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, this year.
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.