The Director of the Guernsey Income Office has become aware that several Financial Institutions may not have been able to meet the 30 June 2016 deadline to review accounts under the UK and US IGAs for all Low Value accounts and Pre-existing Entity Accounts.
Accordingly, the Director has confirmed that the date for required due diligence on these accounts has been extended to 31 December 2016 as, from a practical perspective, there is no difference in the ultimate reporting of these accounts.
Please note, there will be no further extensions, and these accounts must be reviewed by 31 December 2016.
View a copy of the Guernsey Tax Office release.
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