GAT Newsletter May 2020

GAT Industry News

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Notice to GAT Members: COVID-19 Coronavirus

GAT is working hard to bring Members all relevant updates as they are publicised.  This includes notices from the States of Guernsey and Public Health, GIBA, the Revenue Service and any other information which it is felt members should be made aware of.  Please ensure you are on the mailing list to receive these updates.

You can sign up here - Mailing list signup

As the situation regarding COVID-19 has developed, Public Health Services has produced some General Guidance documents. These are being updated as the advice changes so please keep checking the following website to ensure you are up to date with the latest developments - SOG Covid-19 Guidance


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Revised guidance on businesses, organisations and establishments that can operate in line with the Public Health Directions

As you will no doubt be aware, Guernsey entered Phase 4 of its COVID-19 exit and recovery strategy on Saturday 30th May 2020.

Phase 4 will enable a significant majority of organisations to re-commence operations and will also allow public venues, including museums and cinemas to open. This is subject to appropriate measures being implemented to manage the ongoing risk.

Some restrictions relating to work practices, gatherings, hygiene and social distancing will remain in place. Measures to prevent infection, such as avoiding mixing when individuals are unwell and adhering to strict hygiene measures and respiratory etiquette will be of paramount importance as we increase our social connectivity.

Read more
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Interim Tax Assessments for Year of Charge 2020

This week, the Revenue Service will be issuing interim tax assessments to any customers that receive income in 2020 which does not have tax deducted at source. For example, this may include business or rental income, bank interest or an old age pension.

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Updated Commission deadlines for Key Financial Returns

Following our announcement of 24 March 2020: 'More time to submit returns', the Commission has been pleased to note the resilience of the Bailiwick’s finance sector including the widespread ability to work from home effectively. This operational resilience, taken together with recent States of Guernsey announcements regarding exit from Lockdown, has enabled us to review and clarify our expectations in relation to deadlines for Key Financial Returns going forwards.

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FATF Guidance - COVID-19-related Money Laundering and Terrorist Financing Risks

The Financial Action Task Force ("FATF") has released a guidance paper regarding COVID-19-related money laundering and terrorist financing risks, which can be accessed directly on the FATF website.

This paper and other FATF guidance can be found within the FATF Guidance section of the Commission's Legislation and Guidance page.


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GIBA News Roundup

GAT are proud members of GIBA, representing the financial services industry in Guernsey.  GIBA News and media statements are posted here.

GIBA Response to Guernsey’s Phase 4 Exit from Lockdown

26th May 2020 – GIBA Chairman gives statement on Guernsey’s transition into Phase 4 from lockdown.

Click here to download

GIBA Statement on Connectivity

19th May 2020 – GIBA Chairman gives statement on Guernsey’s connectivity post lockdown.

Click here to download

GIBA Response to Guernsey’s Exit Strategy From Lockdown

5th May 2020 – Statement from Guernsey International Business Association on easing lockdown restrictions in Guernsey.

Click here to download

Don't forget to follow GIBA on LinkedIn


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Summary minutes

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

View Meeting Minutes


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Events Calendar

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

Forthcoming Events


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STEP Lecture Series

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The popular STEP Guernsey Lecture Series is back!  We will be delivering a programme of virtual events over the coming months.

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

Our lunchtime lectures continue to be held via Zoom and industry professionals are encouraged to register in order to participate in the webinar.  If you don't already have Zoom, please register here (you will also need to register to attend the event via Eventbrite).

Our virtual lectures are available for a short period after the lecture.

You can view these here:-

STEP Guernsey Online Lectures



Upcoming Lectures

Friday 5th June 2020 at 12pm via Zoom

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Fiduciaries in Lockdown: meeting the challenges raised by COVID-19-

We are delighted to welcome Macfarlanes Partners Jonathan Arr, Elizabeth Doherty, Richard Giangrande and Edward Reed for a live webinar session.
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Book now

Friday 19th June 2020 at 12pm via Zoom

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UK Property versus the Coronavirus
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Join Oli Creasey, Head of Real Estate Research at Quilter Cheviot will discuss the impact of Covid-19 on different areas of the UK property market.

Oli will be discussing the relative winners and losers in the new, socially distant, environment.
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Book now
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GTA Courses & Events

Members may be interested in the following courses and events taking place in June, all of which will be delivered online in a virtual classroom:

(1) Recent Changes in UK Taxation for Real Estate, including the Transition of NRL to Corporation Tax

There have been a number of changes impacting real estate structures which will result in material changes to the tax compliance and tax advisory that will impact on real estate structures. By attending this course, you will have a greater understanding of the impact of these taxation changes.

Cost: £60

Date: 4 June 2020

Times: 09:30-10:30

Further details and registration here.

(2) NED Responsibilities

This course will provide an interactive and lively look at non-executive director responsibilities including strategy, performance, risk and people.

Cost: £195

Date: 11 June 2020

Times: 09:00-13:00

Further details and registration here.

(3) Time Management Tips for the Busy Professional

This short course will cover topics from planning and prioritising, to efficiency and working smarter.

Cost: £60

Date: 11 June 2020

Times: 09:30-10:30

Further details and registration here.

(4) Managing Mental Health in the Workplace

This session will provide managers with some tools and techniques to manage employee mental health in a proactive way and increase their confidence when supporting staff who may be struggling with their mental health.

Cost: £175

Date: 12 June 2020

Times: 09.00-12:00

Further details and registration here.


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Events Update

The following event updates have been provided by Guernsey Finance:-

Guernsey Captive Briefing Webinar - Wednesday 03 June 10:00AM - 11:00AM - Online. Register here.

Due to the ongoing concerns around the Coronavirus pandemic, Airmic have taken the decision to stop the planning for their June annual conference. The Airmic Annual Conference was scheduled to take place Monday 08 June - Wednesday 10 June at the EICC, Edinburgh. For more information on this, please visit the conference website here.

Sustainable Finance Week - 09 June 2020 - 11 June 2020 - Online. Register here.

Captive European Summit - 17 June 2020 8:00AM - 12:00PM - Online. Register here.

Thank you for your interest in the We Are Guernsey Family Office Briefing on 30 June in London.  We regret that, in light of the ongoing developments with COVID-19, we have taken the decision, in consultation with our industry partners, to cancel the event at this time. The health and wellbeing of our guests and our staff has to be our overriding priority.

We are planning on still running our Guernsey Private Wealth Forum in London on 14 October, but will continue to monitor the situation in consultation with industry.

Should you require further information or have any queries, please contact Emily Wild.


Sponsor News



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

  • Alternative Solutions Limited
  • Carey Olsen
  • KPMG
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Increasing Profit after Lockdown

It is predicted that almost three quarters of the UK businesses expect Covid-19 to start a new wave of workplace and industry automation, with financial services leading the way. With significant interest being shown in the Channel Islands we expect the same to be true here.

View article
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Guernsey’s new Mandatory Disclosure Rules Regulations

The Income Tax (Approved International Agreements) (Implementation) (Mandatory Disclosure Rules) Regulations, 2020 (the “Regulations”) were passed by Guernsey on 11 March 2020 with a commencement date yet to be announced. The Regulations introduce new duties to disclose information in respect of certain structures. This note briefly sets out the background and effect of these Regulations, and will be of interest to accountants, lawyers, fiduciaries, fund promoters and administrators operating in Guernsey.

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

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