GAT News August 2018

Industry News August 2018

Welcome to our August Newsletter

Luncheon Invitation

We hope those of you who have had a break over the Summer are returning well rested.  To those who have held down the fort, good work, the end is nigh!

Members are warmly invited to our next GAT Luncheon which will take place on Wednesday 3rd October 2018 in the Conservatory at Moores Hotel.

As we mentioned in our July Newsletter, Members may be aware of the EU mandatory disclosure regime for cross-border transactions which came into effect on 25 June 2018.  We are delighted to welcome Tony Mancini of KPMG to our next Member’s luncheon who will cover the salient points of the new reporting requirements and highlight areas of uncertainty. 

Our luncheon will also feature an industry update from GAT Committee Member and previous Chairman, Mark Pattimore.

Click below to book.

Book now

Economic substance

One of the key focus areas of the GAT/STEP Combined Technical Committee over the Summer has been in relation to the publication of a consultation on the proposed introduction of legislation which will require companies tax resident in Guernsey, undertaking specific income generating activities, to demonstrate that they have sufficient substance in Guernsey.   

The survey can be found here – Substance Consultation Surveymonkey

Members of the GAT/STEP Combined Technical Committee have met regarding the questions posed in the survey and are crafting a response by the deadline of Friday 31 August. 

In order to ensure maximum impact and help identify the magnitude of concerns in key areas, Members are invited to respond directly to the survey, although you can also highlight any comments that you wish to be considered by the Technical Committee directly by email below.

Email us

Guernsey’s relationship with London is ideal backdrop to island’s first-ever Private Wealth Forum

GAT is looking forward to the first ever Private Wealth Forum being hosted by Guernsey Finance in London on Thursday 8th November.

GAT Committee Member and Treasurer,  Alasdair McLaren, said the Forum was an opportunity to remind the international market of the strength and depth of Guernsey’s fiduciary industry and strengthen relationships with the London market.

“The fiduciary industry regards London as the premier hub for international private wealth advice,” he said.

You can read the full article here

If you are interested in attending, please contact Declan to purchase a seat.


Guernsey Finance takes broader strategy role with key appointment

Guernsey Finance is set to take a broader role in the development of the island’s financial services sector through the permanent appointment of Dr Andy Sloan as Deputy Chief Executive, Strategy.

Dr Sloan has been Acting Director of Strategy on part-time secondment from the Guernsey Financial Services Commission for the past nine months. He now joins permanently to oversee development of jurisdictional-wide financial services strategy through Guernsey Finance in line with the role set out in the Committee for Economic Development’s recently approved Economic Vision.

Read the full article here


GIBA Summary Minutes

Please find below a link to the summary minutes for July’s meeting of GIBA Council

July summary minutes


Forthcoming Events

Guernsey Finance Map

Events Calendar

Remember to check our Events Calendar for Industry presentations and other events that may be of interest.

Guernsey Finance Map

STEP Lecture Series 2018/19

Lunchtime Lecture 1

10th September – 12-1pm

Dorey Room, St James

Use & occupation of UK property held in trust: a constructive headache by Carly Russell of Brecher LLP

This talk will look at the use and occupation of UK realty held in trusts by beneficiaries and their cohabitees, spouse, extended family and even staff. How do Trustees protect the trust property?

For a full biography and more details please visit our website: stepguernsey.org

Click on the image below to book your place.


SAVE THE DATE – 11 October 2018 – Geoffrey Robertson QC

Many members may be aware that each year GILA organises a number of events and their flagship event this year is a talk by Geoffrey Robertson QC in the Royal Court followed by a champagne reception and dinner at the OGH on Thursday 11 October 2018.

Geoffrey will be covering his time in the law and the high profile clients he has represented which include Gay News, The Guardian, Salman Rushdie, Mike Tyson, the Washington Post, the Wall Street Journal and Julian Asange. He will also be discussing his most recent book “Rather His Own Man: In Court with Tyrants, Tarts and Troublemakers”.

This event promises to be a thoroughly entertaining talk so ensure you put the date in your diary to avoid a clash nearer the time.

Further details will follow in due course.


VAT Update with Stephen Kehoe

BDO London VAT partner Stephen Kehoe will join Guernsey tax experts to explain the impact of HMRC’s ‘Making Tax Digital’ initiative and other VAT changes, in particular as they affect UK properties and their owners.

Tax director at BDO in Guernsey, Mark Savage, will also speak to attendees to explain how they can prepare for the changes which will be implemented from April 2019.

HMRC estimates that 89% of businesses (including many companies that own UK property) will have to change the way they submit VAT returns.

The event will be held on Monday 1 October at 4.30pm in the Harry Bound Room at Les Cotils. For further information and registration via Eventbrite: https://makingtaxdigital.eventbrite.com


Saxo Group Guernsey Roadshow

Join Saxo Bank at the prestigious Old Government House Hotel to hear Saxo Group’s chief economist Steen Jakobsen outline what trade war really means, and engage with our expert panellists as they discuss their ‘Outrageous Predictions’ for the year ahead.

In addition, you’ll find out more about how our products and solutions can benefit you.

To find out more please view the full invitation here



‘Trustee Applications’ hosted by Walkers

Walkers is to host its September Regulation (Part 1) seminar on 20 September 2018 at St, James, St Peter Port, Guernsey.

The Walkers St. James Series is a series of monthly, breakfast seminars taking place throughout 2018. Talks will be focused and succinct with Q&A sessions to follow.

This seminar will focus on:

  • Dawn raids
  • Tax Investigations
  • Blockchain/Cryptocurrency

Please contact Sarah Brehaut  for more information.


Charles Cochrane of Cochrane Adams Fine Art Agents
And
Susan Johnson, of Bircham Dyson Bell
invite you to

Trustees: The Joys and Pitfalls of Owning Art
Practical Solutions and a Market Update

On 13th September 2018
At
Old Government House Hotel
St Ann’s Place
St Peter Port
Guernsey

RSVP: laura@cochrance-adams.com
By 19th August 2018

8am buffet breakfast
8.45am presentation
9.45am coffees

Programme will include:
Update on the Art Market (Buying and Selling, Auction Guarantees and Chattel Licenses)
Trustee Obligations
Practical Solutions and Collection Management

www.cochrane-adams.com
www.bdb-law.co.uk




Sponsor News

We would like to give  thanks to our Sponsors for their support.

  • Asset Risk Consultants
  • Alternative Solutions Limited
  • Carey Olsen
  • KPMG
  • Walkers (Guernsey) LLP

 


Consultation on proposed substance requirements for Guernsey companies

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.

As members are aware and has been mentioned in our technical update above, the Governments of both Guernsey and Jersey have launched public consultations on the proposed introduction of legislation which will require companies, tax resident in their jurisdiction and undertaking specific income generating activities, to demonstrate that they have sufficient substance in their respective jurisdictions. The consultation closes on 31 August 2018. The key features of the Guernsey proposals are summarised in the below article published by KPMG.  Please take the time to read this article which contains some useful definitions and breakdowns for consideration.

KPMG Substance Survey Analysis


Creditor’s remorse: In the matter of the E Settlement

Not for the first time in recent years, the Royal Court of Jersey has shown itself willing to assist a trustee by setting aside a previous decision of that trustee, drawing on the law of mistake and also the Hastings-Bass principle.

This will be familiar ground to regular readers of Walkers‘ briefings, who caveat that this note does not go into great detail on the relevant statutory provisions.

This interesting article by Robert Dobbyn and Carla Plater examines the proceedings where a mistake has been made by a Trustee and reminds us to be mindful of the consequences of our actions.

Read the full article here


SARs and private law actions – the ‘chilling effect’ of Guernsey’s AML legislation in practice

Carey Olsen partner Mark Dunster and counsel Simon Florance consider the recent judgment in Liang v RBC Trustees (Guernsey) Limited – the first time a private law action of this kind has been brought in the Guernsey courts by a person denied access to assets as a result of a Suspicious Activity Report (SAR) – and highlight the lessons to be learned from the case.

Download the article in full here


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