View from Collas Crill

CRS: first reporting over, so what happens next

The effective extension of the deadline to 31 July 2017 by the Guernsey tax authorities (which have vowed not to impose any penalties if CRS reporting and due diligence requirements are complied with on or before this second date) has given trustees additional time to complete their due diligence procedures, pull together the information to […]

What return of non-dom changes to Finance Bill means for trustees

Non-dom changes were withdrawn from the Finance Bill at the last minute earlier this year and are now anticipated to be introduced in a second Finance Bill after the summer Parliament break, with effect from 6 April 2017. The recent announcement impacts trustee clients and the families they look after, so it is important to […]

4AMLD – Who needs to report and what needs reporting?

On 26 June 2017, as part of the UK’s implementation of the 4 Anti-Money Laundering Directive (4AMLD), the Beneficial Ownership Register for trusts went live. Although our trustee clients agree with the rationale for the register (i.e. combatting money laundering and terrorist financing), as with CRS reporting obligations there are some grey areas in respect […]

Guernsey’s new regulations for pension and gratuity schemes

Following a short but comprehensive consultation with industry, the Guernsey Financial Services Commission (GFSC) has issued The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules 2017, which came into operation on 30 June 2017. Key changes to the draft rules The GFSC took on board a number of […]

Guernsey document duty – update

As stated in a previous article, the States of Guernsey had prepared a policy letter and draft legislation to impose, amongst other things, duty on transfers of shares in companies holding Guernsey real property. On 17 May those proposals were approved…

Jersey property – sales and prices rise

The States of Jersey’s Q1 2017 Jersey House Price Index statistics have been released showing that, while house prices are rising, property sales are continuing to increase compared with this time last year…

Jersey court puts misrepresentation claims back on the menu

In the recent case of Hong Kong Foods Limited & Anr v Robin Hood Curry Limited & Anr [2017] JRC 050, Sir Michael Birt, Commissioner, addressed a long-standing problem in Jersey contract law involving the nature of claims for misrepresentation. The Commissioner held that a standalone claim for innocent misrepresentation is recognised and that it […]

Provisional liquidator – a Guernsey first

Collas Crill recently obtained the Royal Court appointment of a provisional liquidator to a Guernsey company, the first time such an appointment is believed to have been made in Guernsey. In what was described by the Bailiff as “a very unusual situation”,the company was a joint venture vehicle intended to conduct a property development in […]

Directors’ duties: fail to prepare…

A thorough approach to processes and procedures was one of the lessons for directors from legal experts at Collas Crill’s latest directors’ duties conference. The event saw Wayne Atkinson and Gareth Bell, partners from Collas Crill, alongside leading barrister Philip Marshall QC from Serle Court and insurance and professional negligence specialist Greig Anderson of Herbert […]

Non-doms – was the restructuring all for nothing?

There has been a major u-turn in the UK Government’s plans to implement new legislation which would have (if implemented) affected: The tax treatment of UK resident non-doms UK non-doms who own UK residential property through offshore structures…

Document duty laws for Guernsey

The Document Duty (Guernsey) Law, 2017 This is set to repeal and replace the current legislation, a 1973 Law and a 2003 Ordinance, with the intention of simplifying the approach to the document duty regime. As well as simplifying the procedure, the new law will: Introduce anti-avoidance provisions…

Property Snakes and Ladders

A good conveyancer assists clients through the legal process of buying, selling, financing and remedying issues with property transactions. They need to steer a transaction from beginning to end through the maze of potential hurdles, helping clients find the right property, the best deal and where to find the best advisers for surveys, mortgage funding […]

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