GAT Newsletter July 2019

GAT Industry News

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Committee Update

We were delighted to host Members at our recent Member's Luncheon & AGM at the start of the month.

During the Annual General Meeting the following Committee Members were elected:

  • Paul Hodgson – Re-election as Chairman
  • Rhona Humphreys – Re-election as Deputy Chair and Secretary
  • Charlotte Bates – Election as Deputy Chair – proposed by Rhona Humphreys
  • Alasdair McLaren – Re-election as Treasurer
  • Paul Backhouse – Re-election as Committee Member
  • Michael Betley – Re-election as Committee Member
  • Peter Mills – Re-election as Committee Member
  • Mark Pattimore – Re-election as Committee Member
  • Stephen Trevor – Re-election as Committee Member
  • Rupert Morris – Re-election as Committee Member

Members also elected the following new Committee Members:

GAT formally welcomes the new committee members and looks forward to a productive relationship.

Peter Hodson has kindly agreed to take the place of Ian Burns as PFL representative and Rhona Humphreys has taken the position as GIBA/GAT representative succeeding Paul Hodgson.

Contact details for the Committee can be found on our website.


Family Office Briefing

Feedback from the first Family Office Briefing Session which took place in London on Thursday 11th July has been extremely positive. Our panellists (Anthony Holt - Albany Trustee Company, Catherine Grum - KPMG, Clare Stirzaker-PwC, Rajah Abusrewil - Walkers) were well received and encouraged an interactive Q&A session, kindly moderated by Alasdair McLaren.

Guernsey Finance issued a press release post event which highlights some of the key topics discussed.

The event was also an opportunity to discuss the findings of research into the trends in family office services, commissioned by Guernsey Finance and carried out by consultancy firm Gibson Strategy. The full conclusions of that research can be read by clicking on this link.


Guernsey's taxation regime is not harmful

The Organisation for Economic Co-operation and Development (OECD) led a 131 country coalition, known as the “Inclusive Framework on BEPS,” has approved an assessment which concludes that 12 low or zero-tax countries do not have “harmful” tax regimes.

Those 12 jurisdictions include Guernsey, Jersey and the Isle of Man. The review concluded that Guernsey's taxation regime is not harmful when reviewed against the OECD's standards concerning the requirement for legal persons to have sufficient economic substance. This corresponds with a similar decision by the European Council of Finance Ministers (ECOFIN) in March 2019.

"The affirmation that our tax regime is not harmful in the global economy is an important decision to help challenge misconceptions about Guernsey. Guernsey has a long track record as a transparent and cooperative jurisdiction that meets international standards as they emerge." 

Deputy St Pier, President of the Policy & Resources Committee


Chief Minister writes to New Prime Minister

The Chief Minister Deputy Gavin St Pier has written to the new Prime Minister, the Rt Hon Boris Johnson MP today to congratulate him and highlight issues relating to Guernsey's relationship with the UK.


GIBA News Roundup

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

You can find the GIBA June Newsletter here

GIBA, IoD and The Chamber of Commerce comment on Guernsey’s passenger numbers here -  Guernsey's 2019 passenger numbers

Don't forget to follow GIBA on LinkedIn


Summary minutes

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

GIBA Summary Minutes June 2019


Events Calendar

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

STEP Lecture Series 

The STEP Lunchtime Lecture  Series has ended for the Summer break.  It will restart in September 2019.

STEP Guernsey would like to thank the Lecture Series sponsor Ogier, the speakers and attendees who have made the 2018/19 series so successful.

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


Following a remarkably successful booking period, STEP Guernsey’s Annual Ball being held in October first doubled in size, and then SOLD OUT.  If you are interested in joining the waiting list please contact STEP Guernsey -

Many GAT Members will be joining us then, and we look forward to welcoming you to an evening of excellent food, fine wine and grand company, and will endeavour to bring you the sophisticated glamour that only true classic Hollywood can deliver.

Forthcoming Events


GTA Courses & Events

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

August Events

Writing for the Web

This course provides a basic introduction to writing copy for online audiences.  Delegates will be introduced to best practices and new techniques to help them address online audiences.  The day will include practical examples and time for discussion. Cost: £295

Date: 22 August 2019

Venue: GTA University Centre

Times: 09.00 to 17.00

Further details and registration here.

Digital Leadership Livestream: How to achieve project success

This practical session with Adrian Reed, Principal Consultant and Director of Blackmetric Business Solutions followed by local facilitated discussion with Sean Petralia will focus on how to carry out analysis before and during the early stages of a project to ensure that it has the best possible chance of succeeding.

Cost:  FREE

Date: 22 August 2019

Venue:  GTA University Centre

Times: 12.30 to 13.30

Further details and registration here.

MSc Corporate Governance/Graduate ICSA

This popular course begins again at the GTA in September 2019 enabling local students to obtain a sought after qualification in conjunction with Bournemouth University by studying part-time in Guernsey over two years.  Students will develop a highly specialised set of skills and develop their ability to appreciate and influence factors governing corporate affairs.

Cost: £12,000

Enrol by: 31 August 2019

Venue: GTA University Centre

Times: 09.00 to 17.00 on 11 Fridays and Saturdays each year

Further details and registration here.


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


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


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

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

Economic Substance: Have you dotted the i’s and crossed the t’s…?

The Economic Substance Rules (ESR) are effective in Guernsey from 1 January 2019.  All Guernsey tax resident companies must determine if they are undertaking a relevant activity and, if so, the directors must assess whether or not their current practices and organisation comply with the new substance requirements.

KPMG in the Channel Islands is able to support businesses in managing the impact of ESR on their company or on companies they administer in a number of different ways.


The cycle of alert overload

Today’s cyber security teams are in a state of alert overload. Understaffed, under-resourced and overwhelmed, professionals are grappling to keep control of their organisation’s security, unaware that the point products they trust to protect them are worsening their cyber fatigue.

With organisations receiving up to 500 alerts a day, the risk of a threat entering the kill chain is now an inevitability rather than a possibility. Organisations have been unwittingly sitting on a ticking time bomb, without the right tools to prevent a breach from happening. Until now.

In this article, we explore how the rise of autonomous security has given cyber security professionals the power they desperately need to diffuse the risk of alert overload and alleviate cyber fatigue.


    Guernsey: The Natural Home for Private Capital

    The term ‘private capital’ can be used to refer to the nature of the investor, namely family offices, high-net-worth individuals, private banking clients and other non-institutional investors, and it can also refer to the nature of the investment, i.e. investment in private companies as opposed to publicly traded companies, although the term encompasses much more than just private equity these days.
    This article, written by Guernsey partner Kate Storey, looks at trends in the global private capital industry, principally the coming together of private investors with private equity and other private asset investments that have traditionally been the mainstay of institutional investors, and how Guernsey is the natural home for the bespoke structuring required for private capital investments.

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