The funds business in Guernsey is now worth £227.6bn ($323.7bn, €288.2bn) – a year-on-year increase of £8.2bn in net asset value, data from the Guernsey Financial Services Commission (GFSC) has revealed.
The UK’s double tax agreements (DTA) with Guernsey, Jersey, and the Isle of Man have been amended so that non-UK resident property developers will no longer be able to avoid paying income or corporation tax in the UK.
A Guernsey court has refused to reverse a decision that left a man with over half a million pound tax bill after he was wrongly advised that he could withdraw £1.4m ($2m, €1.8m) from his pension pot.
Investors in the beleaguered Guernsey-based EEA Life Settlements Fund have been offered the opportunity to register some, or all, of their shares for a proposed secondary share sale in March or April this year. But caution has been urged.
While other offshore financial centers have suffered ratings downgrades of late, Lichtenstein has had its AAA rating affirmed by Standard & Poor’s.
Jersey and Guernsey have both blamed a possible ‘Brexit’ for Standard & Poor’s recent ratings downgrade despite S&P pointing to the G10’s rising focus on low-tax regimes and the impact that may have on their financial services sectors as the driving force behind its decision.
Jersey and Guernsey will no longer appear on Italy’s tax blacklist, after the Italian parliament revised provisions in the country’s tax code relating to blacklists on corporate taxation and controlled foreign companies (CFC) rules.
A group of investors in the troubled Guernsey-based EEA Life Settlements Fund have criticised plans by its directors to make redemption payments to holders of its Run-Off shares.
Guernsey Finance is to establish a representative office in Hong Kong in the first quarter of next year.
The total value of funds business in Guernsey grew by £4.9bn (2.2%) during the third quarter of the year, with closed-ended funds showing the strongest rise.
The board of Guernsey Finance has appointed Lyndon Trott as chairman, effective from 1 December. Trott replaces Jim Gilligan, who is retiring having held the position since 2006.
The international arm of Royal Bank of Canada-owned RBC Wealth Management has named its new chief of staff for its fiduciary services division.
