The States of Guernsey Annual Budget was published on Monday 16 November 2020 and can be found here. The Budget has been prepared in the context of the economic impact of the Covid-19 pandemic and the pressures caused by this.
They have proposed the amendment of Section 40(nn) of the Income Tax (Guernsey) Law to clarify that income paid from an international savings plan is exempt from tax. Fiduciary Licensees should be aware that, if successful, the proposal to exempt income paid from international savings plans will also require an amendment to the definition of gratuity scheme within section 2(1)(e) of the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000.
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