KPMG Channel Islands Tax Alerts

KPMG Channel Islands Tax Alerts

Read the latest tax updates from the Channel Islands

The latest tax updates from the Channel Islands

Introduction of second 2017 Finance Bill

The Government confirmed on 13 July that a second 2017 Finance Bill will be introduced as soon as possible after Parliament’s summer recess ends on 5 September 2017.

 

UK trust register - what you need to know

Reporting obligations for trustees of certain trusts were introduced on 26th June 2017 as part of the UK’s implementation of the Fourth Anti-Money Laundering Directive.

 

Automatic Exchange of Information

Common Reporting Standard - Jersey announce relaxation of fines and penalties.

 

Guernsey CRS: extension of the reporting deadline

The Deputy Director of Income Tax effectively extended the CRS reporting deadline for the reportingperiod 2016 until 31 July 2017. The statutory deadline of 30 June remains unchanged.

 

Reminder: 30 May deadline for CRS notifications

Under the Guernsey CRS Regulations, any Guernsey Reporting Financial Institution which is to report an Individual Reportable Person, must notify them of the fact that the information is to be provided to the Director of Income Tax. 

 

UK Budget 2017

There are a number of areas that may be of particular interest to the financial services industries in the Channel Islands, and these are set out in this alert.

 

CRS and FATCA updates in Jersey

The Jersey regulations detailing the jurisdictions with which Jersey will be automatically exchanging information under the Common Reporting Standard have been updated

 

UK Rules on Disguised Investment Management Fees and Carried Interest

Various changes to tax rules in the UK over the last three years are set to impact the investment fund community, and particularly the private equity sector.

 

Extension of Due Diligence deadline for Pre-existing accounts under US and UK IGAs

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.

 

Autumn statement 2016

Philip Hammond today delivered his first and last Autumn Statement.

 

Jersey publishes its draft Country-by-Country Reporting Regulations

The Chief Minister’s Department issued a public consultation on the Introduction of Country-by-Country Reporting (“CbCR”) in January 2016. Following response to the consultation in April 2016, the Government of Jersey has now published draft regulations for purposes of implementing the CbCR for the accounting periods beginning on or after 1 January 2016.

 

States of Guernsey Budget 2017

On Monday 3 October, the 2017 Budget report was released. Deputy St Pier said “Preparing the 2017 Budget in the context of the revenue shortfalls experienced in 2015 and 2016 has been challenging.

 

HMRC consult on a new "requirement to correct" and introduce a new worldwide disclosure facility

HMRC has announced a new consultation that takes forward their “No Safe Havens” strategy for tackling offshore tax evasion.

 

UK releases further consultation on the taxation of non-domiciled individuals and inheritance tax on UK residential property

HM Treasury has provided more detail on the likely direction of the rules including reaffirming a commitment to introduce these proposals with effect from April 2017.

 

Jersey release further practical guidance in respect of FATCA/IGA reporting

Jersey has released further practical guidance in respect of reporting under the UK and US IGA ahead of the 30 June 2016 deadline, including the option to request an extension to the reporting deadline in relation to UK IGA reports.

 

Guernsey release Bulletin 2016/16: Definition of Investment Entity for CRS purposes

The States of Guernsey has recently released Bulletin 2016/16 confirming that for CRS purposes, the IGA definition of an Investment Entity cannot be used.

 

Guernsey consultation on the introduction of Country by Country Reporting

Guernsey is committed to working with other countries and jurisdictions to reach a globally fair and modern international tax system.Guernsey is committed to working with other countries and jurisdictions to reach a globally fair and modern international tax system.

 

 

 

 

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