Guernsey
As detailed in the Economic Crime (Transparency and Enforcement) Act 2022 (the "Act") introduces a new register, the Register of Overseas Entities (“ROE”) to keep track of the UK property owned by overseas entities. The register includes the details of overseas entities and registrable beneficial owners.
Consequences Of Not Registering Your GUERNSEY Entity In The Companies House?
- Prison sentence up to 5 years
- Inability to buy, sell or transfer any UK properties
Types of GUERNSEY Entities Required To Register With The Companies House?
GUERNSEY Companies
The Companies (Guernsey) Law 2008 is the primary law that offers guidance and instructions regarding the administration of limited companies and limited partnerships, as well as foundations, limited liability partnerships, funding submissions.
Under it, it requires companies to maintain a registered office in Guernsey and complete an annual validation filing in January of each year.
- Limited liability company;
- Guarantee company;
- Unlimited liability company;
- Mixed liability company;
- Protected cell company; and
- Incorporated cell company
GUERNSEY Trusts
The Trusts (Guernsey) Law, 2007 provides a legal framework for the establishment and enforcement of trusts in Guernsey, codifies the duties and obligations of trustees and authorizes trustees to manage trust property.
Additionally, it offers flexibility in terms of trust structure and purpose, and allows for disclaimers of beneficial interest.
-Various Types of Trusts in Guernsey:
- Discretionary Trust
- Fixed Interest Trust
- Accumulation and maintenance trust
- Purpose trust
- Settlor reserved powers trust
GUERNSEY Limited Partnerships (LP)
The Limited Partnerships (Guernsey) Law, 1995 is a law that allows for the formation of limited partnerships in Guernsey.
A limited partnership consists of one or more general partners who are jointly and severally liable for all of the limited partnership's debts, and at least one limited partner who has no management rights and is not liable for the debts of the partnership beyond their capital contribution
Limited Liability Partnerships (LLP)
The Limited Liability Partnerships (Guernsey) Law, 2013 is a law that permits the conversion of a Guernsey general partnership into an LLP. The law also allows for the carrying on within Guernsey or elsewhere of any lawful business with a view to profit, or any other lawful activity.
Examples of limited liability partnerships in Guernsey include professional advisory firms, certain funds, and those incorporated under the Limited Liability Partnerships (Guernsey) Law 2013.
Types of UK Properties Owned By GUERNSEY Company Fall Under the Scope Of ROE
The types of properties under the scope of ROE is slightly different based on the location of the property:
England & Wales
Following properties purchased on or after 1 January 1999:
- Freehold properties
- Leasehold properties with term longer than 7 years
Scotland
Following properties purchased on or after 8 December 2014:
- Registered plot of land
- Tenancy on a registered lease
Northern Ireland
Following properties purchased on or after 1 August 2022:
- Freehold properties
- Leasehold properties with the term longer than 21 years
At UK Property Accountants, we have specialist ROE team who have dealt with a lot of GUERNSEY entities and can get your overseas entities registered at speed.
As detailed in the Economic Crime (Transparency and Enforcement) Act 2022 (the "Act") introduces a new register, the Register of Overseas Entities (“ROE”) to keep track of the UK property owned by overseas entities. The register includes the details of overseas entities and registrable beneficial owners.
Tax experts and accountants at UK Property Accountants with experience and expertise in dealing with Guernsey residents will be able to advise you on the best structure and execute the chosen structure. We also understand the reliefs and tax implication of the double taxation treaty between the UK and Guernsey (UK/Guernsey Double Taxation Treaty) signed on 2nd July 2018.
UK Property Accountants also provides regular tax compliance, accounting and company law compliance services, covering various services such as:
- Company Accounts
- Corporation Tax Returns
- Non-Resident Company Tax Returns
- Non-Resident CGT Returns
- Personal Tax Return
- Let Property Campaign
- Finance Function
- Value-added Tax(VAT)
- Corporate Finance
- Tech Advisory
- Stamp Duty & Land Tax(SDLT)
UK Property Accountants deal with a wide range of businesses run by the residents and nationals of Guernsey as listed below:
