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In accordance with our statutory obligations, we notified clients in 2014 of the creation of a Guernsey Disclosure Facility ("GDF") following the signing of a Memorandum of Understanding ("MoU") between the Bailiwick of Guernsey and the UK HM Revenue & Customs ("HMRC").

As you may be aware, the current disclosure facilities that the UK offers, in respect of people with assets or income outside of the UK, are coming to an end on 31 December 2015 (the "GDF" was originally intended to run until 30 September 2016). The UK has advised that they will be replaced with a new tougher facility (the full details of which have yet to be published). Time is running out, therefore, for anyone wishing to take advantage of the current facility.

In September 2016, Guernsey will be sending data, supplied by Guernsey financial institutions, to the UK under the terms of the UK-Guernsey Inter-Governmental Agreement based on UK FATCA.

Should you wish to consider the termination of the GDF further, we attach a Factsheet from HMRC entitled, "Complying with your UK tax liabilities".   We also strongly recommend that you contact your professional advisors.

Please note that, in issuing this notice, BullionRock is complying with its duties as specified in in the MoU as a licensed financial intermediary under the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended.  BullionRock is not providing this letter in any tax capacity and, as noted above, should you wish to explore the GDF further you should do so in the first instance via your appointed professional tax advisors.

 

 

HMRC Notice

 

Wednesday September 30, 2015 by Robin Newbould