Category: Factsheets & Articles
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Remote Working and Guernsey Tax
Guernsey Employers of Foreign Workers Non-Guernsey residents are only taxed on their Guernsey source income. For a non-resident employee of a Guernsey business, the employment income they earn whilst physically here is a Guernsey source. The strict interpretation of the tax law is that, if just one day is spent working in Guernsey, this must… Read more
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GEIS – Guernsey Enterprise Investment Scheme
The Scheme The Guernsey Enterprise Investment Scheme (GEIS) is an initiative by the Committee for Economic Development aimed at encouraging investment in high-growth, early-stage businesses within the Bailiwick. The scheme seeks to stimulate economic growth and innovation by encouraging £2 million of investment into Guernsey businesses over the two-year trial period. GEIS provides significant… Read more
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Pension Saving in Guernsey for High Earners
Introduction Since 2017, higher earners in Guernsey have been subject to the Withdrawal of Personal Allowances (“WOPA”) rules and had personal allowances withdrawn. This impacts on how much tax relief is available for pension contributions. Up to 100% of earnings can be contributed to a pension scheme tax-free by the individual subject to a… Read more
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UK Capital Gains Tax for Non-UK Residents
Background In April 2015, the charge to UK Capital Gains Tax (“CGT”) was extended to apply to non-UK residents. The rules affect individuals, trustees, offshore companies and non-UK resident partnerships. Initially, it only applied to UK residential property but, in April 2019, the charge was extended to include all direct and indirect disposals of UK… Read more
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Guernsey Budget – Calendar Year 2024
Personal Tax Allowances The personal tax allowance is going up by £875 to £13,900, an inflationary increase of 6.7%. Other allowances are also increasing by 6.7% to allow for inflation. Personal tax allowances are withdrawn for high earners and the threshold at which this starts to happen has been reduced from £90,000 to £80,000. However,… Read more
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Charities and Not-For-Profit Organisations in Guernsey
Introduction The compliance regime surrounding the not-for-profit sector was updated in April 2022 to be more in line with international standards. Changes to the registration criteria and rules surrounding governance have been revisited. Previous thresholds requiring charities and non-profit organisations (“NPOs”) to register have been relaxed. Some entities managed by corporate service providers and trust… Read more