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Guernsey To Post Surplus After 2015 Budget Measures

Friday, October 10, 2014

Guernsey's 2015 budget includes proposals to double exempt company fees, freeze personal income tax allowances, and increase the property tax.

Under the budget, the exempt company fee would rise to GBP1,200 (USD1,945) – the first such increase since 1998. If adopted the measure will take effect from January 1, 2015.

A ten percent increase is proposed for the commercial tax on real estate. The tax on the retail sector will rise by a lower five percent.

Following a recommendation from the Policy Council's Fiscal and Economic Policy Group, as part of the 2013 Budget Report, the States agreed to extend the company intermediate income tax rate, of ten percent, to licensed fiduciaries (in respect of regulated activities), licensed insurers (in respect of domestic business), and licensed insurance intermediaries and licensed insurance managers (in respect of the carrying on of business and acting as such) with effect from January 1, 2013. It is now proposed that the company intermediate income tax rate, of 10 percent, should be extended to the provision of administration services (as defined under the Protection of Investors (Bailiwick of Guernsey) Law, 1987), to unconnected third parties (that is, excluding principal managers).

Last, personal income tax allowances will remain unchanged.

The Minister for Treasury and Resources, Gavin St Pier, said: "This Budget will do three things: confirm that our financial house is now finally in order, as we move out of deficit and stop spending more than we earn for the first time in six years; move us from short-term budgeting to long-term planning; and, enable us to invest in our economy and in our islands' infrastructure."

"Sustainability, fairness, and efficiency are at the heart of this budget," he said.

The budget proposal will be debated at the end of this month.

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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