© 2018 by Hansuke Consulting Limited

 

Hansuke Consulting Limited is registered in England and Wales number 10136213 with its registered office at: 71-75 Shelton Street, London WC2H 9JQ. Hansuke Consulting Limited is an accredited and regulated member firm of the Institute of Chartered Accountants in England and Wales (ICAEW).

 

In accordance with the disclosure requirements of the Provision of Services Regulations 2009, our professional indemnity insurer is International General Insurance Co (UK) Limited, of 133 Houndsditch London EC3A 7AH. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.

Alerts

Guernsey change CRS filing deadline

1 June 2017

Background

 

The first return under the OECD’s Common Reporting Standard (“CRS”) return was due to be lodged with the Guernsey tax authorities by 30 June 2017, which is the same filing date that applies to the US Foreign Account Tax Compliance Act (“FATCA”).

 

The scope of CRS reporting in Guernsey is significantly wider than was the case under FATCA and CDOT. There are a total of 46 countries that Guernsey has agreed to provide financial account information to this year.

 

In order to give Financial Institutions (“FI”) more time to prepare accurate CRS returns, the Guernsey Tax Authorities have confirmed in Bulletin 2017/4, that, by concession, they will not impose penalties on FIs who have met the due diligence deadlines (i.e. in relation to pre-existing high value individual accounts) and provided an accurate return by 31 July 2017.

 

However, they have confirmed that no such extension will be granted for filing the FATCA return. This will still need to be submitted by 30 June 2017.

Contact us

Ali Kazimi

Managing Director

alikazimi@hansuke.co.uk

Tel: +44 (0) 203 865 0626

Chris Orchard

Senior Principal chrisorchard@hansuke.co.uk