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ARTICLE · 06 MARCH 2021

Guernsey Investment Funds Update - March 2021

Carey Olsen
Carey Olsen
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Carey Olsen

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Our investment funds team outline the latest developments in the investment funds market in Guernsey including Revenue Service guidance on the economic substance requirements...

GuernseyFinance and Banking
Annette Alexander
Annette Alexander
Christopher Anderson
Christopher Anderson
Andrew Boyce
Andrew Boyce
Tom Carey
Tom Carey
David Crosland
David Crosland
Tony Lane
Tony Lane
Ben Morgan
Ben Morgan
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Our investment funds team outline the latest developments in the investment funds market in Guernsey including Revenue Service guidance on the economic substance requirements, fast track migrations into Guernsey, revision of finance laws, deadline extension for GFSC returns and the consultation paper published by the GFSC in relation to Private Investment Funds.

REVENUE SERVICE GUIDANCE ON THE ECONOMIC SUBSTANCE REQUIREMENTS AND THE IMPLICATIONS OF COVID-19

In November 2020, the Guernsey Revenue Service issued guidance which supersedes that issued by the Guernsey International Business Association in March 2020. This new guidance clarifies that the official Revenue Service guidance on economic substance has not changed as a result of COVID-19, but that the Revenue Service will take a pragmatic approach when assessing whether the substance requirements have been met by a company during periods where government imposed restrictions (in Guernsey or elsewhere) are

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