GAT Newsletter August 2016

Industry News

Guernsey Finance unveils new brand to promote Guernsey

Guernsey Finance – the promotional agency for the island’s finance industry internationally – launched its new corporate brand and logo on Thursday 25th August 2016.

The rebranding follows lengthy consultation with local industry focus groups and means that Guernsey Finance will promote the jurisdiction overseas under the brand of WE ARE GUERNSEY. Since 2007, Guernsey Finance had been promoting the island under the branding of Guernsey International Finance Centre.

Guernsey Finance Chief Executive Dominic Wheatley said the new brand provides Guernsey with a fresh and current look that is fit for the modern world.

“It goes without saying that Guernsey is an international finance centre, so we wanted to move towards a brand that goes beyond that fact and better reflects the wider Guernsey offering and is distinct from any of our competitors. We believe that the new brand represents Guernsey’s core financial sectors, and also recognises the supporting role that organisations such as Locate Guernsey and the Guernsey Registry fulfil in relation to our industry,” said Mr Wheatley.

The WE ARE GUERNSEY logo incorporates five joined-up chain links fashioned out of the ‘G’ for Guernsey – one for each pillar of Guernsey’s finance industry. It also incorporates the slogan ‘WE ARE CONNECTED’, which was developed after extensive market testing and highlights the ease with which people can do business with and in Guernsey because of a joined-up approach between industry, regulator and government, and the island’s extensive links and relationships with the international business community.

To coincide with the launch of the new brand, Guernsey Finance has launched a new and improved website at The site will continue to cover all industry news emanating from Guernsey, list the events being hosted and attended by the company and act as a source of information on Guernsey service providers and the island’s wider financial services offering.

“Our new brand has been tailored to be professional, but also engaging and progressive. It puts us in a great position for future campaigns and we are extremely confident that it will help increase the visibility of Guernsey internationally,” said Mr Wheatley.  “A core part of the new identity is connecting iconic Guernsey imagery with key messages through the use of storytelling and linking the island and its people with the way we do business. It underlines that Guernsey is an island with hundreds of years of history and community, as well as being ideal location to do business. We believe that it truly reflects the substance and excellence of our industry and the quality of our regulation, which are the foundations of our industry alongside our commitment to international
standards of transparency, AML and cooperation. It also clearly demonstrates our continuing confidence in the marketplace and Guernsey’s place within it.”

BREXIT – request for information from the States of Guernsey

Please click on the link below to download a note provided by Steve Wakelin in which various questions are raised in respect of BREXIT.

States of Guernsey BREXIT Note Aug16

Please can you ensure any responses are made by the deadline of 31 October 2016. If you would like GAT to collate any responses you can email us

Reminder for submissions re “a Strategic Review of Aurigny”

The submissions for the Aurigny Review are due by 30th September and Associates are trying to get any feedback through in advance of this.

Whilst members can of course submit their views directly, we would be grateful to receive any views of members so that GAT can compile it’s own response. Please can you forward response to Sarah Barsby by email to: or

Please click the link below to download the Strategic Review:

Policy & Resources Committee Strategic Air Review

Forthcoming Events

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

Guernsey Finance (GF) promote Guernsey as an international finance centre (IFC) under the brand of WE ARE GUERNSEY and seek support from local industry to help man the exhibition stand at off-island events. A full list of the events that GF plan to attend is available here: Conferences & Events 2016/17.

Subsidised passes are still available to join the GF team at the following 2016 events:

  • FT Family Office (Beijing, 1 Nov)
  • STEP Asia (Hong Kong, 1-2 Nov)
  • FT Family Office (Shanghai, 3 Nov)
  • STEP 25th anniversary reception (London 15 Nov)

GF’s own events:

  • GF are hosting a private wealth focused networking event in Singapore on 8 Nov. Further details available soon.
    GF’s annual Industry Update will be held at St James on Weds 5 October. Register here.
  • Please join us at the Old Government House at 09:00 AM on 7 September for an update by Josh Rubenstein of Katten Muchin Rosenman LLP in New York.Joshua S. Rubenstein is national head of the firm’s Trusts and Estates practice and national chair of the Private Client Services group. He is also the immediate past chair of the International Estate Planning Committee of the American College of Trusts and Estates Counsel, an officer of the Family Law Section of the International Bar Association and the Treasurer of the International Academy of Estate and Trust Law.

    Heads I Win, Tails You Lose: Advising the Wealthy in Times of Protracted and Unprecedented Political, Economic, Cultural and Scientific Change

    Observations on how difficult it has become to do estate planning and wealth preservation for clients when the rules change constantly. It covers tax changes here and abroad (as they impact one another), enforcement changes leading to FATCA, changes in access to information, changes in the nature of families, and changes in the frequency of intra-family litigation, then reviews what changes are likely in transition, which will return to “normal,” and which changes are here to stay — and how best to advise in the meantime.

    We are also pleased to invite you to join us for breakfast canapés following the presentation.

    To register please click here. Or if you have any queries please email

STEP Guernsey Lecture Series 2016/17

Kindly Sponsored by Mourant Ozannes



September Lectures:

On 12th September 2016, the newly appointed GFSC Chief Risk Officer, Katherine Jane presents: “Update on the GFSC regulatory approach (PRISM), and risk trends.”

Lecture details:
Date: 12th September 2016
Time: 11.45am for 12pm
Venue: St James
CDP: meets requirements for members

On 26th September 2016, Chris Moorcroft from Harbottle & Lewis LLP presents: “The changes to the non-dom regime and IHT on residential property: what you need to know and do before 5 April”

Lecture details
Date: 26th September 2016
Time: 5.15pm for 5.30pm
Venue: St James
CDP: meets requirements for members

All lectures are charged as follows unless otherwise stated:
STEP Students – £10
STEP Members – £20
Non-Members – £30

Please click HERE to secure your place.

Who Should Attend?

STEP Lectures are designed to inform, educate and update members of the organisation and the wider Fiduciary sector.

There are often topics of interest to the wider community and in other sectors. We welcome members and non-members, those with special interests and requiring additional knowledge in specific subject areas. We also deliver standard presentations which assist for those new to the industry or as refreshers to more experienced staff.

If you are unsure if a lecture is suited to you or your staff requirements, Alternatively if you have a Speaker/Topic suggestion, Email:


ESOP Guernsey 2016 Reminder

The annual Guernsey share schemes and trustees conference, organised by the Esop Centre and STEP Guernsey, will be held at the St Pierre Park Hotel in St Peter Port on the morning of Friday October 7 2016.

The conference looks at employee share schemes from Channel Island trustee perspective, providing delegates with the latest legal, regulatory, and market trends.

The day begins with light refreshments at 8.45 and concludes with lunch from 13.20.

Deputy Peter Ferbrache, Guernsey States president of the Economic Development Committee, will deliver the keynote speech. The event will be chaired by Malcolm Hurlston CBE, chairman of the ESOP Centre.

Attendance will qualify delegates 3.5 hours worth of CPD credit with the Law Society.


The new UK government and the new opportunities with the EOT
Martin Popplewell, Deloitte

Share schemes under the Common Reporting Standard – understanding the requirements
David Craddock, David Craddock Consultancy Services

Share valuation for employee share schemes
Stephen Woodhouse, Pett Franklin

Tax planning and share schemes – where are the boundaries?
Juliet Halfhead, Deloitte

New rules concerning loans outstanding from EBTs
Alison MacKrill, Carey Olsen / STEP Guernsey

Legal update for trustees
A panel discussion with Alison MacKrill, Carey Olsen and Elaine Graham, Zedra, will discuss why the Channel Islands are still the jurisdictions of choice to run EBTs.

Bookings: Tickets cost £350 for Centre Members & Step Members and £450 for non-members.

To register your attendance, please email or call 020 7239 4971.

RBCC London Centenary Business Forum – Register now!

RBCC Centenary Business Forum will take place on Tuesday 27 September at the British Medical Association in Tavistock Square.

Business Forum, held annually in London, brings together Russia-facing business communities and Russian companies in the UK to discuss issues affecting business between the UK and Russia.

The Forum will comprise panel discussions and interviews of senior representatives of RBCC member companies who will consider the challenges of business during the current political climate, as well as sharing insight on prospects for further economic growth in a variety of industries.

The Forum also provides great networking opportunities for those involved or interested in Russo-British business relations.

As members of the RBCC, WE ARE GUERNSEY, do get invited to events periodically and would like to build up a database of interested local firms and contacts to improve their communication with Russia-focused firms.  Please express your interest to

Save The Date – Industry Presentations

“The interaction of business culture with regulation in the present decade”

Tuesday 15 November 2016 – High Level Review

Wednesday 16 November 2016 – Divisional Presentations

Formal invitation to follow closer to the date

Sponsor Articles

Items of relevance and interest to Members brought to you by GAT Sponsors. Click here to see Sponsor page.

Changes to tax relief for residential landlords

The first release from KPMG looks at the HMRC formalised measures, first proposed in the 2015 summer budget, and again on 20 July 2016 which will restrict the tax relief available for finance costs incurred by non-corporate landlords investing in residential property to the basic rate of tax from 6 April 2017.

Please click below to download and read the note in full:

KPMG Update – GAT newsletter August 2016

UK releases further consultation on the taxation of non-domiciled individuals and inheritance tax on UK residential property

HM Treasury has provided more detail on the likely direction of the rules including reaffirming a commitment to introduce these proposals with effect from April 2017.

Please click below to read in full:

KPMG Update no2 -GAT newsletter August 2016

Guernsey issues Guidance on Classification of Investment entities for the Common Reporting Standard

On 29 July 2016, the States of Guernsey Income Tax (“ITO”) published their latest bulletin on guidance in relation to the implementation of the Common Reporting Standard (“CRS”) in Guernsey. Bulletin 2016/6 repeats the text of the definition of Investment Entity, as set out in Section VIII A(6) of the CRS and affirms the Supplementary Guidance Notes published in draft on 24 December 2015 in relation to the CRS.

This bulletin from Sponsor’s Carey Olsen explains the significance of Bulletin 2016/6 and why its publication is timely.

Guernsey issues guidance on classification of investment entities for CRS

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