The Guernsey Revenue Service has today announced some amendments
to Guernsey's economic substance legislation.
Guernsey's economic substance legislation is contained in
The Income Tax (Substance Requirements) (Implementation)
Regulations, 2018, as amended (the Regulations), which took effect
in Guernsey on 1 January 2019. Broadly, the Regulations apply to
companies that are tax resident in Guernsey and generate income
from certain activities in any accounting period commencing on or
after that date.
The amendments that have been announced to the
Regulations are:
- Certain Guernsey incorporated
companies that are not tax resident in Guernsey (having obtained
exempt status) will be brought within the scope of the Regulations,
but funds regulated by the Guernsey Financial Services Commission
will continue to be out of scope of the Regulations. This means
that the Regulations will potentially apply to subsidiaries of
regulated funds that derive their exempt status
