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Trust Corporation International Staying ahead in an ever changing world Offshore structures need to adapt continuously in order to comply with changes in tax and regulation. It is essential that trust and corporate services providers keep a close eye and, importantly, really understand the implications of these changes so that structures they manage are kept up to date and compliant in every respect. Here, three members of Trust Corporation International, one of Guernsey’s leading independent fiduciary and corporate services providers, reflect on a few of the many recent changes that have taken place and also look at what we know currently lies ahead: A clear view on transparency Ivor Bisson, Global Tax Reporting The recent decision by the UK Parliament to compel the British Overseas Territories to adopt public registers detailing the beneficial ownership of companies has reignited the debate on the fundamental right to privacy and how this should not be confused with transparency. It is now clear that the Crown Dependencies, including Guernsey, are not affected by this UK decision but this is an issue which has understandably moved quickly up the agenda of so many of our clients. Guernsey has for many years been at the forefront in meeting the highest international transparency obligations in fighting, in particular financial crime. Guernsey was an early adopter of the OECD Common Reporting Standard (“CRS”) in 2017 and there is now an annual exchange of information with authorities outside of Guernsey. Our clients understand that the value of their financial assets at the end of each calendar year (and relevant income received by them outside of their country of tax residence) will automatically be shared with their home tax authority each year. This is also an evolving area - for example, a subtle amendment was made to the OECD’s guidance in December 2017. This extended the reporting requirements for trusts to cover situations where trustees grant loans other than on commercial terms. It is vital that we keep abreast of all of these changes. Confidentiality vs transparency - the right balance? Lydia Essa, Director Clients fully understand that information exchange and transparency are fundamental features of what we now do and they are generally accepting of it, but they will not tolerate leaks of information. They also do not expect disclosure to be disproportionate or to undermine their fundamental human right to privacy. We already know that a publicly accessible register of beneficial owners of UK real estate will be available from 2021 – non-UK trusts may be exempt from the requirements but this is not yet clear. Clients continue to be concerned that the right balance between confidentiality and transparency is achieved. Our role now is to ensure that we have sufficient in-house expertise to report information in an accurate, timely and proportionate way whilst always ensuring that confidential client data continues to be held securely and processed in accordance with the new Guernsey and EU Data Protection legislation. 98 <strong>En</strong> <strong>Voyage</strong> | Aurigny’s Magazine
Guernsey’s leading independent provider of fiduciary services. trustcorpci.com Private Client Services | Corporate and Fund Administration Jonathan Plimley UK tax – responding to changes and ensuring you are compliant Jonathan Plimley, Director The last five years have seen an unprecedented wave of changes to the UK tax rules that apply to offshore structures. Gone are the days where there was the odd change every few years and a significant change every decade. Tax is increasingly complex, reputationally sensitive and potentially expensive if mistakes are made and/or opportunities are missed. “ We help our clients plan ahead with structures that are fully tax compliant Offshore companies no longer provide an inheritance tax shelter for UK residential property. Growth on residential property is firmly within the scope of capital gains tax. More changes lie ahead. The Autumn Statement in 2017 announced proposals to extend the scope of CGT to disposals of commercial property and certain interests in non UK companies holding UK property from April 2019. The Requirement to Correct is legislation designed to compel taxpayers to review their offshore interests and correct any UK tax irregularities by 30 September 2018. After 30 September 2018 taxpayers (including non-UK resident trustees and non-UK resident landlords) that have ‘failed to correct’ will be subject to a range of significant penalties. We help our clients plan ahead and health checks are essential. We obtain up-to-date tax advice to ensure that our structures are fully tax compliant. Restructuring can take time and can involve a detailed review of the history of the arrangements – our proactive approach is to seek advice at the earliest opportunity, avoiding pitfalls and maximising opportunities. Trust Corporation International has firmly established itself over the past 15 years as one of Guernsey’s leading fiduciary and corporate services providers. Characterised by independence and professionalism, the company has enjoyed continuous growth since inception. The firm’s in-house technical expertise, director-led ethos and low director-to-staff ratio together set them apart - the team has earned a reputation for administering complex and high value structures which tend to sit outside the traditional comfort zone of many offshore fiduciaries. Private Client Services | Corporate and Fund Administration trustcorpci.com PO Box 665, Roseneath,The Grange, St Peter Port, Guernsey GY1 3SJ. T +44 (0)1481 730430. F +44 (0)1481 730460. Trust Corporation of the Channel Islands Limited trading as Trust Corporation International is licensed and regulated by the Guernsey Financial Services Commission Registered in Guernsey number 40582 99
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