Substance requirements for companies tax resident in Guernsey

Start Date
Thursday 27th September 2018
End Date
Friday 28th September 2018
Booking Link

Guernsey’s stable government, established regulatory regime and neutral tax system provide an excellent framework for international and financial services business.  However, the EU are continuing to focus attention on our corporate tax regime, so what does this mean for our financial services businesses in Guernsey?

From January 2019, companies undertaking certain activities will be required to demonstrate that they have sufficient substance in Guernsey.

In 2017, the European Commission Code of Conduct Group assessed over 90 non-EU countries against criteria for tax good governance.  Guernsey was re-affirmed as being a cooperative jurisdiction.  However, the EU raised concerns about whether our corporate tax regime facilitates structures that attract profits without real economic activity.  Guernsey, along with Jersey and Isle of Man, committed to address these concerns by introducing new substance requirements.  A public consultation was held during August 2018.

This session will cover:

  • Why is substance important and what is the EU trying to address?
  • What does substance mean?
  • How will the new rules work and who is impacted?
  • What are the practical implications?
  • What does it mean for the Funds industry?
  • What happens when a company doesn’t have sufficient substance?
  • What are the next steps?

The session will be presented by David White, Head of Tax at EY in Guernsey.

David is Head of Tax at EY in Guernsey.  He has worked for EY for over 20 years with experience in the UK, New Zealand and Guernsey.

David enjoys facilitating, training and presenting – he has facilitated numerous internal and external training sessions, including lecturing in tax and teaching the tax paper for an MBA programme.

Over the last decade, tax, transparency and fairness have emerged as moral and societal issues – David has an aptitude for communicating tax concepts in an interesting way that resonates with non-tax audiences.