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Guernsey To Plug Document Duty Loophole

by Amanda Banks, Lowtax.net, London
19 October, 2017

Guernsey's new document duty anti-avoidance rules are set to come into force on November 15, 2017.

Under the present document duty regime, where Guernsey real property is transferred by way of conveyance, the document is registered at the Greffe, the island's registration authority, and document duty is payable. However, document duty is not payable where effective ownership of a property passes to another person by another means, such as by transfer of shares in a company that owns property.

The purpose of the new anti-avoidance law is to ensure transactions other than conveyances, which have the effect of transferring Guernsey real property in a form similar to ownership, are treated in the same way, as far as possible, as conveyances registered at the Greffe, and duty payable at the same rate as document duty.


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