UK amnesty for UK taxpayers
In March 2013, the UK government announced an amnesty for UK taxpayers, giving them an opportunity to check that their affairs are up to date and, if appropriate, make a disclosure of any potential unpaid tax liabilities to Her Majesty’s Revenue and Customs (HMRC). The amnesty runs until 30 September 2016.
Jersey and Guernsey are two of the world’s leading international financial centres and are consistently recognised by the OECD, the IMF and the UK government for their commitment to the very highest levels of transparency and global regulatory standards. Consequently, all financial institutions in Jersey and Guernsey have been asked to write and advise all of their UK resident clients of the amnesty now and again six months prior to the amnesty expiring…
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On 24 November 2014 Guernsey’s Legislation Select Committee passed the Companies (Guernsey) Law, 2008 (Amendment) Ordinance, 2014 with immediateeffect.
This article summarises the main changes under the new law (particularly advantages for lenders) and the transitional provisions which apply to old law security.