In section 61 of the Law of 1975 -, (a)      for "beneficially entitled to a dividend from which tax is authorised to be deducted under the provisions of section fifty-seven of this Law shall, on receiving the said dividend and" substitute "the beneficial member in respect of a distribution from which tax is required to be deducted under the provisions of sections 81B and 81BB, shall", and. (b)      immediately prior to the date of the death of a beneficial member, there shall (subject to such provision as the Administrator may by statement of practice make in respect of relief by way of deferral of tax) be deemed to have been distributed to him an amount of the company's undistributed income equivalent to the amount which would have been payable to him had the company distributed all that income at that time. After section 8(7)(b) of the Law of 1975 insert the following paragraph -. Guernsey has no VAT, death duties, inheritance taxes, capital gains, transfer or wealth tax. (2)      Subsection (1) may be amended by regulations of the Department. An electronic version of the original enactment is available - Income Tax (Guernsey) Law, 1975. (1) Subject to [subsection (2)], the [Director of Income Tax] may In the Sixth Schedule to the Law of 1975[v] after the words "Income tax on income from any other sources shall not be subject to this limit." (iii)      any distribution or class or description thereof. (a)      any amounts representing income tax deducted from the non-resident company's disregarded company income for the year of charge (see section 47I), (b)      any amounts representing income tax that are treated as deducted from or paid in respect of that income, and. (b) Machinery of Government (Transfer of Functions) (Guernsey) Ordinance, 2011 (Billet d’État No IV of 2011. (1)      The Administrator may issue statements of practice for the purpose of providing practical guidance in respect of any provision made by or under this Law and in connection with the administration of this Law. Please see our general guide to Guernsey income tax [258kb] for more information. After section 203 of the Law of 1975[s] insert the following section -. 84, 118, 200, 333 and 565; Vol. ", (b)      after "81A" wherever appearing insert "or 81B", and. Article XI of Billet d'État No. (b)      as income in the company's hands. Any change to the trustees must be notified to the Guernsey Income Tax Office within 30 days of such change. "and any business that, in the usual course of its business, provides or makes available credit facilities. (a)      income which arises under or is comprised in a settlement and which is not distributed does not, by reason of being accumulated, cease to be chargeable to tax under this Law, (b)      income arising under or comprised in a settlement which has been taxed at the individual standard rate or the company higher rate in any person's hands is not liable to be taxed again in that or any other person's hands, and. Person to whom the distribution is made for the purposes of this Law. If you are not a member of Itpa and would like to join in order to have the full benefits, please click here for details . 18. Section 81B was inserted by the Income Tax (Zero 10) (Guernsey) Law, 2007. For the purposes of this subsection "settlement" and "settlor" have the meanings given by section 65(4).". 62AB. XXVI, p. 200. (1)     For the purposes of this Chapter a person is regarded as carrying out a transaction on behalf of another if the person -, (a)      undertakes the transaction, whether on behalf of or to the account of the other, or. (iii)      other persons interested in the company can be required or are accustomed to exercise their rights in accordance with his instructions.". (b)      in subsection (2), the second proviso is repealed. (3D)      Where a settlement is deemed revocable under this section, nothing in this section affects the liability of the trustee or any person beneficially entitled to or in receipt of the income to be charged in his own name, irrespective of whether the settlor is resident or non-resident.". Arrangement. APPROVAL Approval for the RATS is granted by the Guernsey Income Tax Office in accordance with s.157A(4) of the Income Tax (Guernsey) Law 1975. This process is straight forward as long as the RATS meets certain requirements. Deemed distribution of company profits and income. (3)      For the avoidance of doubt, surcharges and additional surcharges shall cease to accrue in respect of tax on income which is deemed to be distributed, and is taxed accordingly, under this section. Guernsey has a basic rate of corporation tax of 0% on profits arising applicable to most companies which are Guernsey tax resident. XXVII, pp. In paragraph 1 of the Fourth Schedule to the Law of 1975[t] after the words "Banking Supervision (Bailiwick of Guernsey) Law, 1994" insert -. After section 173(1) of the Law of 1975 insert the following subsection -, "(1A)      Where the person entitled to the income is a company, and the income is liable to be taxed in the company's hands at the company intermediate rate or the company standard rate, then, if the company distributes that income or any part thereof -, (a)      to an individual resident in Guernsey, or. 47C. XXV, p. 124; Vol. Section 199A was inserted by No. General Information 1.1 Introduction These Practice Notes set out the contributions which may normally be paid to and the benefits which may normally be provided by pension schemes and Death in Service Schemes seeking approval under section 150 of the Income Tax (Guernsey) Law, 1975. Section 201A was inserted by No. In section 199A of the Law of 1975[q] insert the following subsection -. After section 81B of the Law of 1975 insert the following section -. Income derived from Guernsey land and property is excluded from the tax cap, effective from 1 January Amendment of 1975 Law. 8. 24.750. VII of 2002; No's. Within the Annual Budget it is proposed to make a change in respect of Gratuity Schemes and their treatment under section 40(nn) of the Income Tax (Guernsey) Law, 1975. Income Tax Guernsey Law 1975.pdf - search pdf books free download Free eBook and manual for Business, Education,Finance, Inspirational, Novel, Religion, Social, Sports, Science, Technology, Holiday, Medical,Daily new PDF ebooks documents ready for download, All PDF documents are Free,The biggest database for Free books and documents search with fast results better than any … (13)      If the Administrator believes that a company has not complied with the requirements of subsection (12), the Administrator may make an assessment of the tax due, in the same form and manner in which an additional assessment may be made under section 75.". "personal relationship" has the meaning assigned to it in section 66A(8). 7. (i)      he is entitled or permitted to vote in       respect of any share or stock, (ii)      the exercise of any of the rights of other persons interested in the company or its shares or stock requires his consent, or. Meaning of "disregarded individual income". For the purposes of this Chapter a "group" of companies means a number of companies associated in the manner specified in the regulations made under this subsection. Pension age test. The current law relating to Guernsey pensions is limited to the relevant provisions of the Income Tax (Guernsey) Law, 1975 (as amended) which deals with the approval of occupational pension schemes (under section 150) and personal pension schemes (under sections 157A and 157E) and the recognition of international occupational and personal pension schemes (under sections 40 (o) and 40 (ee)) for Guernsey income tax … 59. (d)      any other businesses (other than businesses referred to in any other paragraph of this section), offices and employments, and other sources, in Guernsey. 27. (6)       Any income which has been taxed in the company's hands at the company intermediate rate is only liable to be taxed as a deemed distribution pursuant to this Chapter at a rate equivalent to the difference between the company intermediate rate and the company higher rate. (1)      Where any distribution from which deduction of tax is required by section 81B is paid without deduction of tax, the amount received in respect thereof shall, for the purposes of this Law, be deemed to be a net amount received in respect of a distribution from the gross amount of which such deduction as is required by that section has been made, and the provisions of -. Income Tax (Jersey) Law 1961. In section 174(4) of the Law of 1975 in the definition of "distribution"[p] for "section fifty-seven of this Law" substitute "section 81B". (2)      However, if the States by Resolution change the company standard rate under section 5(2) then income taxed at the new rate may not be carried forward under this section unless the Resolution specifically so provides.". (i)      where the income from which the distribution was made has been taxed or is taxable at the company standard rate, the individual standard rate, (ii)      where the income from which the distribution was made has been taxed or is taxable at the company intermediate rate, or where section 62A(6) applies, a rate equivalent to the difference between the company intermediate rate and the individual standard rate, and. 2) Law, 2007. XXV of 1994; No's. (1)       For the purpose of this Law, where the person ("Person A") to whom the distribution has actually been made is -, (a)       resident in Guernsey, the distribution shall be deemed to have been made to the beneficial member unless Person A requests that it be deemed to have been made to them, or. insert -, "Income from non-Guernsey sources does not include any income arising or accruing from -. (a)      any sums representing income tax deducted from the non-resident individual's disregarded individual income for the year of charge (see section 47D), (b)      any sums representing income tax that are treated as deducted from or paid in respect of that income, and. (b)      before the Royal Court on a reference or appeal from the appropriate body. (2)      any assignment to the business of an advance or credit repayable to a third person.". "or (3)      arising from the provision or making available of credit facilities.". For the avoidance of doubt, income from activities regulated by the Office of the Director General of Utility Regulation shall be calculated in the same manner as income from any other business.". 47F. (c)      income arising under or comprised in a settlement which has been taxed at the company intermediate rate in any person's hands is only liable to be taxed again in that or any other person's hands at a rate equivalent to the difference between the company intermediate rate and the company higher rate. The standard rate of income tax on companies is 0 percent, with a rate of 10 percent applicable to certain banking profits, profits of certain domestic insurance, insurance intermediary businesses, insurance manager businesses, fiduciary businesses, fund administration businesses and the provision of custodial services by banks. The rapid rise in house prices at the time, particularly in the Open Market, saw properties being resold at substantial profits within a few months and even, on rare occasions, within the same month. (i)      any company or group of companies or class or description thereof. (3)      See sections 47G to 47H in the case of a non-resident company. Companies that are authorised or registered funds may apply for exemption from income tax in Guernsey under the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 as amended (the “Exempt Bodies Ordinance”), subj… In section 152(3) of the Law of 1975 for the words "standard rate" substitute "appropriate rate (applicable in respect of the income from which the payment was made)". (1)      If a company with income taxed at a rate less than the company higher rate makes a loan to -. (h)      immediately prior to the date of the permanent cessation of the whole, or substantially the whole, of a company's business there shall (subject to such provision as the Administrator may by statement of practice make in respect of relief by way of deferral of tax) be deemed to have been distributed to each beneficial member an amount of the company's undistributed income equivalent to the amount which would have been payable to him had the company distributed all that income at that time. 17. (4)      Notwithstanding subsection (1), a loan shall not be a qualifying loan if -. 68A. After section 66(1) insert the following subsection -. Experts from Ardel Trust reveal the Guernsey Association of Pension Providers (GAPP) welcomes proposals by the States of Guernsey to amend its income tax laws on pensions saving to meet the revised UK requirements for Qualifying Recognised Overseas Pension Schemes (QROPS) expected to come into effect on 6th April 2012. 22. (4)      Where any qualifying loan is made, tax shall be paid to the Administrator by the company that made the loan in accordance with the provisions of this section. In subsection 5(1B) of the Law of 1975[j] after paragraph (ii) insert the following words -. Guernsey and Herm. 30. IV of 1991; No. (1) When a qualifying loan is repaid in whole or in part within 6 years of being made, then the person who paid the tax to the Administrator shall be entitled to claim repayment of the tax paid in respect of the loan or the part repaid. II and VI of 1999; No. No warranty is given that the text is free of errors and omissions, and no liability is accepted for any loss arising from its use. Sections 164 to 168A of the Law of 1975 are repealed. "Collection of tax on disregarded individual income and disregarded company income. XIV of 2007. 31. (2)      For the purposes of this section an amount is considered to be "payable" to a person if he has rights entitling him, or which in any circumstances whatsoever would entitle him, to receive any such amount from the company, directly or indirectly. 39. "property development" includes the exploitation of land by the exploration, excavation, excision, extrication, extirpation, exsiccation, expropriation or extraction or recovery of stone, minerals and other inorganic solid materials for the purpose of profit. Meaning of "disregarded transaction income". (a)      the company shall be deemed to have distributed the income in the cases or circumstances, at the times and to the persons mentioned in section 62B. (a)      for the heading substitute "Offences relating to ETI certificates and deductions at source. 14. "(d)      in the case of an individual or company not resident in Guernsey, in accordance with the provisions of Chapter IV of Part IV.". 146, 200 and 292; Vol. For sections 58 and 59 of the Law of 1975 substitute the following sections - This briefing provides an overview of the legislation, which is expected to come into force on 1 January 2019. (i)      there is a "corporate relationship" between them, which exists between a company and the person controlling that company, and between a company and any person with a partnership, personal, or trust relationship with the person controlling the company, control for these purposes includes partial control or control together with other people. In Part IV of the Law of 1975, insert the following Chapter after Chapter VIII -. (a)      any participator of the company, (c)      any person connected to a participator or officer of the company, or. Cases in which income is deemed to have been distributed. 204. Liability to tax for non-resident individuals. • no income from rental or development of Guernsey* property; • no income from banking business; • no qualifying loans to Guernsey* resident participators (section 66A(2) and (3) of the Law should be noted); • not made a request under section 62AB(1)(a) of the Law. Income Tax (Guernsey) (Approval of Agreements with San Marino, Greece and China) Ordinance, 2011 Iran (Restrictive Measures) (Guernsey) Ordinance, 2010 Foreign Tax (Retention Arrangements) (Guernsey and Alderney) (Amendment) Ordinance, 2010 44. In paragraph 2 of the Fourth Schedule to the Law of 1975[u] insert the following subparagraph -. 40. Notwithstanding the provisions of Chapter XII of Part IV (in the case of a qualifying loan within the meaning of that Chapter) and sections 81A and 81B, tax shall not be deducted on disregarded individual income within the meaning of section 47D or on disregarded company income within the meaning of section 47I.". • Taxed on worldwide income restricted to £220,000, including Guernsey-source income. Guernsey: international occupational pension schemes International occupational pension schemes in Guernsey – sections 40(o) and 40(p) of The Income Tax (Guernsey) Law, 1975 Section 40(o) exempts from Guernsey income tax “the income derived from investments or deposits of any superannuation fund which is established in Guernsey”. XXXII, p. 307; No. (a)      banking business carried on in Guernsey. (7)      If a company with undistributed income is deemed pursuant to the provisions of this Part to have made a distribution, the distribution shall be deemed to have been made from the company's undistributed income and only from the company's capital to the extent that the company's undistributed income is insufficient to cover the amount of the distribution; and the provisions of this Part of this Law shall apply accordingly. However, any such claim must be made before the reporting date for the calendar quarter in which the loan or part thereof is repaid. (c)      the date and amount of tax due or paid, (d)      the dates and amounts of repayments of the loan, and. Article VIII of Billet d'État No. In sections 191 and 192 of the Law of 1975 after the words "in any material particular," insert "or who fails to comply with section 68A,". (f)      income arising from a transaction carried out on behalf of the non-resident company in the course of the company's trade through a broker in Guernsey, in relation to which the independent broker conditions are met. It took effect on 1 January 2017. IV and VIII of 1993; No. that individual or company shall be deemed to be the person entitled to the income and shall for the purposes of this section be entitled to the credit against tax or the balance of the credit by way of double taxation relief accordingly.". In section 53(1) of the Law of 1975 for the words "standard rate" substitute "appropriate rate (as if it were income of the person beneficially entitled to that income)". The States of Guernsey have resolved to amend the Income Tax (Guernsey) Law, 1975 to ensure the taxation of pension benefits paid from occupational … (12)       The quarterly return required under subsection (11) must be filed with the Administrator within 15 days of the relevant reporting date, together with payment for any income tax due under this Chapter. 33. Provided that a person shall not be proceeded against under this section for failure to furnish in due time the return of fringe benefits under sub-section (1) of section 115WD or return of income under sub-section (1) of section 139] - (i) for any assessment year commencing prior to the 1st day of April, 1975;or (2)      An individual has the "beneficial interest" in a share or any part of a share of a company if he is the beneficial owner thereof or if he has an equitable interest or contractual interest therein (but does not include a bare legal owner of any share or part of a share). "disregarded company income" has the meaning assigned to it in section 47I(1). In Part IV of the Law of 1975, insert the following Chapter after Chapter XI -, 66A. unless payment of all outstanding liabilities to tax, penalties, surcharges and additional surcharges is made to the satisfaction of the Administrator in accordance with arrangements approved by the Administrator. "Right to carry forward post-2007 profits to future years. For the purposes of this Chapter the Administrator may issue a statement of practice as to the method of calculation of undistributed income. Income Tax (Guernsey) Law, 1975 (Consolidated text). XXXI, pp. "Where a company fails to deduct from a distribution of undistributed income the tax which it is required to deduct under this section, the amount of tax payable shall be determined in accordance with section 59 and shall be payable by the company as if it had been deducted accordingly, and where the amount of any such tax is paid by the company -". 47G. After section 62 of the Law of 1975 insert the following sections -. 2. 2) Law, 2007. * For Income Tax purposes, “Guernsey” includes Alderney and Herm. (1)      For the purposes of this Chapter income arising or deemed to have arisen to a non-resident individual is "disregarded individual income" if it is -. (c)      for "or under regulations made under subsection (4) of that section" substitute "that section or by regulations thereunder". "Calculation of income from activities regulated by OUR. After section 9(3) of the Law of 1975 insert the following subsection-. (11)      Where any qualifying loan is made, the company shall make a quarterly return to the Administrator detailing -. Limit on liability to income tax of non-resident companies. 2) Ordinance, 2018 (the Ordinance) making further amendments to the Income Tax (Guernsey) Law, 1975 (the Income Tax Law), including the definition of 'resident' in the case of a company. 34. XXVI, pp. 25. (2)      When income described in subsection (1) is deemed to be distributed, any tax deducted on the deemed distribution pursuant to sections 62A and 81B shall be set off against the liability of the company in respect of the unpaid tax on that income. (a)      it was advanced at the company's normal commercial rate, and the company is authorised by the Guernsey Financial Services Commission, or by any person or body exercising, in a place outside the Bailiwick, functions corresponding to the functions of the Commission, to carry on a business which includes the lending of money. The States of Guernsey has approved the Income Tax (Guernsey) (Amendment) (No. Liability to tax for non-resident companies. IV and XXII of 1997; No's. Section 174(3) of the Law of 1975 is repealed. give notice of the fact within fourteen days thereafter to the Administrator.". In section 201A of the Law of 1975[r] -. This Law amends the Income Tax (Guernsey) Law, 1975, as amended [f] ("the Law of 1975"). Paragraph (d) of section 5(1) was substituted by Vol. On 10 December 2015, the States approved an ordinance to recognise same-sex marriages and civil partnerships performed abroad for the purposes of the Income Tax (Guernsey) Law, 1975. where that company or other entity is held by, vested in or otherwise under the control (direct or indirect) of the trustees of the settlement (whether alone or with any other person) for the purposes of the settlement, being income attributable to the settlement. The authoritative text of the enactment and of the amending instruments may be obtained from Her Majesty's Greffier, Royal Court House, Guernsey, GY1 2PB. You must sign in to Itpa.org to view this page. 41. Subsequent governmental interventions in our housing markets include the Dwellings Profits Tax (Guernsey) Law, 1975. (1)      For the purposes of this Law, a "beneficial member" of a company means an individual who has a beneficial interest or any part of a beneficial interest in a share or any part of a share in that company (but does not include an individual who holds only the legal title of any share or any part of a share). 58. In section 174(1) of the Law of 1975 for "section fifty-seven of this Law (which relates to deduction of tax from Guernsey dividends)" substitute "section 81B". 47H. (iii)      there is a "personal relationship" between them, which includes every form of relationship by blood, adoption, marriage or cohabitation (or any combination of those factors) regardless of whether the law recognises the validity, legitimacy or existence of the relationship, and includes a former personal relationship which has in law or in fact terminated, (iv)      there is a "trust relationship" between them, which exists between co-trustees, between a trustee and settlor, between a trustee and beneficiary, and between trustees of related trusts, and between a trustee and any person with a corporate, partnership or personal relationship with a settlor or beneficiary, or, (v)      there is a corporate relationship, partnership relationship, personal relationship, or trust relationship between one of them and a third person, and there is a corporate relationship, partnership relationship, personal relationship, or trust relationship between the other of them and the same third person, and, (b)      "participator" means any member of the company or any person having a share or interest in the capital or income of the company and, without prejudice to the generality of the foregoing, includes -. XIX of 2007. (3)      However, if the non-resident individual carries on business in Guernsey through a permanent establishment situate in Guernsey in such circumstances that the profits arising from, or attributable to, the permanent establishment are chargeable to tax as income derived from business, then any income to be taken into account in computing the profits so chargeable is not disregarded individual income for the purposes of this Chapter. (a)      immediately prior to the date of a transaction consisting of the disposal, repurchase and/or redemption of a beneficial member's shares in the company, there shall be deemed to have been distributed to him an amount of the company's undistributed income equivalent to the amount which would have been payable to him had the company distributed all that income at that time. For section 5(1)(d) of the Law of 1975[h] substitute the following paragraph -. a relevant provision of a statement of practice may be relied on as tending to support or, as the case may be, defeat the Administrator's decision. In section 60 of the Law of 1975 -, (a)      in subsection (1), after the words "distribution was" insert "actually", and. In section 65(4) in the definition of "settlement" after the words "agreement or arrangement" insert "and any transfer of assets (including, without limitation, the making of any loan, advance or other transfer of funds or other assets on terms under which those assets will be repaid, or reimbursement will be made, or consideration will be provided in money or money's worth, but not including a bona fide transfer made at arms' length)". (3)      The Administrator may revoke or vary any statement of practice, and a statement of practice may contain such consequential, incidental, supplementary and transitional provision as may appear to be necessary or expedient. 32. Article. (b)      not resident in Guernsey, the distribution shall be deemed to have been made to the beneficial member. (d)      any other income of a similar nature to income described in paragraph (a), (b) or (c). (B)       section 61, the reference in that section to the amount of the tax credit shall be construed as a reference to a credit equal to, the amount of tax paid or payable by the company in respect of that distribution plus the amount of tax deducted from that distribution pursuant to paragraph (ii) or (iii) as the case may be, and, (b)      where the person to whom the distribution is made is a company, the company standard rate. However, while it is believed to be accurate and up to date, it is not authoritative and has no legal effect, having been prepared in-house for the assistance of the Law Officers. The original section 204 was repealed by the Income Tax (Zero 10) (Guernsey) Law, 2007. XXIX, p. 214; Vol. (b)      the company higher rate (where the person to whom the qualifying loan is made is a company). (ii)      any member or class or description thereof. This Law may be cited as the Income Tax (Zero 10) (Guernsey) (No. (b)      the only allowances and deductions available in respect thereof shall be those available in respect of income from business.". After section 53(1) of the Law of 1975 insert the following subsection -. XXVI of 1990. For sections 58 and 59 of the Law of 1975 substitute the following sections -. (e)      disregarded deemed income (see section 47E). (3)      However, if the non-resident company carries on business in Guernsey through a permanent establishment situate in Guernsey in such circumstances that the profits arising from, or attributable to, the permanent establishment are chargeable to tax as income derived from business, then any income to be taken into account in computing the profits so chargeable is not disregarded company income for the purposes of this Chapter. (5)      Statements of practice must be taken into account by the Administrator in exercising his functions under this Law. Other documents ) ) Law, 1975 ( consolidated text ) section 139 of loan... Profits exceed this threshold, all qualifying taxable retail profits will then be taxed at a rate less than company... ''. `` the same as the Department may from time to time make regulations for the purposes section... Section 68 of the Fourth Schedule to the trustees must be taken into by. 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