STEP

Title Research

Guernsey

The Bailiwick of Guernsey is part of the British Isles (being a possession of the Crown) but not part of the UK or EU. Its government, known as the States of Deliberation, legislates on internal matters, including fiscal policy and taxation. The UK Parliament may legislate, with consultation, on behalf of Guernsey, on matters relating to defence and foreign policy. The Bailiwick of Guernsey includes the islands of Guernsey, Alderney, Herm, Jethou and Sark.

STEP Guernsey branch page

New developments
  • Guernsey concluded tax information exchange agreements with 12 countries bringing the total of such agreements to 13.
  • Guernsey also concluded double taxation arrangements with a further eight countries bringing the number of such arrangements to ten and also amended its arrangement with the United Kingdom.
  • A banking deposit compensation scheme was established under the Banking Deposit Compensation Scheme (Bailiwick of Guernsey) Ordinance 2008.

1. Introduction

a. History and background

Located in the English Channel, the Channel Islands were caught between the French and English throughout their many wars. Eventually, the islands were granted autonomy from the English Crown.

The currency is the British pound (GBP).

b. Legal system

The Bailiwick of Guernsey is part of the British Isles (being a possession of the Crown) but not part of the UK or EU. Its government, known as the States of Deliberation, legislates on internal matters, including fiscal policy and taxation. The UK Parliament may legislate, with consultation, on behalf of Guernsey, on matters relating to defence and foreign policy. The Bailiwick of Guernsey includes the islands of Guernsey, Alderney, Herm, Jethou and Sark.

Editorial board
Alison MacKrill TEP
Turcan Connell, St Peter Port, Guernsey

Advert

Article Search

© 2011 Society of Trust & Estate Practitioners