Channel Islands Funds Quarterly Update: Q1 2023

Pan-island developments

Non-UK unit trusts and the trust registration service

Trustees of Jersey or Guernsey Property Unit Trusts (JPUTs or GPUTs) should be aware of HMRC's updated guidance on its trust registration service. HMRC has now clarified that these trusts are required to register if the trustees have a UK tax liability (including income tax, CGT and SDLT) or acquire UK land on or after 6 October 2020.

The deadline for registration in respect of existing circumstances passed on 1 September 2022, and a rolling 90-day deadline now applies, so prompt action should be taken where required in light of the revised guidance.

Amendments to AIFMD

The proposed amendments to the Alternative Investment Fund Managers Directive (last covered in our Q4 2021 update) were approved by the European Parliament's Committee on Economic and Monetary Affairs (the ECON Committee) on 24 January 2023.