Guernsey Tax Guide 2013

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1 Guernsey Tax Guide 2013

2 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there double tax treaties in place? How will foreign source income be taxed? Foreword Since 1994, the PKF network of independent member firms, administered by PKF International Limited, has produced the PKF Worldwide Tax Guide (WWTG) to provide international businesses with the answers to these key tax questions. This handy reference guide provides clients and professional practitioners with comprehensive tax and business information for over 90 countries throughout the world. As you will appreciate, the production of the WWTG is a huge team effort and I would like to thank all tax experts within PFK member firms who gave up their time to contribute the vital information on their country s taxes that forms the heart of this publication. I hope that the combination of the WWTG and assistance from your local PKF member firm will provide you with the advice you need to make the right decisions for your international business. Richard Sackin Chairman, PKF International Tax Committee Eisner Amper LLP I

3 important disclaimer Disclaimer This publication should not be regarded as offering a complete explanation of the taxation matters that are contained within this publication. This publication has been sold or distributed on the express terms and understanding that the publishers and the authors are not responsible for the results of any actions which are undertaken on the basis of the information which is contained within this publication, nor for any error in, or omission from, this publication. The publishers and the authors expressly disclaim all and any liability and responsibility to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication. Accordingly no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances. PKF International is a network of legally independent member firms administered by PKF International Limited (PKFI). Neither PKFI nor the member firms of the network generally accept any responsibility or liability for the actions or inactions on the part of any individual member firm or firms. II

4 Preface The (WWTG) is an annual publication that provides an overview of the taxation and business regulation regimes of the world s most significant trading countries. In compiling this publication, member firms of the PKF network have based their summaries on information current on 1 January 2013, while also noting imminent changes where necessary. On a country-by-country basis, each summary addresses the major taxes applicable to business; how taxable income is determined; sundry other related taxation and business issues; and the country s personal tax regime. The final section of each country summary sets out the Double Tax Treaty and Non-Treaty rates of tax withholding relating to the payment of dividends, interest, royalties and other related payments. While the WWTG should not to be regarded as offering a complete explanation of the taxation issues in each country, we hope readers will use the publication as their first point of reference and then use the services of their local PKF member firm to provide specific information and advice. Preface In addition to the printed version of the WWTG, individual country taxation guides are available in PDF format which can be downloaded from the PKF website at PKF INTERNATIONAL LIMITED MAY 2013 PKF INTERNATIONAL LIMITED ALL RIGHTS RESERVED USE APPROVED WITH ATTRIBUTION III

5 About PKF International Limited PKF International Limited (PKFI) administers the PKF network of legally independent member firms. There are around 300 member firms and correspondents in 440 locations in around 125 countries providing accounting and business advisory services. PKFI member firms employ around 2,270 partners and more than 22,000 staff. PKFI is the 11th largest global accountancy network and its member firms have $2.68 billion aggregate fee income (year end June 2012). The network is a member of the Forum of Firms, an organisation dedicated to consistent and high quality standards of financial reporting and auditing practices worldwide. Services provided by member firms include: Introduction Assurance & Advisory Insolvency Corporate & Personal Financial Planning/Wealth management Taxation Corporate Finance Forensic Accounting Management Consultancy Hotel Consultancy IT Consultancy PKF member firms are organised into five geographical regions covering Africa; Latin America; Asia Pacific; Europe, the Middle East & India (EMEI); and North America & the Caribbean. Each region elects representatives to the board of PKF International Limited which administers the network. While the member firms remain separate and independent, international tax, corporate finance, professional standards, audit, hotel consultancy and business development committees work together to improve quality standards, develop initiatives and share knowledge and best practice cross the network. Please visit for more information. IV

6 Structure of Country Descriptions A. TAXES PAYABLE FEDERAL TAXES AND LEVIES COMPANY TAX CAPITAL GAINS TAX BRANCH PROFITS TAX SALES TAX/VALUE ADDED TAX FRINGE BENEFITS TAX LOCAL TAXES OTHER TAXES B. DETERMINATION OF TAXABLE INCOME CAPITAL ALLOWANCES DEPRECIATION STOCK/INVENTORY CAPITAL GAINS AND LOSSES DIVIDENDS INTEREST DEDUCTIONS LOSSES FOREIGN SOURCED INCOME INCENTIVES Structure C. FOREIGN TAX RELIEF D. CORPORATE GROUPS E. RELATED PARTY TRANSACTIONS F. WITHHOLDING TAX G. EXCHANGE CONTROL H. PERSONAL TAX I. TREATY AND NON-TREATY WITHHOLDING TAX RATES V

7 INTERNATIONAL TIME ZONES Time Zones At 12 noon, Greenwich Mean Time, the standard time elsewhere is: A Algeria pm Angola pm Argentina am Australia - Melbourne pm Sydney pm Adelaide pm Perth pm Austria pm B Bahamas am Bahrain pm Belgium pm Belize am Bermuda am Brazil am British Virgin Islands am Guernsey noon Guyana am H Hong Kong pm Hungary pm I India pm Indonesia pm Ireland noon Isle of Man noon Israel pm Italy pm J Jamaica am Japan pm Jordan pm C Canada - Toronto am Winnipeg am Calgary am Vancouver am Cayman Islands am Chile am China - Beijing pm Colombia am Cyprus pm Czech Republic pm D Denmark pm Dominican Republic am E Ecuador am Egypt pm El Salvador am Estonia pm F Fiji midnight Finland pm France pm G Gambia (The) noon Germany pm Ghana noon Greece pm Grenada am Guatemala am VI K Kenya pm L Latvia pm Lebanon pm Luxembourg pm M Malaysia pm Malta pm Mexico am Morocco noon N Namibia pm Netherlands (The) pm New Zealand midnight Nigeria pm Norway pm O Oman pm P Panama am Papua New Guinea pm Peru am Philippines pm Poland pm Portugal pm Q Qatar am R Romania pm

8 Russia - Moscow pm St Petersburg pm S Singapore pm Slovak Republic pm Slovenia pm South Africa pm Spain pm Sweden pm Switzerland pm T Taiwan pm Thailand pm Tunisia noon Turkey pm Turks and Caicos Islands am U Uganda pm Ukraine pm United Arab Emirates pm United Kingdom (GMT) 12 noon United States of America - New York City am Washington, D.C am Chicago am Houston am Denver am Los Angeles am San Francisco am Uruguay am Time Zones V Venezuela am Z Zimbabwe pm VII

9 Guernsey Guernsey Currency: British Pound Dial Code To: 44 Dial Code Out: 00 (GBP) Please Oliver Grosse-Brauckmann, PKFI EMEI Regional Director at for further information. A. Taxes payable Company tax All companies incorporated in Guernsey are treated as either resident and, therefore, chargeable to income tax, or given exempt status. Resident companies Companies are resident for corporation tax purposes if they are incorporated in Guernsey or are managed and controlled in Guernsey. It should be noted that management and control of a company is by reference to share ownership, such that a non-guernsey registered company will be treated as resident if its controlling shareholder is Guernsey resident. For resident companies, the income tax rate was 20% until 31 December From 1 January 2008 the company standard rate of tax has reduced to 0% although certain types of Guernsey source income will continue to be taxed on companies. Income arising from Guernsey property development or Guernsey rental income will be taxable at the company higher rate of 20%. Also, the profits of utilities regulated by the Office of Utility Regulation are also subject to the 20% rate. Profits arising from certain banking activities and the provision of credit facilities are subject to tax at the company intermediate rate of 10%. With effect from 1 January 2013, the 10% intermediate rate has been extended to licensed fiduciaries (in respect of activities regulated by the Guernsey Financial Services Commission), licensed insurers (in respect of domestic business), licensed insurance intermediaries and licensed insurance managers. The tax year runs from 1 January to 31 December although companies may adopt a year end of their choice. From 1 January 2006, business profits are assessed on a current year basis. Tax is payable in two instalments on 30 June and 31 December in the Year of Charge or 30 days following the issue of the assessment if issued after these dates. Tax returns are issued at the beginning of January each year and should be submitted along with a copy of the profit and loss account and the balance sheet of the company for the usual accounting period ending in the previous year to 31 December. Where returns have not been submitted by mid-june, an estimated assessment will be raised that is based on the previous year s figures inflated by RPI. Exempt companies Prior to 1 January 2008, Guernsey registered companies which were beneficially owned by non-residents were able to claim exempt status by payment of an annual exemption fee of 600. Exempt companies pay no tax on income from sources outside Guernsey. Income arising from any source in Guernsey was subject to income tax (except for bank deposit interest) at the rate of 20%. With effect from 1 January 2008, exempt status was abolished for all privately owned companies. Thereafter, all Guernsey registered companies will be treated as resident for taxation purposes. Guernsey investment schemes, however, are still able to claim exempt status. International companies With effect from 1 January 2008, International Business Company Status (IBC) is abolished. Prior to 2008, an IBC was a company managed and controlled in Guernsey, wholly owned by non-residents and, although trading exclusively with, or arranging for trading operations between non-residents, a real presence could be demonstrated in Guernsey. Although the company was resident in Guernsey, it was not subject to the usual 20% tax. Instead, it was able to choose a rate that was above zero and not more than 30% to be agreed with the Guernsey tax authorities subject to a minimum tax charge of 1,000. As the rate of tax was capable of reaching 30%, a company could be subject to tax at a rate satisfying the controlled foreign company and anti-avoidance legislation of many countries. Protected cell companies During 1997, legislation was introduced to facilitate the creation of protected cell companies. Under the legislation, investors in, and creditors of, one particular cell of the company are protected from the liabilities (including the tax liability attributable to the profits) of other cells. The taxable profits of each cell are computed separately, with the profits and losses being apportioned between the cells in accordance with arrangements set out in the articles of association of the company or other relevant 1

10 Guernsey agreements affecting the company. Tax adjusted losses are allocated to individual cells in accordance with the liability for those losses concerned, although it should be possible to elect to surrender the loss against the profits of other cells. Captive insurance companies Until December 2007 there were special rules for the taxation of overseas controlled captive insurance companies. There were three methods of taxation of captives in Guernsey. The captive insurance company could be assessed at 20% on net taxable profits and could postpone part of the tax due in accordance with the proportion of claims reserved. Alternatively, it could elect to be taxed on a sliding scale basis with income derived from underwriting activities outside Guernsey being excluded. The other alternative was to elect to be an exempt company in which case it would pay an annual fee of 600. These options ceased to apply with effect from 1 January 2008 and from this date companies are taxed at 0% unless in receipt of income taxable at either the 10% or 20% rates. Zero 10 changes Companies owned by non-guernsey resident shareholders and which have no taxable Guernsey source of income will not be required to submit annual financial statements to the States of Guernsey and will have no Guernsey tax liability. For trading companies with Guernsey resident shareholders, no Guernsey tax liability will arise until trading profits are distributed to the Guernsey resident shareholders. On making a distribution, the company will act as agent for the shareholder and will withhold tax at the individual standard rate of 20%. Investment income arising to companies with Guernsey resident shareholders will be deemed to be distributed to Guernsey resident shareholders who will be charged accordingly. Again the company will be required to pay tax as agent for the shareholder. Certain anti-avoidance measures mean that trigger events will result in undistributed profits being charged to tax. These trigger events are essentially share disposal, the cessation of business or the shareholder becoming non-resident. They will not apply if the company has made an irrevocable election to distribute at least 65% of its profits annually. Following a review of the corporate tax regime by the EU Code of Conduct Group, the deemed distribution anti-avoidance measures that applied to Guernsey resident shareholders but not to non resident shareholders has been abolished with effect from 1 January Other than income taxed at the company intermediate or higher rates, a tax charge will now only arise where funds are paid out from a company to Guernsey resident shareholders or participators. Guernsey Limited Partnerships Guernsey limited partnerships are not liable to income tax in Guernsey and therefore combine the benefit of limited liability protection with a highly flexible and tax transparent corporate vehicle. For tax purposes the transparency of the entity means that there is no liability to Guernsey tax (subject to certain Guernsey sources of income) on income received by the partnership and non resident partners will be taxable only in accordance with the tax regime in their home jurisdiction. Where the partnership is in receipt of certain Guernsey source income, the partners will have a liability to Guernsey tax regardless of their Guernsey tax residence status. Capital gains tax There is no capital gains tax in Guernsey. Branch profits tax There is no branch profits tax in Guernsey. Sales tax/value added tax (VAT) There is no sales tax or VAT in Guernsey. Fringe benefits tax Benefits in kind are taxable on employees who receive benefits such as the provision of food, rent-free accommodation, and private use of a company motor vehicle. The tax on benefits in kind can be paid either by the employer or the employee. Local taxes Taxes are levied on a state level only. B. Determination of taxable income The taxable income of a company is determined by ascertaining assessable income and then subtracting all allowable deductions. Generally, to be deductible, expenditure must be wholly and exclusively expended for the purposes of the business. Special rules apply in respect of the categories listed below. 2

11 Guernsey Depreciation No deduction is permitted in respect of depreciation on capital items. However, annual allowances, calculated using the reducing-balance method, are allowed as follows: buildings 1.25% plant and machinery 20% motor vehicles 25% (restricted to first 23,000 for vehicles purchased on or after 1 January 2012) various other items can also be written off at specified rates. Where assets used within a business and on which annual allowances have been granted are disposed of, a balancing allowance or charge will arise where the sale proceeds are less than or exceed the original cost net of allowances given. Stock/inventory All trading stock on hand at the beginning of the year and all trading stock on hand at the end of that year must be taken into account in determining taxable income. Although there is no Guernsey legislation covering the valuation of stock, the income tax authority would follow principles established in the UK. Therefore, the acceptable methods of valuing inventory include FIFO and average cost but not LIFO. Dividends Until 31 December 2007, dividends received by resident companies from other resident companies were chargeable to tax. However, they carried with them a tax credit making them effectively tax free (for the treatment of dividends payable out of post 2007 profits see Zero 10 changes above). Dividends received from a UK resident company do not qualify for double tax relief and recipients are, therefore, taxed on the net amount received. Foreign dividends received qualify for unilateral tax relief which is calculated by applying the lesser of: (i) (ii) three quarters of the Guernsey effective rate or the foreign effective rate up to the amount of the grossed up foreign income brought into charge. As dividends are paid out of taxed income, a deduction is not available for tax purposes for the payment of dividends. Interest deductions Interest is deductible to the extent that it relates to monies borrowed for the purpose of the business Losses Losses can be carried forward indefinitely provided there is continuity of ownership and trade. Losses cannot be carried back for more than one year. Loss relief will be restricted to profits chargeable at the same rate of tax, i.e. losses arising on activities chargeable to the standard company rate of 0% will not be relievable against profits taxed at the company intermediate rate of 10% or the company higher rate of 20%. C. Foreign tax relief Guernsey has double taxation agreements with the United Kingdom and Jersey. Excluding dividends received (see above), and debenture interest, double taxation relief is available on all other income taxed at source. On 12 March 2012, Guernsey signed a comprehensive double taxation agreement with Malta and on 24 January 2013 an agreement was also signed with the Isle of Man. Associated with its negotiations in relation to Tax Information Exchange Agreements (TIEAs), Guernsey has entered into limited double taxation arrangements relating to income and mutual agreement procedures with:: Australia Denmark Faroe Islands Finland Greenland Iceland New Zealand Norway Republic of Ireland Sweden Unilateral relief is available on all foreign sourced income from countries other than the income covered by the limited double taxation agreements with those noted above, including dividends which have had withholding taxes deducted (see Dividends above). Tax Information Exchange Agreements (TIEAs) Guernsey has signed TIEAs with the following countries: Argentina Greece Portugal Australia Greenland Republic of Ireland 3

12 Guernsey Bahamas Iceland Romania Canada India San Marino Cayman Islands Indonesia Seychelles Chile Italy Slovenia China Japan Soth Africa Czech Republic Latvia St Kitts & Nevis Denmark Mexico Sweden Faroe Islands Netherlands Turkey Finland New Zealand United Kingdom France Norway United States of America Germany Poland D. Corporate groups During 1996, legislation was approved which allows for the transferring of loss relief between group companies and applies in respect of any accounting period ending on or after 1 January For loss relief purposes, companies form a group where one is beneficially entitled to 90% or more of the capital of another company, or 90% or more of the capital of each company is beneficially owned by another company or individual. Group relief is restricted to profits chargeable at the same rate of tax as noted in Losses above. E. Related party transactions There is currently no transfer pricing or related party legislation in Guernsey. F. Withholding tax Until 31 December 2007, withholding tax was required to be deducted from dividends paid to non-residents. UK companies may be able to claim UK unilateral relief for the underlying Guernsey tax on the company s profits. From 1 January 2008, no withholding tax applies to dividends paid by Guernsey companies to nonresident shareholders. Many countries deduct withholding taxes at their standard national rate. Under the new zero-rate corporation tax regime, dividends paid by companies out of profits not taxed in Guernsey will be paid without deduction of Guernsey taxation (provided the rate of foreign tax suffered is 20% or more). Under the EU Savings Tax Directive, prior to 31 June 2011, EU resident individual investors had the option of receiving bank interest gross by opting for an exchange of information on their savings income with their domestic tax authority or, alternatively, accepting a deduction of 20% withholding tax. With effect from 1 July 2011, there is no tax retention option and exchange of information will be compulsory. With effect from 1 January 2008, Guernsey rental income is subject to income tax at the rate of 20% regardless of the tax residence status of the landlord. Also, profits arising to landowners from the development of Guernsey property is subject to tax at the rate of 20%. G. Exchange control Exchange control requirements were abolished in H. Personal tax Income tax is payable by individuals resident in Guernsey. Those who are resident and principally resident are taxable on their worldwide income. Until 31 December 2009 persons who are resident but not principally resident are (subject to transitional provisions) taxable on Guernsey-sourced income and any other income from a source outside Guernsey that is brought into the island. With effect from 1 January 2010, an individual who is resident but not principally resident (see below) can elect to pay a minimum tax charge of 25,000 ( 27,500 from 2012) per annum on the basis that he has Guernsey source income of up to 125,000 ( 137,500 from 2012). If Guernsey income exceeds this amount, the tax charge will increase accordingly. There will be no liability to pay tax on foreign source income and Guernsey deposit interest. If the individual s tax liability on total worldwide income is less than the 27,500 minimum, then the taxpayer can elect to pay the lower amount. The same minimum applies to a married couple as it does to a single person. 4

13 Guernsey From 1 January 2006, the rules on tax residence were simplified. The only test is the number of days spent in Guernsey. An individual will be treated as resident if he spends 91 days or more in Guernsey during a calendar year or he is in Guernsey for 35 days or more in any one calendar year and during the preceding four years he has been in Guernsey for 365 days or more. From 1 January 2006, an individual who is resident will be treated as principally resident in a calendar year if he spends 182 days or more in Guernsey during the calendar year or he spends 91 days or more in Guernsey during a calendar year and has spent at least 730 days in Guernsey during the previous four calendar years. An individual will also be treated as principally resident in Guernsey in a calendar year if he spends at least 91 days in Guernsey during a calendar year and is not in another territory for a period of 91 days or more. Income tax is payable on assessable income less allowable deductions. Assessable income includes business income, employment income, dividends, rent and interest received. Allowable deductions include fees and subscriptions to professional bodies and learned societies, pension scheme contributions, retirement annuity premiums, certain types of interest, charges including mortgages on rental property, and interest on the first 400,000 of a mortgage. Relief is also available on covenanted donations to registered charities. Charities are able to claim a refund of the tax paid by the donor. All employed taxpayers and directors have tax instalments withdrawn from their salaries or wages under the Employees Tax Instalment Scheme by their employers. Self-employed individuals and those without salary or wage income pay their tax liability in two instalments on 30 June and 31 December each year. Fees paid to non-resident directors are not liable to Guernsey tax. Individuals principally resident in Guernsey during a calendar year are entitled to relief from income tax at the standard rate for that calendar year in respect of personal allowances available according to their respective personal circumstances. Limit on tax payable by a Guernsey resident individual With effect from 1 January 2012, the limit placed on the amount of tax payable by a Guernsey resident individual on foreign-sourced income and Guernsey deposit interest was set at 110,000. Also, an additional limit of 110,000 restricts the tax liability in relation to other Guernsey source income. These same limits apply to a married couple. Personal allowances The total amount of the personal allowances due to an individual for a calendar year is deducted from the total amount of his income that is chargeable to income tax and the balance is charged at the standard rate of 20%. Where income is chargeable to tax, the main personal allowances available for 2013 are as follows: Single person 9,475 (aged 64 or over = 11,225) Married couple 18,950 (one aged 64 or over = 20,700, both aged 64 or over 22,450) Dependent Relative Allowance 3,050 Charge of Child Allowance (generally for single parents) 6,450 Pension schemes Guernsey residents Guernsey tax legislation allows for the establishment of a form of self-administered pension scheme known as a Retirement Annuity Trust Scheme. The contributor to the scheme, who may be resident or non-resident, is able to influence the investment of the pension funds, and take loans of up to 30% of the fund provided there is a normal commercial return and sufficient security. On retirement, between the ages of 50 and 75, there is no requirement for the trustees to purchase an annuity from an insurance company. The trustees may pay an annuity directly from trust funds. The annuity will be subject to tax at the normal Guernsey rate. Any trust funds remaining on the beneficiary s death are then available for distribution between family members in accordance with the terms of the trust. 5

14 Guernsey These pension arrangements are also capable of being established as QROPS (Qualifying Recognised Overseas Pension Schemes) to allow a transfer of a Guernsey resident member s UK tax relieved pension funds. Following changes to the pensions tax legislation in 2011, it is now possible to draw a lump sum of up to 30% of the total fund. Where the funds arise as a result of Guernsey tax-relieved contributions, the tax-free element will be restricted to a fixed amount, currently 179,000. It is possible to commence drawing benefits as early as the age of 50 but no later than age 75. It is not necessary to retire once benefits start to be drawn and the lump sum is no longer linked to the commencement of an annuity, so the lump sum could be drawn and an annuity could be deferred until a later date. There is now no limit on the amount that can be contributed to a pension scheme. Tax relief for contributions is available against any source of income received by the contributor up to a maximum of 50,000 per annum. This limit applies to a married couple as it does to a single person. Where the full amount of relief is not claimed in a year, it is possible to carry forward the unused relief for up to 6 years. Pension schemes non-guernsey residents Pension schemes solely for non-guernsey residents can also be established under Guernsey law. Such schemes offer a method of accumulating wealth free of any Guernsey income tax liability. The subsequent payment of benefits from the scheme will also be free of any Guernsey tax liability in accordance with s.40(ee) of the Guernsey Tax Law. At the time of writing, it is not possible for non-guernsey residents to establish Guernsey pension schemes which are capable of qualifying as QROPS. However, it is anticipated that legislation will be introduced that will result in the same taxation of pension benefits paid to non-resident members that currently apply to Guernsey resident members. This may then result in pension schemes for non-guernsey resident members being able to qualify for QROPS status GUERNSEY FOUNDATIONS During 2012 the States of Guernsey introduced the Foundations (Guernsey) Law, 2012 and a Register of Foundations was opened at the Guernsey Registry with effect from January Foundations are alternative structures to trusts and are attractive to entities and individuals in jurisdictions with a civil law background. A Foundation has a separate legal identity which has the power to manage its own assets and control its own funding and will be Guernsey tax neutral. 6

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