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The requirements are being extended to fully meet the commitments given to the EU Code of Conduct Group

The International Accounting Standards Board (IASB) has issued ‘Deferred Tax related to Assets and Liabilities arising from a Single Transaction’ (Amendments to IAS 12).

When Rishi Sunak took centre stage today to deliver the UK budget, it was notable for several reasons.

As another 31 January passes, HMRC have now received the final Non-Resident Landlord ("NRL") returns for non-UK companies that generate income via UK property rental.

The basis period for those who are considered self-employed and non-employed is changing from 2021.

Up until 5 April 2020, non-UK resident entities, which owned UK property investments were taxable on their UK rental income under the Non-Resident Landlord (“NRL”) scheme. Overnight, from 6 April 2020, there was a fundamental shift where such entities were moved into the UK Corporate Tax (“UKCT”) system.

As part of their commitment to adhering to the OECD’s requirements under CRS, both the Jersey and Guernsey authorities are required to undertake audit inspections of financial institutions.

“You can’t ask the Guernsey people to squeeze any more out” says Peter Ferbrache in announcing no new taxes and the usual duty hikes also being kept to a small inflationary (RPIX 1.5%) increase.

The tax landscape is in a period of hyper change. At Grant Thornton Channel Islands, we are constantly looking for ways to support our clients and service providers so they remain ahead of the game with the ever changing tax legislation and practice.

The Office of Tax Simplification recently published its report on the review of Capital Gains Tax. Hear from our expert, Neil Hoolahan, Tax Director at Grant Thornton, as he shares his insight into this latest development

In August 2020, Jersey’s Treasury and Resource Minister announced a proposal to move all Jersey taxpayers to Current Year Basis (“CYB”).

In the coming months you will see a lot of activity around the Common Reporting Standard ("CRS"), Mandatory Disclosure Rules ("MDR") and the EU Directive on administrative cooperation ("DAC6") regimes in the Channel Islands.

Who does this apply to and what are their obligations?

Revenue Jersey has introduced new and more detailed requirements for those completing the 2019 corporate tax returns.

There have been dramatic changes to the previously long standing Guernsey definition to determine which companies are considered Guernsey tax resident from January 2019.

Yesterday's first Monday UK Budget for over 56 years was neither manic nor blue. The Chancellor tried to deliver an upbeat giveaway budget with a promise that the end to austerity was in sight and that this was a Budget "for hard working families". This theme continued throughout his speech.