Emigration and immigration planning to and from Guernsey is important to consider before you board the ferry or aircraft. Guernsey offers certain tax breaks for new residents that are enshrined in legislation, which may be beneficial, depending upon your circumstances. Indeed, your actual tax residence position should also be carefully considered for both the jurisdiction of departure and arrival. It may be that the answer is not as simple as you think! The resulting tax liabilities could be rather unpleasant. With the advantage of LTS Tax pre arrival/departure taxation advice as well as social security/national insurance considerations, plus other “soft” issues, you will be best placed to take advantage of all the life benefits that Guernsey has to offer in the knowledge that you would have been well advised on the important fiscal aspects of your move.

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Our team has a vast wealth of experience and knowledge regarding the Guernsey tax system, as well as a good working relationship with the Guernsey Revenue Service. In particular, we specialise in providing tax advice in relation to;

• Individuals moving to/from the island
• Tax efficient asset restructuring for trusts and companies
• All aspects of advice in relation to incorporation, running and liquidating Guernsey companies
• Double Tax Agreements
• Economic Substance
• Guernsey Rental Properties

We prepare all types of tax returns and computations for Guernsey resident individuals, including individuals, companies and executors.

The Guernsey tax year runs from 1 January to 31 December and for individuals who are both Guernsey and UK resident, income needs to be allocated correctly between the tax years and often declared on both tax returns.

With a broad client base, we prepare accounts for small locally owned and managed trading companies to large investment portfolio and property holding companies owned by Guernsey resident clients.

We offer a full accounting service depending on the client’s individual needs, whether it be regular bookkeeping from source records, for example bank statements and investment portfolio statements, or preparing financial statements from software such as QuickBooks, Xero, Sage and other such accounting software packages.

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We advise companies on their corporate residence position including the implications of the newly introduced substance requirements. The substance requirements, effective for accounting periods after 1 January 2019 and applicable to all company’s resident in Guernsey, apply to a range of service activities. Failure to meet the substance requirements is likely to result in financial penalties and ultimately strike-off. 

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The use of Guernsey real estate holding structures for acquiring and holding residential and commercial property in the UK and elsewhere can provide significant taxation benefits. LTS Tax advises on the use of all manner of Guernsey property holding vehicles including, inter alia, Companies, Trusts, Unit Trusts, Limited Partnerships and Funds, as appropriate.