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Exempt bodies: Substance regulations may still apply

The Income Tax (Substance Requirements)(Implementation) Regulations, 2018 as amended (the Substance Regulations) came into force on 1 January 2019 and have recently been further updated by The Income Tax (Substance Requirements)(Implementation)(Amendment) Regulations, 2019 (the Amendment Regulations), with effect from 1 August 2019.  The Amendment Regulations have extended the scope of the Substance Regulations to include all tax exempt bodies that have been granted an exemption under paragraphs (3) and (5) of Schedule 1 of the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 (as amended) (the Exempt Bodies Ordinance).  In addition, the Amendment Regulations clarify the scope of the Substance Regulations in relation to IP Assets and High Risk IP Companies – the balance of this note focuses on the change in status of tax exempt bodies. 
Ogier - 18 March 2020