1 Developments in the Channel Islands
1.1 Substance requirements in Jersey and
Guernsey
On 26 April 2019, the Crown Dependencies agreed to jointly issue
further guidance on aspects in relation to the economic substance
requirements as issued by Guernsey, Isle of Man and Jersey (the
Guidance Notes). The Guidance Notes were the second piece of
guidance issued jointly by the Crown Dependencies and provide
additional guidance on the scope and application of the economic
substance legislation. The Guidance Notes are intended to be a work
in progress and will develop through further discussions with the
OECD and the EU Code of Conduct Group.
Jersey
Jersey specific guidance was also released by Revenue Jersey to
disclose the additional questions relating to economic substance
which will be included in tax returns commencing from 2019.
