Taxation in Guernsey - The new provisions

Topics Covered :
Dr Raymond Ashton, sometime Reader at the University of Bristol, is an expert on trust, offshore and international taxation.

He is the author of several texts on tax and trusts, including the ‘Guernsey Law of Trusts’ and numerous articles published in academic and professional journals.

He has also specialised in criminal and civil investigation tax matters and been involved in numerous important cases over the last thirty years.

Dr Raymond Ashton’s ‘Taxation In Guernsey’ is a leading work on Taxation in Guernsey. It is five years since the First Edition and during this time there have been major changes in the tax system. This has resulted in many more tax planning opportunities and also more potential pitfalls.

This Report will combine an academic account of the law and at the same time offer pragmatic tax planning advice. As such it will build on the author’s experience as a tax barrister and accountant who for over thirty years has been advising trust companies, financial institutions and private clients on tax mitigation.

CONTENTS

Chapters

1. Analysis of the Finance Sector in Guernsey
2. General Provisions
3. Income from Outside Guernsey Persons Under Guardianship, Trustees And Personal Representative; Government of Parts Of Her Majesty’s Dominions; Mutual Profits (Chapter VII) & Matters Relating To Distributions
4. Deemed Distribution & Returns and Assessments
5. Information Gathering Powers
6. Appeal Provisions & Collection and Recovery
7. Relief and Allowances for Capital Expenditure
8. Relief in Respect of Losses and Expenditure Incurred Partly for Private Purposes
9. Pension, Retirement and Trust Schemes
10. Investment Companies, Unit Trust Schemes and Double Taxation
11. Life Annuities, Insurance Companies, Exempt Companies and International Bodies
12. Penalties, Surcharges and Supplements, General and Administration & Commencement, Construction, Interpretation, Repeals Etc
13. The Dwellings Profits Tax (Guernsey) Law 1975 (“The Law”)
14. The International Exchange of Information Agreements with the USA and the Netherlands and the EU Savings Directive
15. EU Directive on the Taxation of Savings Income

Appendices
1. Allowances Schedules 2008
2. Statements of Practice (Including Interpretations of Law) and Extra Statutory Concessions
3. Rates of Annual Allowances Relating To Ships Purchased Prior to 1st January 1990
4. Benefits In Kind - An Explanatory Guide