Welcome to your May Newsletter |
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Our monthly roundup of news, events and sponsor reading material. |
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GAT is generously sponsored by: We have capacity for ONE additional sponsor. If your member firm is interested in sponsoring GAT, please contact us. |
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Members' Area The Members' Area will develop over time, and will be populated with consultation responses and papers / advice issued by GAT and / or the Technical Committee. |
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Dear Members, Welcome to the May edition of the GAT monthly newsletter. We extend thanks to our sponsors for the 2024/2025 term, Lloyds Bank International, Carey Olsen, Grant Thornton and Aspida Group for their continued support. We have the space for one sponsor - if your member firm is interested in sponsoring GAT, please contact us. |
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The GAT/STEP Joint Technical Committee continue to work to ensure industry-wide engagement with the Guernsey Registry, the Commission and the States of Guernsey on an on-going basis and raise concerns about the ongoing changes. All consultations and responses where relevant, can be found in the Members' Area. If there are any future consultations which you would like to feedback on, we always welcome members' input. Please email info@guernseytrustees.org The next GAT Luncheon will take place on Thursday 11th July when Nigel Cheesley of Lloyds Bank International will present "The Role of Governance in Sustainable Organisations." The 2024 Annual General Meeting will also take place within this Luncheon which is taking place in the Conservatory at Moores Hotel. We warmly encourage all members to attend. Further information with regard to the AGM and election/voting process will follow in due course via the mailing list and directly to all member firms. The dates of future luncheons can be viewed and/or booked (when live) via our interactive calendar at http://www.guernseytrustees.org/calendar As always, I would be pleased to hear from members to understand any general frustrations or concerns you may have. Please do contact me. Kind regards Rhona Humphreys GAT Chair |
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AI Global Investments (UK) PCC Limited |
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AI Global Investments (UK) PCC Limited is a Guernsey registered protected cell company. However, it has been noted that criminals have been using the company’s details in an attempt to commit fraud. The fraud scheme has included the setting up of false websites in the name of the firm. Steps are being taken to have the offending sites closed down. Anyone seeking to conduct business with AI Global Investments (UK) PCC Limited is encouraged to take steps to ensure that they are dealing with the genuine firm. If in any doubt, please contact the Commission’s Intelligence Team for further guidance. |
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Sanctions Notices: Somalia and Russia |
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Somalia Please be advised that details of the following persons: who have been designated under the Somalia (Sanctions) Regulations 2021 (the UK regulations), have been amended. They are still subject to an asset freeze. Russia Please be advised that details in respect of Tatiana Vladimirovna Evtushenkova (Group ID: 15880), who is currently subject to an asset freeze and trust services sanctions, have been amended. The individuals referred to above appear on the UK’s consolidated list, which can be found here. The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have been made under the Sanctions (Bailiwick of Guernsey) Law, 2018 (the Sanctions Law).
Measures which must be taken All businesses must check whether they maintain any accounts or otherwise have any kind of relationship with the individual referred to above or to any other natural or legal person, entity or body designated under the legislation referred to above and must treat any funds, other assets or economic resources directly or indirectly belonging to, owned, held or controlled by them, whether wholly or jointly, or that comprise interest, dividends or other forms of property derived from any funds or economic resources that belong to them or are owned, held or controlled by them, whether directly or indirectly and wholly or jointly, or belonging to individuals or entities acting on their behalf or at their direction, whether wholly or jointly
as frozen with immediate effect if this is not already the case. Businesses must report any findings to the Policy & Resources Committee immediately. They must also ensure that they have taken all other steps that may be required in order to comply with the reporting obligations at section 14 of the Sanctions Law. Businesses must also refrain from making any funds or economic resources available directly or indirectly, wholly or jointly, to or for the benefit of any designated person, entity or body any entity directly or indirectly owned or controlled by a designated person, entity or body, whether wholly or jointly any individuals or entities acting on behalf or at the direction of a designated person, entity or body, whether wholly or jointly
other than in respect of transactions that come within a permitted derogation as determined by the Policy & Resources Committee, or in accordance with a licence issued by the Policy & Resources Committee, as the case may be. The information referred to above is required by the Policy & Resources Committee in the exercise of its powers under section 15 of the Sanctions Law. Any information or queries should be sent to sanctions@gov.gg with the subject line “Russia Sanctions”. Further information on the effect of asset freezes and related issues including licences is available on the States of Guernsey website at http://www.gov.gg/sanctions |
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States of Guernsey Accounts 2023 |
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The States of Guernsey Accounts for the year ended December 2023 were published on Wednesday 29th May, showing a positive performance for the year for several reasons, including higher wages in the Island, increased banking profits, and cost control in a high inflation period. At the same time the Accounts reflect the continuing pressure on health and social care costs. In 2023, the States saw an operating surplus - the difference between annual revenues and expenditure - of £10.2m. After taking into account other factors, including fixed asset depreciation and the largely unrealised investment returns, the net surplus was £63.7m. That compares to both operating and net deficits in 2022. |
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Guernsey takes next steps in implementing OECD Pillar Two Framework |
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The States of Guernsey is taking the next steps in its plans to implement the OECD's Pillar Two framework*, one of the major current BEPS workstreams in the OECD to address the taxation challenges of the digitalised global economy. The Policy & Resources Committee will shortly be lodging a policy letter proposing the introduction of an "Income Inclusion Rule" and a "Qualified Domestic Minimum Top-Up-Tax" to provide for a 15% effective tax rate for large in-scope multinational enterprises**, from 2025. This is in line with the intended approach set out in the 19 May 2023 Crown Dependencies' joint statement. The Income Inclusion Rule imposes a top-up tax on a parent entity in respect of the low taxed income of a foreign subsidiary. The Qualified Domestic Minimum Top-Up-Tax will bring the effective tax rate to 15% for in-scope entities in Guernsey that are not already charged an effective tax rate of 15% or more. The States has worked with industry to inform implementation plans and will shortly be engaging with the business community on some specific design elements as part of the legislative drafting process. |
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Sickness Benefit – additional payment method |
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A change has been made earlier this month to the medical certificate that will allow people making a claim for sickness benefit to be paid directly into their bank account, instead of weekly voucher / cheque. All other Social Security benefits are paid by BACS but, up until now, sickness benefit has mainly been payable by voucher. Historically, this was linked to the way sickness payments were handled by individual employers. Producing benefit vouchers is not a cost-effective option for Guernsey’s public services. Furthermore, many people now prefer to receive payments directly into their bank account. As well as being an affordable banking option, this is also a more secure and convenient way of receiving a payment. Additional information about the way Social Security manages sickness claims or the support available to employers and their staff can be found by clicking the button below. |
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New London Base for Guernsey Finance |
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Guernsey Finance has opened an office in central London to facilitate the work it does promoting and connecting the island’s finance services sector to key markets. The office in Petty France, close to Westminster, will provide the Guernsey Finance team with a base during the UK’s General Election year. This proximity will help to ensure that the voice and contribution made by Guernsey to the UK economy is recognised in this important market. The decision to open an office was made following a lengthy consultation with industry stakeholders and will be used by the Guernsey Finance team to facilitate its busy schedule of meetings. The move follows Guernsey Finance’s recent Frontier Economics Report titled “The Value of Guernsey’s Financial Services Industry to the UK Economy.” Guernsey channels £57 billion of international capital investment from around the world into the UK. UK fund managers generate £2 billion of fees annually from Guernsey-based funds which drives additional tax revenue for the UK of around £7 billion per annum, as well as a social value of approximately £3-4 billion every year for the UK. The report also highlighted that UK FTSE 100 companies may collectively save almost £100 million per year by using Guernsey captive insurance structures. “During a general election year, we are determined that Guernsey’s role in UK economy is well understood. Guernsey is a proud member of the British family, and having a presence in London provides Guernsey with substance and will help to facilitate the work we have planned for the next 12 months,” explained Rupert Pleasant, CEO of Guernsey Finance. |
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Upcoming dates to note for your diary are included below. Remember to check our interactive events calendar to book industry presentations and other events that may be of interest. |
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Members are warmly invited to the next GAT Luncheon taking place on Thursday 11th July 2024 at 12.30pm in the Conservatory of Moores Hotel. Nigel Cheesley of Lloyds Bank International, will present "The Role of Governance in Sustainable Organisations". Nigel will cover purpose, culture, science-based targets, Paris alignment, the UN Sustainable Development Goals, disclosures and reporting, credible transition plans and the importance of nature as well as touching briefly on the minefield of offsetting. The Luncheon will include the 2024 Annual General Meeting. Further details and information about the Committee Election will follow. GAT Chair, Rhona Humphreys will also provide an industry update and an overview of 2023. Our popular events give members the opportunity to network and to catch up on relevant news among peers on issues that affect the fiduciary community. The ticket price includes a buffet lunch served from 12.30pm. Please advise if you have any dietary requirements. |
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STEP Guernsey warmly welcomes you to this upcoming lecture of the 2023/2024 series. Venue: The Colborne Room, OGH Hotel Date/Time: Wednesday 5th June, 12pm - 1pm Topic: Anatomy of a relocation - Issues with Trusts Speakers: Matthew Radcliffe, Gabriele Colombaioni and Hugh Gunson, Charles Russell Speechlys Within this talk Matthew will be covering issues with trusts and presenting case studies looking at the trust / tax issues arising where a trust beneficiary moves between jurisdictions. Matthew will also discuss the likely issues which could arise due to the change in the non-doms rules, as relevant to Guernsey trusts. Gabriele will be covering favourable Italian tax regimes attracting HNWIs to Italy and the main Italian tax implications for trustees when the beneficiary of a trust relocates to Italy whilst Hugh will share insights in relation to the potential scope for tax authority investigations in this area and how to manage those risks. |
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STEP Guernsey’s flagship event allows delegates to meet, network and gain important knowledge and technical updates from outstanding speakers in the industry. Delegates will gain valuable CPD points whilst learning from industry experts about a broad range of relevant and current topics. For 2024, this will be held on Wednesday 12th June with a networking breakfast in the Concourse, followed by the main event in the David Ferguson Hall at Beau Sejour, Amherst, St Peter Port, Guernsey. For further details, including speakers and the agenda or to book, please click the button below. |
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Save the Date - Wednesday 11th September |
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Technology is a driving change in the finance industry. What are the opportunities for Guernsey and how can we leverage our island's nimbleness, robust legal framework and approach to regulation to benefit from new and emerging technologies? We'll examine these questions and more at a one-day conference jointly organised by the GFSC and Guernsey Finance. The event will feature leading industry experts and showcase local and international developments. Further details and registration will follow soon. |
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SAVE THE DATE - Guernsey Private Wealth Forum 2024 |
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The 2024 Guernsey Private Wealth Forum will take place on Wednesday 16th October at 8 Northumberland Avenue, London. More information on sponsorships and how industry can support the event will be available in due course. Please contact Rosie Courtney with any enquiries. |
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A selection of upcoming courses through the GTA Practical Board Meetings This course is designed to provide essential skills to those who are required to arrange and attend board meetings, produce agendas, board packs and board minutes. Cost: £215
Date: 4 June 2024
Venue: GTA University Centre Course Length: 09:30 to 13:00 Further details and registration here Responsibilities of a Guernsey Director For those new to the role of a director or those working towards a directorship position. This course will cover roles and responsibilities of a director of a Guernsey company, including how to remain fit and proper and remain focused on the duties and risks associated with the role. Cost: £215
Date: 18 June 2024
Venue: GTA University Centre Course Length: 09:00 to 12:30 Further details and registration here FATCA and CRS Visits – Preparation and Practical Tips This session will take delegates through what they can expect of a visit from the Automatic Exchange of Information (AEOI) team of the Guernsey Revenue Service. This course will help you and your business prepare for the visit. Cost: £125
Start Date: 20 June 2024
Venue: GTA University Centre
Times: 9:30 to 11:00
Further details and registration here Introduction to Taxation for Trust Administrators This course is intended as an introduction for trust administrators who require an understanding of taxation. Cost: £325
Date: 26 June 2024
Venue: GTA University Centre Course Length: 09:30 to 16:00 Further details and registration here Foundations and Principles of Insurance This course has been developed for those new to the Guernsey insurance industry or for those wishing to refresh their understanding of basic principles, and is suitable for staff working across all sectors of the insurance industry or associated professions. You will be provided with an introductory grounding in basic insurance principles, including the regulatory environment in Guernsey as well as an introduction to the key insurance disciplines, markets and products. Cost: £215
Date: 27 June 2024
Venue: GTA University Centre Course Length: 09:00 to 12:30 Further details and registration here Please contact steve.lasenby@gta.gg, GTA Programmes Manager, for further details on any of the above courses. |
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Private Client Guide 2024 - Guernsey (Legal 500) |
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Carey Olsen has published its guide to Guernsey's private client sector, which includes commentary on tax, trusts, foundations and private wealth structures used within the jurisdiction, including charitable or philanthropic structures.
The guide also looks at capital gains, withholding and wealth tax rules along with issues relating to real property, immigration, succession, making a will and estate planning considerations, legislative changes and disclosure obligations. |
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We believe that strong relationships are the key to good business. That’s why our Islands Commercial team are by your side to support you and your business every step of the way. We’re here for your business whenever you need us. Contact us or visit our website for more information. |
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Did you know we have a LinkedIn page? |
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