-
Sector Focus
We specialise in the investment management industry offering audit, assurance, tax and corporate recovery and liquidation services.
-
Personal Tax Services
There are many tax rules that can affect you personally and therefore which will have an impact on your personal wealth.
-
QI Compliance
Qualified Intermediaries (QI) have to take action now to perform a Certification to the Internal Revenue Service (IRS).
-
Download our tax brochures
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.
-
Jersey Tax Return
A secure sign in page to file Jersey Tax Returns through the Grant Thornton tax portal.
-
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.
-
Professional Services
Business and accounting support for professional services
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
Tax
The personal income tax rate in Guernsey is a flat tax rate of 20%.
Every individual is entitled to a personal allowance (£13,900 for 2024), subject to withdrawals once income exceeds a threshold (for 2024 this is £80,000) after which the allowances are withdrawn at £1 for every £5 of income.
In addition to the flat rate of income tax Guernsey offers a number of tax caps.
Open market tax cap
The open market tax cap allows an individual who has not been resident in Guernsey in the previous 3 years to cap their income for the first 4 years subject to the below conditions being met. The open market cap is currently £60,000 per annum and may be subject to annual increase.
In order to claim the tax cap the following conditions need to be met;
- pay £50,000 or more in document duty for the purchase of a property on Part A of the Open Market Register, and
- the property is purchased within 12 months (either before or after) taking up permanent residence in Guernsey, and
- not have been resident in Guernsey at any time in the previous three years prior to the purchase other than for the period in (2)
The cap will apply separately to spouses/civil partners.
Cap on qualifying income and non-qualifying income
Qualifying income
- Qualifying income is any income from outside of Guernsey and Guernsey bank interest.
- Any Guernsey source income other than bank interest will be liable to 20% tax under this cap.
Non-qualifying income
- Non-qualifying income is income derived in Guernsey (excluding Guernsey property income and Guernsey pension/annuity income).
The tax caps above again are available to those individuals who are considered to be ‘principally resident’. Principal residents of Guernsey are primarily those who are:
- In Guernsey for 182 days or more, or
- In Guernsey for 91 days or more and have been in the island for 730 days in the previous 4 years.
Additionally, you will also be treated as “principally resident” in the year you move to the island to take up permanent residence and;
- are resident in Guernsey (as shown above) and
- are solely or principally resident (as shown above) in the year after they arrive and
- were not resident in Guernsey in the year before they arrive to take up permanent residence in the island.
Standard charge
If you are resident only in Guernsey then you can elect to pay the ‘standard charge’ which is an annual charge of £40,000 subject to the following conditions being met;
- be present in Guernsey for more than 35 but less than 181days in the calendar year, or
- have spent 365 days or more in Guernsey in the previous 4 years, and
- spent more than 90 days in any one other place during the year.
Social Security
Social security contributions are payable by Guernsey residents between the ages of 18 and 65. There are three classes of social security contributions;
- Class 1 (employed people) 6.9% employee contribution for 2024
- Class 2 (self-employed people) 11.9% for 2024
- Class 3 (non-employed people) 11.3% for 2024
Individuals over the age of 65 are liable to pay health insurance and long term care contributions the long term care allowance (3.7% for 2024).
-
Neil Hoolahan Neil is a Tax Partner in the Guernsey tax team and specialises in Offshore Trust and Company tax advisory and compliance services.View Profile -
Liz Hawke Liz is a Tax Associate Director within the Channel Islands tax team and is based in the Guernsey office.View Profile
Why move to Guernsey?
Guernsey is a self-governing island located in the English Channel offering an excellent standard of living in addition to favourable tax rates. Guernsey does not levy capital gains tax, inheritance or wealth tax.