Guernsey Extends Fiduciary Return Deadline
Wednesday, July 18, 2012
In response to representations from the financial services industry, the Guernsey
Financial Services Commission has announced an extension to a tax return filing
deadline in respect of the fiduciary sector, and new guidance to support adherence
with expanded reporting requirements.
The Financial Services Commission's announcement of a one-month extension
relates to the 2012 Fiduciary Annual Return, the deadline for which has been moved to
August 31, 2012, from July 31, 2012.
The Commission said that it has released new guidance on the completion of sections
within the Annual Return relating to financial declarations in respect of different pension structures, and the addition of reporting requirements in respect of the geographical location of clients.
The guidance in particular seeks to clarify reporting requirements related
to Retirement Annuity Trust Schemes (RATS) and Qualifying Recognized Overseas
Pension Schemes (QROPS), the regime for the latter of which was substantially
impacted by new rules introduced by the UK tax authority, HM Revenue and Customs,
In particular, the Guidance asks regulated entities to separate financial information
in respect of QROPS in two fields, depending on whether clients are Guernsey
residents or non-residents.
The Commission is also seeking increased disclosure from regulated entities
about clients' geographical location to enable it to better understand licensees'
business. The Commission has clarified that licensees need only provide realistic
estimates of the proportion of their business from various geographic areas,
and the Guidance provides assistance on methods of establishing where the beneficiary
of a pension fund is located.
The Commission has underscored that the submission date for the Finance Sector
Code of Corporate Governance Assurance Statement remains unchanged, with a deadline
of July 31, 2012.