Guernsey update: New plans for bringing partnerships in scope of economic substance rules

The States of Guernsey’s Revenue Service has issued further details of the proposals to bring partnerships into scope of economic substance requirements for accounting periods commencing on or after 1 January 2022, although partnerships formed on or after 1 July 2021 will be in scope immediately on formation where they conduct activities that trigger economic substance requirements.

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Ireland exercises national discretions under IFD/IFR

The Investment Firms Directive EU/2019/2034 (“IFD”) and the Investment Firms Regulation EU/2019/2033 (“IFR”) (collectively the IFD/IFR regime) introduce a new dedicated prudential framework for investment firms. New classes of firm are being introduced and, as a result, most investment firms will fall outside the scope of the prudential regime that applies to banks (the CRD IV / CRR framework).

BVI trusts and private client legislative updates

The British Virgin Islands (“BVI”) have now passed, and brought into effect, significant and welcome changes to its trusts and probate legislation. This update summarises the principal features of these changes that may be of interest to private client practitioners and trustees globally.

Businesses overcoming the commercial challenges now faced worldwide require tenacity and agility

It is difficult to think of the challenges now faced across the world as anything other than unprecedented. Businesses have never had to deal with the level of disruption delivered by the Covid-19 pandemic. Working life for a large part of the workforce has radically changed. It has become quite apparent that whilst there has without a doubt been a vast improvement in the level of safety from infection, we are by no means through this complicated situation.

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