The Guernsey tax team at Grant Thornton aim to provide the island with a premier tax advisory service both to private clients and the Guernsey business community including the investment management industry.
Our corporate investigation, Guernsey liquidation and recovery teams focus on identifying and resolving issues affecting profitability, protecting enterprise value and facilitating a full recovery where possible.
Redundant corporate entities can over complicate group structures and waste thousands of pounds in unnecessary costs each year. 46% of the c.15,500 companies controlled by the FTSE100 are dormant and it is estimated that the average cost of administering dormant companies is between £3,500 and £5,000 per company, per year.
Our Debt Advisory team provides commercial and financial debt advice to corporate entities and public sector bodies in a range of sectors. Our engagements include advice on stand-alone transactions and solutions or as part of an integrated business plan, in both the project and corporate arenas.
For companies challenged by under-performance we work with management teams, shareholders, lenders and other stakeholders to implement financial restructuring solutions creating a stable platform for business turnaround.
Strategic performance reviews analyse the key drivers of performance improvement. Our specialists utilise a framework to evaluate financial and operational options and to identify solutions for businesses and their stakeholders.
Non-UK resident companies which are subject to UK Corporate Tax (“UKCT”) through their UK property rental business should now be fairly well adjusted to this tax regime, having transitioned away from the Non-Resident Landlord system from April 2020.
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.
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 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.
Since 6th April 2019, the scopes of UK Capital Gains Tax (“CGT”) and UK
Corporation Tax (“UKCT”) have been extended to now include gains realised
by non-UK residents on both direct sales of UK property, and on the sale of
interests held in companies which are deemed to be ‘UK property rich.’
In July 2020, we will see the implementation of two new tax regimes, which
have the purpose of continuing the efforts towards visibility for tax authorities
of arrangements, which have at their heart, the potential avoidance of tax.