GAT Newsletter November 2019

GAT Industry News

Welcome to your newsletter


News


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Invitation to GAT Member's Luncheon

Members are warmly invited to our next GAT Luncheon which will take place on Wednesday 8th January 2020 at 12.30pm in the Conservatory at Moores Hotel.

We will welcome speakers from GAT Sponsor KPMG.  Paul Beale, Tax Director, KPMG in the Channel Islands will talk about what has been keeping KPMG CI busy in the trust world, and Jim Keys, Tax ConsultantKPMG LLP will discuss the post RTC trends and communication methods coming our of the HMRC at the moment.

Our luncheon will also feature an industry update from GAT Chair, Paul Hodgson.

Our popular events give members the opportunity to network and to catch up on relevant news among peers on issues that affect the fiduciary community. We encourage members to book early to secure their place.

BOOK NOW
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Handbook on Countering Financial Crime and Terrorist Financing

The Commission has issued, in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing ("the Handbook").

The Commission has revised the Handbook, in order to allow firms to advance work on revising their business risk assessments and policies, procedures and controls to take account of the provisions of Schedule 3 and the rules and guidance in the Handbook without delay. As a result of consultation feedback, rather than prescribe individual dates by when a firm must revise its business risk assessments and policies, procedures and controls, firms will have one overarching deadline of 31 May 2020 to revise and obtain Board approval of their business risk assessments and to update and obtain Board approval of their policies, procedures and controls. This change from our original consultation proposal of 29 February 2020 for revising business risk assessments and 31 May 2020 for policies, procedures and controls, will provide firms with the flexibility to determine the optimal timeframes for reviewing, revising and obtaining board approval for these documents before the 31 May 2020 deadline.

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Policy & Resources Committee publishes detailed Economic Substance guidance

The Policy & Resources Committee has published updated and detailed guidance on the application of the new tax law requirements to ensure that companies who undertake certain highly mobile economic activities have sufficient economic substance in the island.

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Revenue Service launch their second annual customer satisfaction survey

From Monday 4th November, the Revenue Service is inviting customers to complete the annual customer survey.

The survey will be open for six weeks, closing at midnight on Monday 16th December. In order to complete the survey, please go to www.gov.gg/revenuesurvey. Paper copies can be made available on request by emailing rssurvey@gov.gg or calling (01481) 705700.

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Results of Family Office research are in

High-profile protests and campaigns have not managed to significantly mobilise capital from the private wealth and family office sector into green and sustainable finance, according to new research from Guernsey Finance.

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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.

A joint statement from Guernsey Institute of Directors, Guernsey Chamber of Commerce Guernsey International Business Association, Chartered Institute of Personnel Development and the Confederation of Guernsey Industry - Click here to download

GIBA Chairman responds to a requete being placed by the States to revisit debate on extending Guernsey’s runway - 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 October's meeting of GIBA Council.

GIBA Summary Minutes October 2019


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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

The 2019/20 STEP Lunchtime Lecture Series currently operates two lectures per month from September - June.

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.


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STEP Lunchtime Lecture Number 7

Friday 6th December 2019

The Dorey Room, St James, 12 p.m.

Proposed Trust Law Reform; what is proposed and where are we? by Russell Clark, Carey Olsen

Speaker Bio:

Russell heads up the trusts and private wealth department in Carey Olsen’s Guernsey office advising on both contentious and non-contentious trust matters. He also advises private clients on succession and estate planning.  Russell advises on Guernsey, Alderney and Sark law.

Click to book
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STEP Lunchtime Lecture Number 8

Monday 16th December 2019

The Dorey Room, St James, 12 p.m.

Managing the Risks of Superyacht Ownership by Dan Armsden, AYM Consulting

Presentation summary:

During this lecture attendees will gain an understanding of the risk areas of yacht ownership that need to be considered and mitigated.

Although more risks are associated with owning a commercial yacht, pleasure yachts still bring their own inherent risks. Incorrectly advised crew and managers can open up an expensive VAT liability on the hull by not fully understanding the limitations of the VAT structure the yacht may be operating within. Do you truly know the backgrounds of the crew who are employed to work and live onboard the yacht with other crew, guests and their children?

Click to book
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GTA Courses & Events

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

(1)    Getting it "Write"

Join This half day course aims to provide practical tools to ensure that written communications are of a high standard covering by considering what is involved in accurate and clear writing focussing on common errors in spelling and grammar and clarifying the importance of plain English. 

Cost: £195

Date: 2 December 2019

Venue: GTA University Centre

Times: 09.00 to 12.30

Further details and registration here.


(2)    2019 Regulatory Update

This Join us for the final session of our popular Compliance CPD series this year to hear Emma Mauger give an overview of the key regulatory changes experienced in 2019 and those expected in 2020 with a focus on how those changes have impacted or will impact on the Guernsey Finance inductry and how this may affect individual businesses.  

Cost: £45

Date: 3 December 2019

Venue: GTA University Centre

Times: 12.30 to 13.30

Further details and registration here.


(3)    Digital Leadership Livestream Event - Why your business should become data driven

This free one hour session will include a livestreamed discussion with Henry Burton co-founder of Artelligen, a digital growth agency, regarding the importance, opportunities and challenges of becoming a data-driven business followed by a thirty minute facilitated discussion led by Tim Loveridge, Chief Operating Officer at the Office of the Data Protection Authority.

Cost: FREE

Date: 5 December 2019

Venue: GTA University Centre

Times: 12.30 to 13.30

Further details and registration here.


(4)    Mentoring Skills

This experiential course will cover the essential skills needed to be a good mentor to others as well as exploring how to make the most of being mentored by another.  You will learn and practice mentoring skills as well as getting an overview of the essential elements of a mentoring programme.

Cost: £350

Date: 11 December 2019 and 15 January 2020 (Two half days) 

Venue: GTA University Centre

Times: 09.00 to 12.30

Further details and registration here.


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BPP Guernsey Events

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

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


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Guernsey Finance Industry Update

On Thursday 23rd January 2020, Guernsey Finance are holding a free to attend event at St James from 3-5pm, and they would be delighted if any members could join them at their annual industry update to hear about the exciting progress Guernsey Finance has made during 2019 and more detail on their plans for 2020 across their target markets internationally.

For those who may be considering a career in the finance sector locally, this event is a valuable starting point for them to learn about the workings of Guernsey’s financial services sector and how it markets and positions itself on a global scale.

For more information and to register for this event, please visit our website here.


Sponsor News



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

  • Alternative Solutions Limited
  • Carey Olsen
  • KPMG
  • Walkers (Guernsey) LLP
  • Raw Capital Partners
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Asset Protection: The Reason Why Clients In Hong Kong And Across Asia Are Turning To Channel Islands Trusts

In this Q&A, partner Rupert Morris and senior counsel Sevyn Kalsi explore the appeal of Channel Islands trust structures as asset protection solutions for clients based in Hong Kong and across Asia.

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IT Downtime - what would you do? 

One of the top IT priorities today is to ensure high uptime while meeting budgets. So what is your strategy in the event your IT goes down? What have you done to make sure downtime scenarios are avoided as much as possible? In the attached article ASL give you some basic pointers to help you avoid those IT failures and keep your business running smoothly.

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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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