GAT News February 2017

Industry News

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Charitable Giving Review – Employer Payroll Giving survey

In the 2017 Budget Report, the Policy & Resources Committee stated that it would undertake a review of potential measures to support the voluntary and charitable sector including the thresholds of tax relief on charitable donations and the introduction of some form of payroll giving scheme.

The Charitable Giving Review aims to capture the views of employers in relation to payroll giving. Payroll giving is a way of donating to charity direct from an employee’s salary.  The Committee has now started a review of this and further information can be found here: Charitable Giving Review together with a Payroll Giving Survey for employers:

Your views on payroll giving are required and the closing date for submissions is 13 March 2017.


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Survey of Professions working with Trustees

To supplement the telephone interviews conducted with its members before Christmas, Guernsey Finance are conducting a survey of the professions. They are asking for those lawyers and accountants who work closely with the island’s trustees to complete a 2-minute survey on marketing, comms. and business development. The survey can be found here.

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GIBA Council – summary minutes

Summary Minutes of the meeting held on Tuesday 10 January 2017 can be viewed by downloading the link here:




Forthcoming Events

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

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Step Guernsey March Lectures

Lunchtime Lecture No. 7 

Adrian Hale from the Financial Intelligence Service who will be delivering a lecture on:

“Working with the FIS to forfeit the proceeds of organised crime from a Trust Structure”

Lecture details:
Date: Tuesday 7th March 2017
Time: 11.45am for 12pm
Venue: The Dorey Room, St James
CDP: meets requirements for members

Please book HERE


Evening Lecture No. 7 

Frederic Mege is giving a lecture based on an article which has been published by STEP Worldwide on:

The ownership of French real estate through trusts.”

Lecture details:
Date: Thursday 9th March 2017
Time: 5.15pm for 5.30pm
Venue: The Dorey Room, St James
CDP: meets requirements for members

Please book HERE

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Guernsey Finance Events

Guernsey Finance are attending the IBA 22nd Annual International Wealth Transfer Practice conference on 6 March and STEP New York on 23 March, please find details here.

Sponsor Articles

Items of relevance and interest to Members brought to you by GAT Sponsors.

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Requirement to correct voluntary disclosures to HMRC

HMRC’s crackdown on offshore tax evasion and non-compliance continues to intensify. Legislation will be enacted this year introducing a new legal obligation for those impacted to correct any issue in relation to their ‘offshore matters’ that has given rise to a UK tax liability. This requirement is described as a ‘Requirement to Correct (RTC)’.

RTC requires any tax issue mainly or wholly relating to offshore matters for all periods up to 5 April 2017 to be corrected by 30 September 2018. This date is consistent with the date information will be exchanged with HMRC from circa 100 countries under the Common Reporting Standard (CRS).

The level of sanctions for those who fail to correct when required to do so are unprecedented. Penalties will start at 200% of the tax liability (can be reduced but no lower than 100%). For the most serious cases an additional penalty of up to 10% of the value of the relevant asset will apply as well as the reputational damage of being ‘named and shamed’ on a public website.

Please download the article for further information: Tax Disclosures – requirement to correct (Gsy)

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Avoiding A Perfect Storm

The ARC Private Client Indices (“PCI”) gives a summary and final results for 2016 across the four PCI risk categories and across four currencies for 2016.

Please download their summary here:  ARC-2016latest-commentary


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