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A recent and potentially significant change has been made to HMRC’s guidance in respect of the UK’s Trust Registration Service (“TRS”).

On 1 August 2022, the register of overseas entities became live.

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.

Jeremy Hunt stood up and presented his Autumn Statement with high inflation, high interest rates, lower living standards and a very sluggish economy in the forefront of everyone’s mind.

Guernsey income tax is due by reference to an individual’s residence position. For most people, residence is based on the actual days spent in Guernsey during a calendar year.

On 1 August 2022, the register of overseas entities became live.

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.

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.