The Commission is extending the deadline for submitting the Fiduciary Annual Return by one month. Following a number of representations from the sector the date by which the 2012 Annual Return must be submitted has been moved from 31 July 2012 to 31 August 2012.
Further guidance is also being issued on the completion of sections in the Annual Return relating to pensions and geographic location of clients.
Please note that the date for the submission of the Finance Sector Code of Corporate Governance Assurance Statement remains at 31 July 2012.
Information requested for Trust Related activities
Where the data is requested for “Trusteeships of RATS” the Commission would expect the data entered for RATS to cover:
- Schemes approved by the Director of Income Tax under 157A of the Income Tax (Guernsey) Law 1975 where those scheme members are a resident in Guernsey or who have made Guernsey tax relieved contributions.
- RATS which have received transfers from a UK scheme because the member has re-located to Guernsey or is also making Guernsey tax relieved contributions.
QROPS and other Pension Schemes
Where data is requested for “Trusteeships of QROPS other than approved RATS” the Commission would expect the data entered to relate to those:
Schemes which have been approved by the Director of Income Tax under the Income Tax (Guernsey) Law 1975, which have accepted relevant transfers from UK pension schemes before 6 April 2012.
As most QROPS are RATS and may include Guernsey resident members, the Commission would ask licensees to enter data regarding the non-Guernsey membership and the total asset values of the pension funds attributed to those members in the data field for QROPS. For any Guernsey resident members of these QROPS the relevant data should be entered in the box underneath for “Trusteeships of other pension categories”.
Data in respect of other types of pension schemes should also be included under “Trusteeships of other pension categories”. As there are a number of different types of pension schemes the Commission would ask licensees to identify what type of scheme the data relates to, and if it is easier they may do so in a covering note or an accompanying schedule.
Geographic location of clients
The Commission is requesting this information to better understand the geographic spread of licensees’ business. Licensees need only provide realistic estimates of the proportion of their business from various geographic areas.
The following examples may assist licensees in determining the geographic origin:
- For a listed corporate company to whom a licensee is providing fiduciary services the originating geographical location is the country where that company’s business is headquartered or where it is largely operating from.
- For a private company the Commission would expect licensees to look at the nationality of the beneficial owners of that company.
Please note that the annual return must be submitted by 31 August 2012.