GAT Newsletter August 2019

GAT Industry News

Welcome to your newsletter


News


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Limited Liability Company legislation in Guernsey

The Technical Committee wish to make members aware of a consultation recently released to seek views on the potential enactment of limited liability company legislation in Guernsey.

The Committee for Economic Development (the "Committee") is launching this consultation in order to:

i) understand the level of demand for LLC legislation in Guernsey;
ii) seek to identify the potential economic benefits to the island, in respect of the introduction of LLC's to Guernsey;
iii) gather information, views and evidence, which will allow an informed decision to be made regarding potential policy proposals; and
iv) seek feedback on the core features that should be included, if such legislation were to be enacted.

The consultation will close on the 18th September, and responses can be provided either through SurveyMonkey, emailed to financesectordevelopment@gov.gg or posted to:

Finance Sector Development
Committee for Economic Development
Market Building
PO Box 451
Fountain Street
St Peter Port
GY1 3GX


Image

Substance continued...

Members will have been inundated by economic substance guidance, updates and briefings this year.  GAT was delighted to have had Neil Hoolahan of Grant Thornton present at a special event held in July where he gave members a practical overview over the rules, real-life case studies and suggestions for a pragmatic approach.

However for those who still have their heads in the sand over substance, Guernsey Finance have summarised the bones of the legislation in this overview - Substance over style.

It inlcudes comments from GAT's own Committee Member and past Chairman, Michael Betley, as featured in eprivateclient's 2019 Guernsey Report, A Global Island.


Image

MP visit to Guernsey to discuss Brexit

The Chief Minister Deputy Gavin St Pier welcomed James Duddridge MP, Parliamentary Under Secretary of State at the Department for Exiting the European Union to Guernsey earlier this month. 

During his visit, James Duddridge MP met with political and industry representatives to discuss a wide range of current issues and priorities regarding the UK's exit from the EU, including deal and no deal planning in areas including customs, immigration, financial services and fishing. The visit also provided an opportunity to brief Mr Duddridge on the importance of maintaining the existing constitutional relationship between the Bailiwick and the UK.


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GIBA News Roundup

GAT are proud members of GIBA, representing the financial services industry in Guernsey.

You can find the GIBA July Newsletter here

GIBA chairman responds to regulator ruling out the runway extension-  Runway Extension Response

Don't forget to follow GIBA on LinkedIn


Image

Summary minutes

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

GIBA Summary Minutes July 2019


Image

Events Calendar

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

Forthcoming Events


Image

STEP Lecture Series 

The 2019/20 STEP Lunchtime Lecture Series begins on Monday 9th September.

STEP Guernsey are grateful to Lecture Series sponsor Ogier, for supporting another year of our popular lunchtime lectures.

Keep up to date with lectures by signing up to the STEP Guernsey mailing list - you can sign up here - www.stepguernsey.org

You can find details of the upcoming lectures below.



Image
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STEP Lunchtime Lecture Number 1

Monday 9th September 2019

The Dorey Room, St James, 12.00pm

"Back to School - what have we learned after 15 months of GDPR and Guernsey's new Data Protection regime?" Richard Field, Appleby

Presentation summary:
Guernsey’s new Data Protection regime has been in place for 15 months, during which time data-related matters have made global headlines on a weekly basis. Delving behind some of the headlines and looking at some practical examples of common problems, Richard Field (a Partner in Appleby’s Regulatory and Dispute Resolution team) takes a look at some of the key developments both locally and internationally.

Image

STEP Lunchtime Lecture Number 2

Friday 20th September 2019

The Dorey Room, St James, 12.00pm

"Trustees and Control Freaks" Ben Havard and Greg Haddow, Collas Crill

Presentation summary:
In this lecture Ben Havard and Greg Haddow will present 'Trustees and Control Freaks'. if you have a client who just won't 'let go' and is constantly worried about your discretionary trustee powers, the International Private Client Trust team at Collas Crill will explore the role of settlors, protectors and other third parties.  Ben and Greg will provide examples of how you can give comfort to your clients who are struggling with the loss of control associated with settling assets into a discretionary trust.

Image

Carey Olsen Autumn Trusts Conference

Carey Olsen are hosting their annual Autumn Trust Conference:-

When? Tuesday 24th September 2019

Where? OGH Hotel

What time? 08.00am - 10.30am

Topics will include:

·     Structuring to avoid disputes and manage dysfunction

·     Case round up: an overview of recent matters

·     Regulatory update

If you wish to attend please contact Maria Perree on maria.perree@careyolsen.com


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GTA Courses & Events

Members may be interested in the following courses and events taking place in September:

ICA Briefing Session

Join tutors from the International Compliance Association to learn about the suite of ICA courses available in Guernsey this autumn.  Discover how an ICA qualification can add credibility and value to your CV and find out which qualification is best suited to your experience and career aspirations.

Cost:  FREE

Date: 10 September 2019

Venue:  GTA University Centre

Times: 12.00 to 13.30

Further details and registration here.


Trust and Company Bookkeeping Level 2

This more advanced update course gives those working in client accounting a general refresher regarding the preparation of trust and company accounting and would be pf particular benefit to those working in client accounting or studying for STEP and ICSA Diplomas.

Cost: £295

Date: 17 September 2019

Venue: GTA University Centre

Times: 09.00 to 17.00

Further details and registration here.


 HR Forum – Disability, Discrimination and Appropriate Adjustment

Join Sarah Ash of Walkers and Nicola Ioannou-Droushiotis of Guernsey Employment Trust to get a practical overview of the proposed disability discrimination legislation for Guernsey and receive some guidance for employers on how to become disability confident.

Cost: FREE

Date: 23 September 2019

Venue: GTA University Centre

Times: 08.30 to 09.30

Further details and registration here.

Management and Leadership for Fiduciaries

This one day course reinforces and combines the key qualities of management skills and technical knowledge of trusts allowing delegates to develop a more progressive and effective management approach to your team and business.

Cost: £295

Date: 27 September 2019

Venue: GTA University Centre

Times: 09.00 to 17.00

Further details and registration here.


Image

IoD Convention: The Business of Climate Change

Image

Date: Thursday 3rd October 2019

Venue: Beau Sejour, Guernsey

Timings: 16:00 Drinks Reception 17:00

Welcome 22:00 Event ends

Individual tickets available here: IOD Tickets 2019


Image

BPP Guernsey Events

BPP would like to offer GAT members a 10% discount on the following Guernsey based events:-

4th Annual Compliance & Economic Crime Symposium - 12 November 2019

The definitive compliance and financial crime prevention event of the year,

The universe of financial crime continues to expand. The 4th Annual Financial Crime Prevention Symposium explores some of the key issues facing Guernsey’s financial services industry.

More details and/or to book  

8th Annual Business and Finance Conference - 10th December 2019

BPP’s 8th Annual Business and Finance Conference is aimed at accountants and finance professionals across a range of industries, providing a variety of relevant updates from industry experts to help meet your continuing professional development needs.

More details and/or to book


Image

South Africa Private Wealth Roadshow

A delegation from Guernsey is heading to South Africa for a roadshow, taking place on 2nd-7th September, to promote Guernsey services and structures for private clients across the South African region.

The roadshow will be led by Guernsey Finance’s Director of International Business Development, James Crawford, who will be joined by representatives from Cannon Asset Management, Carey Olsen and Maitland Group.

Whilst James is in South Africa, he will be attending two Guernsey Finance-organised breakfast briefings. 

Take a look at the agenda

If you or your colleagues in South Africa would be interested in meeting with James during his trip, or attending either event, please email Harriet.


Sponsor News



Image

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

  • Alternative Solutions Limited
  • Carey Olsen
  • KPMG
  • Walkers (Guernsey) LLP
Image
Image

Non-resident companies –  Transition to
Corporation tax

taxing-gains-on-uk-immovable-property-kpmgci-2019

Currently, rental profits from a UK property business generated by most non-UK resident companies are subject to UK income tax. From 6 April 2020 such companies will be subject to corporation tax on rental profits. The attached briefing note highlights the key considerations for impacted entities.


Image

Taxing gains on UK immovable property –The impact on Collective Investment Vehicles

This document summarises the changes to UK tax impacting non-UK resident property investors from April 2019.

    From April 2019 changes in UK tax legislation apply which will have implications for any UK property holding structure.

    For details of how Collective Investment Schemes (“CIVs”) are impacted, please view a copy of our individual flyer attached below.  The attached briefing note highlights the key considerations.


      Did you know GAT has a Linkedin page? Follow us to ensure you keep up to date with news and events.

      Image

      Share this Post with other MEMBERS

      GAT Newsletter August 2019

      GAT Industry News

      Welcome to your newsletter


      News


      Image

      Limited Liability Company legislation in Guernsey

      The Technical Committee wish to make members aware of a consultation recently released to seek views on the potential enactment of limited liability company legislation in Guernsey.

      The Committee for Economic Development (the "Committee") is launching this consultation in order to:

      i) understand the level of demand for LLC legislation in Guernsey;
      ii) seek to identify the potential economic benefits to the island, in respect of the introduction of LLC's to Guernsey;
      iii) gather information, views and evidence, which will allow an informed decision to be made regarding potential policy proposals; and
      iv) seek feedback on the core features that should be included, if such legislation were to be enacted.

      The consultation will close on the 18th September, and responses can be provided either through SurveyMonkey, emailed to financesectordevelopment@gov.gg or posted to:

      Finance Sector Development
      Committee for Economic Development
      Market Building
      PO Box 451
      Fountain Street
      St Peter Port
      GY1 3GX


      Image

      Substance continued...

      Members will have been inundated by economic substance guidance, updates and briefings this year.  GAT was delighted to have had Neil Hoolahan of Grant Thornton present at a special event held in July where he gave members a practical overview over the rules, real-life case studies and suggestions for a pragmatic approach.

      However for those who still have their heads in the sand over substance, Guernsey Finance have summarised the bones of the legislation in this overview - Substance over style.

      It inlcudes comments from GAT's own Committee Member and past Chairman, Michael Betley, as featured in eprivateclient's 2019 Guernsey Report, A Global Island.


      Image

      MP visit to Guernsey to discuss Brexit

      The Chief Minister Deputy Gavin St Pier welcomed James Duddridge MP, Parliamentary Under Secretary of State at the Department for Exiting the European Union to Guernsey earlier this month. 

      During his visit, James Duddridge MP met with political and industry representatives to discuss a wide range of current issues and priorities regarding the UK's exit from the EU, including deal and no deal planning in areas including customs, immigration, financial services and fishing. The visit also provided an opportunity to brief Mr Duddridge on the importance of maintaining the existing constitutional relationship between the Bailiwick and the UK.


      Image

      GIBA News Roundup

      GAT are proud members of GIBA, representing the financial services industry in Guernsey.

      You can find the GIBA July Newsletter here

      GIBA chairman responds to regulator ruling out the runway extension-  Runway Extension Response

      Don't forget to follow GIBA on LinkedIn


      Image

      Summary minutes

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

      GIBA Summary Minutes July 2019


      Image

      Events Calendar

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

      Forthcoming Events


      Image

      STEP Lecture Series 

      The 2019/20 STEP Lunchtime Lecture Series begins on Monday 9th September.

      STEP Guernsey are grateful to Lecture Series sponsor Ogier, for supporting another year of our popular lunchtime lectures.

      Keep up to date with lectures by signing up to the STEP Guernsey mailing list - you can sign up here - www.stepguernsey.org

      You can find details of the upcoming lectures below.



      Image
      Image

      STEP Lunchtime Lecture Number 1

      Monday 9th September 2019

      The Dorey Room, St James, 12.00pm

      "Back to School - what have we learned after 15 months of GDPR and Guernsey's new Data Protection regime?" Richard Field, Appleby

      Presentation summary:
      Guernsey’s new Data Protection regime has been in place for 15 months, during which time data-related matters have made global headlines on a weekly basis. Delving behind some of the headlines and looking at some practical examples of common problems, Richard Field (a Partner in Appleby’s Regulatory and Dispute Resolution team) takes a look at some of the key developments both locally and internationally.

      Image

      STEP Lunchtime Lecture Number 2

      Friday 20th September 2019

      The Dorey Room, St James, 12.00pm

      "Trustees and Control Freaks" Ben Havard and Greg Haddow, Collas Crill

      Presentation summary:
      In this lecture Ben Havard and Greg Haddow will present 'Trustees and Control Freaks'. if you have a client who just won't 'let go' and is constantly worried about your discretionary trustee powers, the International Private Client Trust team at Collas Crill will explore the role of settlors, protectors and other third parties.  Ben and Greg will provide examples of how you can give comfort to your clients who are struggling with the loss of control associated with settling assets into a discretionary trust.

      Image

      Carey Olsen Autumn Trusts Conference

      Carey Olsen are hosting their annual Autumn Trust Conference:-

      When? Tuesday 24th September 2019

      Where? OGH Hotel

      What time? 08.00am - 10.30am

      Topics will include:

      ·     Structuring to avoid disputes and manage dysfunction

      ·     Case round up: an overview of recent matters

      ·     Regulatory update

      If you wish to attend please contact Maria Perree on maria.perree@careyolsen.com


      Image

      GTA Courses & Events

      Members may be interested in the following courses and events taking place in September:

      ICA Briefing Session

      Join tutors from the International Compliance Association to learn about the suite of ICA courses available in Guernsey this autumn.  Discover how an ICA qualification can add credibility and value to your CV and find out which qualification is best suited to your experience and career aspirations.

      Cost:  FREE

      Date: 10 September 2019

      Venue:  GTA University Centre

      Times: 12.00 to 13.30

      Further details and registration here.


      Trust and Company Bookkeeping Level 2

      This more advanced update course gives those working in client accounting a general refresher regarding the preparation of trust and company accounting and would be pf particular benefit to those working in client accounting or studying for STEP and ICSA Diplomas.

      Cost: £295

      Date: 17 September 2019

      Venue: GTA University Centre

      Times: 09.00 to 17.00

      Further details and registration here.


       HR Forum – Disability, Discrimination and Appropriate Adjustment

      Join Sarah Ash of Walkers and Nicola Ioannou-Droushiotis of Guernsey Employment Trust to get a practical overview of the proposed disability discrimination legislation for Guernsey and receive some guidance for employers on how to become disability confident.

      Cost: FREE

      Date: 23 September 2019

      Venue: GTA University Centre

      Times: 08.30 to 09.30

      Further details and registration here.

      Management and Leadership for Fiduciaries

      This one day course reinforces and combines the key qualities of management skills and technical knowledge of trusts allowing delegates to develop a more progressive and effective management approach to your team and business.

      Cost: £295

      Date: 27 September 2019

      Venue: GTA University Centre

      Times: 09.00 to 17.00

      Further details and registration here.


      Image

      IoD Convention: The Business of Climate Change

      Image

      Date: Thursday 3rd October 2019

      Venue: Beau Sejour, Guernsey

      Timings: 16:00 Drinks Reception 17:00

      Welcome 22:00 Event ends

      Individual tickets available here: IOD Tickets 2019


      Image

      BPP Guernsey Events

      BPP would like to offer GAT members a 10% discount on the following Guernsey based events:-

      4th Annual Compliance & Economic Crime Symposium - 12 November 2019

      The definitive compliance and financial crime prevention event of the year,

      The universe of financial crime continues to expand. The 4th Annual Financial Crime Prevention Symposium explores some of the key issues facing Guernsey’s financial services industry.

      More details and/or to book  

      8th Annual Business and Finance Conference - 10th December 2019

      BPP’s 8th Annual Business and Finance Conference is aimed at accountants and finance professionals across a range of industries, providing a variety of relevant updates from industry experts to help meet your continuing professional development needs.

      More details and/or to book


      Image

      South Africa Private Wealth Roadshow

      A delegation from Guernsey is heading to South Africa for a roadshow, taking place on 2nd-7th September, to promote Guernsey services and structures for private clients across the South African region.

      The roadshow will be led by Guernsey Finance’s Director of International Business Development, James Crawford, who will be joined by representatives from Cannon Asset Management, Carey Olsen and Maitland Group.

      Whilst James is in South Africa, he will be attending two Guernsey Finance-organised breakfast briefings. 

      Take a look at the agenda

      If you or your colleagues in South Africa would be interested in meeting with James during his trip, or attending either event, please email Harriet.


      Sponsor News



      Image

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

      • Alternative Solutions Limited
      • Carey Olsen
      • KPMG
      • Walkers (Guernsey) LLP
      Image
      Image

      Non-resident companies –  Transition to
      Corporation tax

      taxing-gains-on-uk-immovable-property-kpmgci-2019

      Currently, rental profits from a UK property business generated by most non-UK resident companies are subject to UK income tax. From 6 April 2020 such companies will be subject to corporation tax on rental profits. The attached briefing note highlights the key considerations for impacted entities.


      Image

      Taxing gains on UK immovable property –The impact on Collective Investment Vehicles

      This document summarises the changes to UK tax impacting non-UK resident property investors from April 2019.

        From April 2019 changes in UK tax legislation apply which will have implications for any UK property holding structure.

        For details of how Collective Investment Schemes (“CIVs”) are impacted, please view a copy of our individual flyer attached below.  The attached briefing note highlights the key considerations.


          Did you know GAT has a Linkedin page? Follow us to ensure you keep up to date with news and events.

          Image

          Share this Post with other MEMBERS