At last our Tax Offices have issued the long awaited guidance notes. Unfortunately those expecting much actual substance within them will, we fear, be left disappointed. This alert is to ensure you are aware that the guidance have been finally issued. This will now allow us to help you plan for these changes.
You will note that these guidance notes have been issued simultaneously by three Crown Dependencies, however there are subtle differences within the actual adopted legislation for each island.
Whilst the Guidance Notes offer some welcome clarity in certain areas especially in respect of employees and outsourcing there is still some major areas that are open to interpretation. It is expected that these vagaries will be addressed in future Guidance but in the meantime a view will need to be formed.
The key question remains as to whether your company is within the rules or not. Although the Guidance Notes provide some assistance to enable to you to form a preliminary conclusion we would recommend seeking advice where any uncertainty persists, as making the wrong choices can result in significant economic sanctions being applied.
We will be issuing further detailed notes in due course however in the meantime please feel free to contact us should you wish to discuss any of the above further.