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Sector Focus
We specialise in the investment management industry offering audit, assurance, tax and corporate recovery and liquidation services.
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There are many tax rules that can affect you personally and therefore which will have an impact on your personal wealth.
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QI Compliance
Qualified Intermediaries (QI) have to take action now to perform a Certification to the Internal Revenue Service (IRS).
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The tax teams at Grant Thornton aim to provide the Channel Islands with a premier tax advisory service both to private clients and the business community including the investment management industry.
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A secure sign in page to file Jersey Tax Returns through the Grant Thornton tax portal.
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ESG
ESG can either be seen as a risk management tool or an opportunity, either way it is imperative to your business, whatever your size and whether you are listed or not.
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Finance Industry
We work with a broad range of clients and their financial stakeholders, from entrepreneurs in the early days to fast growing and established businesses to public companies competing in global markets.
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Local Businesses
Businesses come in many shapes and sizes – from innovative start-ups to long-established local businesses. But however large or small your business, the chances are you face similar challenges.
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Corporate Insolvency
Our corporate investigation, Guernsey liquidation and recovery teams focus on identifying and resolving issues affecting profitability, protecting enterprise value and facilitating a full recovery where possible.
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Corporate Simplification
Redundant corporate entities can over complicate group structures and waste thousands of pounds in unnecessary costs each year. 46% of the c.15,500 companies controlled by the FTSE100 are dormant and it is estimated that the average cost of administering dormant companies is between £3,500 and £5,000 per company, per year.
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Debt Advisory
Our Debt Advisory team provides commercial and financial debt advice to corporate entities and public sector bodies in a range of sectors. Our engagements include advice on stand-alone transactions and solutions or as part of an integrated business plan, in both the project and corporate arenas.
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Exit Strategy Services
We offer a tailored methodology designed to enable a company to be reviewed in a group context to assess ways to maximise its value.
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Financial Restructuring
For companies challenged by under-performance we work with management teams, shareholders, lenders and other stakeholders to implement financial restructuring solutions creating a stable platform for business turnaround.
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Strategic performance reviews
Strategic performance reviews analyse the key drivers of performance improvement. Our specialists utilise a framework to evaluate financial and operational options and to identify solutions for businesses and their stakeholders.
Whilst we spend less per head on public services than any other comparable jurisdiction, there is still insufficient income to meet the budget requests made by the various public service departments. It has therefore come to the time for tax increases to be looked at. As a short-term measure P&R have announced a 2% increase to the individual income tax rate for two years with a permanent solution to be decided on in 2026. Personal allowances will be increased to £15,000 to protect those on lower incomes from the tax rate increase.
This increase is expected to bring in £34m of additional revenue per annum but this is still insufficient to meet the demands on public service budgets and a 3% increase would be required to generate sufficient income.
It’s not all bad news in order to avoid changing multiple taxes and to give everyone a break from above inflation increases, there will be no real term increases on TRP or fuel duty and alcohol duty will be frozen.
In addition, the document duty thresholds are to be increased meaning a reduction of more than £1,000 in document duty on the average house purchase.
Whilst the mortgage interest relief for principal private residences is continuing to be phased out, the withdrawal of relief on interest for domestic let property is being paused to help alleviate some of the pressure on the rental market meaning that 50% of interest payments will continue to be deductible in 2025 and subsequent years.
To further assist the rental market, rent-a-room tax relief is to be introduced for personal taxpayers. This relief will mean an exemption of up to £10,000 per room for a maximum of two rooms, subject to certain conditions being met.
The Alderney Tax Cap will be removed and is to be replaced an equivalent to the Guernsey Open Market Tax Cap. This will be set at £60,000 for qualifying new residents, in addition those currently claiming the Alderney Tax Cap will be eligible to claim this new Tax Cap going forwards.
The company higher income tax rate will remain at 20% and so for the first time there are potential tax savings of holding assets, such as rental properties, in a company. There will of course be additional costs of running the company, but these could still be outweighed by a potential tax saving compared to holding in a personal capacity.
If you would like to discuss the budget proposals or any other tax matters please do contact us.
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Liz Hawke Liz is a Tax Associate Director within the Channel Islands tax team and is based in the Guernsey office.View Profile
