Taxation in Guernsey

Taxation in Guernsey

A Global and Regulatory Analysis.


ISBN: 978-1-901614-17-6

Publication date: 01/02/2003

Price: £99.00

Topics Covered :
Guernsey as an offshore financial centre, has been quick to adapt to increasing scrutiny by, amongst others, the OECD, the EU and the UK. This pressure has been reflected in a plethora of recent legislation whose origin can be traced to the UK. The island has also faced increased competition from its Caribbean ‘cousin’ the Grand Cayman and both Bermuda and the Bahamas, as well as newer offshore financial centre, such as, Ireland and older centres, such as Switzerland.

The focus of this ground-breaking work is on the tax planning opportunities afforded by the island, in terms of the UK in particular and, more generally, internationally. It examines the financial services offered by the Island such as:

* Trust and company and other private client services
* Captive insurance companies
* Insurance ‘wrapper’ products
* Offshore funds
* Banking services generally

The book covers:

* The tax legislation of the Islands, including the ageing double tax arrangement
* The sensitive issue of confidentiality and the ease with which foreign revenue jurisdictions (and others) can access information about companies and individuals with some form of presence in the Island.
* The information exchange agreement between the Grand Cayman and the United States
* The enforceability of foreign tax debts in Guernsey

The issue of confidentiality is highly relevant at the moment, given the increased attention shown by not only the Inland Revenue but other Revenue jurisdictions in the offshore financial centres and more particularly the recent criminal prosecutions involving entities in the Channel Islands. This aspect is also relevant in the context of civil settlements.

The information exchange agreement between the Grand Cayman and the United States is likely to be a precursor to arrangements into which the Island will have to enter in the future as part of its commitment to OECD.

Topics Covered

Insurance in Guernsey
General Provisions
Income From Outside Guernsey
Persons Under Guardianship, Trustees & Personal Representative
Appeal provisions
Relief and Allowances
Pensions, Retirement and Trust Schemes
Special Provisions
International Co-operation
The OECD Initiative & Offshore financial Centres


1 Reform of Foreign Domiciliary Tax and Protective Action in Anticipation
2 Domicile
3 Residence of Individuals
4 Residence of Trustees
5 Year of Arrival and Departure
6 Income Sources and Situs
7 The Schedule D Remittance Basis
8 Employment Income
9 Foreign Pensions
10 The Settlement Provisions: Section 660A
11 Transfer of Assets Abroad: Introduction
12 Transfer of Assets Abroad: Section 739
13 Transfer of Assets Abroad: Section 740
14 Transfer of Assets Abroad: Motive Defence
15 Capital Gains Tax on Individuals
16 Capital Gains Tax and Trusts
17 Life Policies and Contracts ("Bonds")
18 Offshore Funds
19 Deemed Domicile for IHT
20 Excluded Property for IHT
21 IHT Consequences of Transfers Between Trusts and Adding to Trust Funds
22 Reservation of Benefit
23 IHT Planning by Turning UK Situate Into Non UK Situate Property
24 IHT Planning Through Liabilities Deductible for IHT
25 IHT Planning before and after a change of domicile
26 Wills and Deeds of Variation
27 Marriage of UK Domiciliary and Foreign Domiciliary
28 The Family Home and its Chattels
29 Estates of Deceased Persons
30 Who is the Settlor?
31 Situs of Assets
32 Duties of Disclosure to the Revenue

Publisher Details :
Published as a traditional hardback book by
PO Box 669
Oxford OX3 3AU Tel: +44(0)1865 352121