Guernsey economic substance update: COVID-19 concessions, self-managed funds and partnerships

Guernsey tax resident companies carrying out certain relevant activities have to comply with the substance requirements set out within the Income Tax (Substance Requirements) Implementation Regulations 2018 (as amended) (the Regulations).

Related briefings

Snapshot: starting civil proceedings in Guernsey

Civil litigation procedure in Guernsey is governed by The Royal Court Civil Rules 2007 (“RCCR”). All commercial disputes with a value over £10,000 will be heard in The Royal Court of Guernsey, disputes with a lower value, known as Petty Debts, are dealt with in the Magistrate’s Court.

How offshore law firms have stepped up to the challenges of 2020

In this interview, excerpts of which originally appeared in Asian Legal Business, Ogier partner and head of ESG Funds in Hong Kong Kate Hodson discusses how offshore law firms have stepped up to meet this changing business landscape, the ramping up of regulations, and the growing momentum around ESG.

Cayman Islands Funds Update: Q4 2020

Despite the beginning of 2020 being marked by a large number of new regulations in the Cayman Islands, the number of changes to laws and regulations that impact or may impact funds constituted in the country was significantly lower in the last quarter of 2020 than verified previous quarters. Specifically, the regulatory bodies and competent authorities focused on receiving clarifications and refinements to the existing regimes, which continued to occur in January 2021.

PRI’s new reporting framework – are you ready?

On 12 November 2020, Principles for Responsible Investment (PRI) issued significant updates to the reporting framework (RF) for signatories. The new requirements are more focused on “real world” outcomes meaning signatories needs to show how environmental, social, and governance (ESG) factors are integrated into investment analysis and execution.

Latest Briefings

Privy Council emphasizes primary role of trial judge as decision-maker in shareholder disputes

In the context of an unfair prejudice claim, the Privy Council recently overturned the decision of the Eastern Caribbean Court of Appeal and restored the decision of Leon J. of the Commercial Court of the British Virgin Islands, in effect ordering a mandatory buy-out, at a price to be determined by the court, of minority shareholdings by the majority shareholder whose acts were found to be oppressive, unfairly discriminatory and unfairly prejudicial to the minority, pursuant to section 184I of the BVI Business Companies Act.

BVI Company Law Series – Continuations In

In this first of two notes relating to continuations (sometimes referred to as migrations or redomiciliations), we look at the requirements and processes for companies which want to continue from one jurisdiction to the BVI.

Recommended

Brussels Belgium

TLT deepens European network with new Belgian alliance

TLT has struck a strategic alliance with Belgian law firm GSJ, just over six months after it agreed a partnership with Netherlands outfit Holla. It was back in June that The Lawyer revealed TLT’s alliance with Holla was set to be the first of several partnerships across the firm’s global network, with GSJ now the […]

Barrister of the week: 3VB’s Adam Kramer

In April 2020, 3VB’ silk-in-waiting Adam Kramer (Call: 2004) got a call which completely shifted how the rest of the year was going to pan out for him. It was from the Financial Conduct Authority, which was about to tap into the High Court’s underused test case system to launch proceedings against insurance companies, asking […]

London

Addleshaws seeks to capitalise on PLC work with A&O hire

Addleshaw Goddard has recruited a corporate lawyer from Allen & Overy as its new head of corporate governance, as firms look to advise FTSE clients on matters such as ESG and compliance. A&O counsel Jaya Gupta is set to move to Addleshaws as a partner in London. She will join Addleshaws to lead its corporate governance […]

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