Guernsey: The amended Statement released on taxation of banking businesses

02 May, 2016

The amended Statement of Practice C22 on taxation of banking businesses was released on 28 April 2016. The company standard rate of income tax on company profits is 0% but a 10% tax rate applies to certain banking profits. In particular, under the Fourth and Fifth Schedules to the Income Tax (Guernsey) Law 1975, the company intermediate rate applies to

income derivative from assets funded by way of customer deposits or funded by the amount of capital needed to satisfy the bank’s minimum regulatory requirement.
income from domestic insurance business, insurance intermediary business and insurance manager business from 1 January 2013;
from 1 January 2015,income from fund administration business
from 1 January 2016, income from provision of custody services to unconnected third parties.

Europe

Guernsey

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