Zero-10 and associated matters
Statements of Practice
The following 30 Statements of Practice are being published in connection with the changes to Guernsey’s income tax legislation that took place during 2007 (most relate to the change to Guernsey’s system of taxing companies but some Statements also deal with rental income, trusts and relief for interest paid).
In the near future, all of these Statements of Practice will be incorporated into one document “Statements of Practice” (which, to date, has been known as “Statements of Practice (Including Interpretations of Law) & Extra Statutory Concessions”).
It should also be borne in mind that many of the existing Statements of Practice which pre-date 1.1.2008 are, or will be, subject to review in respect of the impact zero/10 changes may have on them. This work is ongoing, and the Statements should be read in that knowledge.
- Bodies exempt under Category A B or C of the Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989
- Company deemed distributions - deferral of tax on the death of a beneficial member
- Deemed distributions - de minimis investment income
- Deemed distributions - reporting requirement for investment companies
- Deemed distributions - undistributed income arising on the cessation of a business
- Distributions and deemed distributions - accounting for tax to the Administrator
- Distributions and deemed distributions - beneficial members who are resident only
- Distributions and deemed distributions - calculation of undistributed income (section 62A(2))
- Distributions and deemed distributions - company reorganisation
- Distributions and deemed distributions - disregarded deemed income
- Distributions and deemed distributions - interaction between section 62A et seq and section 65
- Distributions and deemed distributions of income - the disregarded income and disregarded deemed income of non-resident individuals
- Interest relief - acquisition, construction, reconstruction or repair of a building
- Interest relief - let property owned by a company
- Liability of an individual taxpayer with resident only status
- Loans for mixed use
- Loans to participators - unintended circumstances
- Loans to participators – Timing Issues (Sections 66A-C)
- Meaning of a company's investment income
- Payment of tax on deemed distributions
- Penalties and surcharges
- Pensions and Retirement Annuities - treatment for the purposes of the tax cap
- Preferential rate loans to employees
- Property rents - subletting of surplus space in business premises by trading companies
- Relief for interest paid on current account/flexible mortgages
- Settlements - incidental arrangements between connected persons
- The Income Tax treatment of venture capital and private equity limited partnerships and carried interest
- Transactions with settlements - interpretation of arms length
- Transitional - deemed cessation of companies on 31.12.07
- Treatment of clubs, associations and similar bodies