Guernsey court limits trustee tax error rule
The Guernsey Court of Appeal has made a key judgement on a rule that allows trustees to correct decisions they made on the basis that there were unintended consequences – often unforeseen taxes.
The Guernsey Court of Appeal has made a key judgement on a rule that allows trustees to correct decisions they made on the basis that there were unintended consequences – often unforeseen taxes.
Guernsey-based European Wealth Group’s $1.7bn acquisition of US broker Newbridge faces a fresh hurdle despite receiving regulatory approval.
Confidence in the security of assets held in Jersey and Guernsey trusts has been restored following a recent ruling in the Privy Council, says Nick Robison, partner at law firm Babbé, which was involved in the case.
Guernsey Finance has hired a London representative to promote the island’s financial services industry, the Association of Investment Companies appoints a board director and Aviva Investors poaches from Standard Life.
An investigation by the Guernsey Financial Services Commission identified serious instances of governance and operational failings at Guernsey-based trust company Richmond Fiduciary Group, resulting in a fine of £45,500 ($64,759, €52,508).
The distinction between legitimate public interest and sheer curiosity is an issue with a lot of pressure points. But all the legal protection in the world cannot put the genie back in the bottle once it gets out, Guernsey Finance’s Dominic Wheatley has warned.
Guernsey has launched a development strategy to champion “green investment”, in a move it hopes will position the island as the go to jurisdiction for green financial services.
The UK “should regard it as a matter of national shame that the crown dependencies and overseas territories that fly our flag give shelter to the wealth of the world’s financial elite”, HM Treasury sub-committee chair John Mann has said.
The Monetary Authority of Singapore (Mas) has fined Standard Chartered S$6.4m (£3.5m, $4.9m €3.9m) for breaches to anti-money laundering and countering the financial of terrorism following the transfer of trusts from Guernsey.
St James’s Place hires a partner from Odyssey Asset Management, Guernsey Finance appoints a permanent representative in Hong Kong and Pensionhelp snares an ex-Financial Conduct Authority (FCA) heavyweight.
A Chinese conglomerate with ambitions in the west has acquired a London-based asset manager and its Guernsey-based subsidiary.
Guernsey Finance chief executive Dominic Wheatley is “not sure what more we’re expected to do” to help improve transparency in the fight against offshore tax evasion, he told International Adviser.