Guernsey: Accounting and Audit

The Guernsey Financial Services Commission ("GFSC") updated its Handbook on Countering Financial Crime and Terrorist Financing (the "Handbook") in early July 2023.

The States of Guernsey will meet on 30 October to discuss and approve the Companies Law, 2008 Ordinance, 2013.

Companies list securities as an efficient means of raising capital: investors choose listed securities because of the additional shareholder protection and liquidity. Investors looking for liquidity turn naturally to London. In the recent past smaller exchanges in Dublin and Luxembourg have developed niche markets but over the next year legislative and regulatory changes in the EU and the Channel Islands will significantly enhance the advantages of listing outside of the EU on the Channel Island

Corporation tax relief on company contributions to a Funded Unapproved Retirement Benefit Scheme (usually for identified senior employees) will cease with effect from 1 April 2006.

There has been significant media coverage regarding the Inland Revenue’s seemingly continual attack on EBTs in recent months. Following the outcome of the Dextra/Caudwell case in July 2002 (in which the Revenue lost on all 4 counts), new legislation effecting the tax treatment of contributions to an EBT was introduced in the Pre-Budget Statement (November 2002)