have been working together to address the concerns of the EU Code of Conduct Group (Business Taxation) (“the COCG”) regarding economic substance.
Consultation on proposed substance requirements for Guernsey companies
As you will be aware from previous KPMG updates, Guernsey, Jersey, and the Isle of Man have been working together to address the EU Code of Conduct Group’s concerns about their corporate income tax regimes.
Autumn Budget 2017
For over 20 years, the Chancellor has delivered his plans for the UK's public finances in the Spring. Despite this, Philip Hammond announced earlier this year that he would instead deliver the Budget in the Autumn, giving MPs longer to scrutinise the Budget before the new tax year starts in April.
Automatic Exchange of Information Alert
The States of Guernsey has recently released Bulletin 2017/6 confirming expectations in relation to Self-Certifications of New Account Holders under the Common Reporting Standard.
Introduction of second 2017 Finance Bill
The Government confirmed on 13 July that a second 2017 Finance Bill will be introduced as soon as possible after Parliament’s summer recess ends on 5 September 2017.
UK trust register - what you need to know
Reporting obligations for trustees of certain trusts were introduced on 26th June 2017 as part of the UK’s implementation of the Fourth Anti-Money Laundering Directive.
Automatic Exchange of Information
Common Reporting Standard - Jersey announce relaxation of fines and penalties.
Guernsey CRS: extension of the reporting deadline
The Deputy Director of Income Tax effectively extended the CRS reporting deadline for the reportingperiod 2016 until 31 July 2017. The statutory deadline of 30 June remains unchanged.
Reminder: 30 May deadline for CRS notifications
Under the Guernsey CRS Regulations, any Guernsey Reporting Financial Institution which is to report an Individual Reportable Person, must notify them of the fact that the information is to be provided to the Director of Income Tax.
UK Budget 2017
There are a number of areas that may be of particular interest to the financial services industries in the Channel Islands, and these are set out in this alert.
CRS and FATCA updates in Jersey
The Jersey regulations detailing the jurisdictions with which Jersey will be automatically exchanging information under the Common Reporting Standard have been updated
UK Rules on Disguised Investment Management Fees and Carried Interest
Various changes to tax rules in the UK over the last three years are set to impact the investment fund community, and particularly the private equity sector.
Extension of Due Diligence deadline for Pre-existing accounts under US and UK IGAs
The Director of the Guernsey Income Office has become aware that several Financial Institutions may not have been able to meet the 30 June 2016 deadline to review accounts under the UK and US IGAs for all Low Value accounts and Pre-existing Entity Accounts.
The Chief Minister’s Department issued a public consultation on the Introduction of Country-by-Country Reporting (“CbCR”) in January 2016. Following response to the consultation in April 2016, the Government of Jersey has now published draft regulations for purposes of implementing the CbCR for the accounting periods beginning on or after 1 January 2016.
On Monday 3 October, the 2017 Budget report was released. Deputy St Pier said “Preparing the 2017 Budget in the context of the revenue shortfalls experienced in 2015 and 2016 has been challenging.
HMRC has announced a new consultation that takes forward their “No Safe Havens” strategy for tackling offshore tax evasion.