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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
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.
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.
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
Summary minutes
Please find below a link to the summary minutes for July's meeting of GIBA Council.
Events Calendar
Remember to check our Events Calendar for Industry presentations and other events that may be of interest.
Forthcoming Events
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.
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.
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
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
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.
IoD Convention: The Business of Climate Change
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
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.
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.
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.
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
We would like to give thanks to our Sponsors for their support.
- Alternative Solutions Limited
- Carey Olsen
- KPMG
- Walkers (Guernsey) LLP
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.
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.
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