Guernsey Hotels | Guernsey information Where the beneficial owner expressly authorises

La Pointe Farm, Rue du Lorier, St Pierre du Bois, Guernsey. GY7 9JU
Tel 07781 434752 Fax 01481 268217 Email res@lelorier.com

The one and only establishment in Guernsey offering nightly terms on five star accommodation
Why settle for a hotel room when you can have a whole suite for your stay in Guernsey

	Hotel Apartments 'Le Lorier' & 'La Hougette' have been awarded the coveted 'five star' grade which is a guarantee of 1st class accommodation, and we are the only establishment in Guernsey that will offer five star accommodation on a nightly basis
Apartment 'Le Lorier' is on the first floor, please click here for a full description Apartment 'La Hougette' is on the ground floor, please click here for a full description	The hotel apartments are situated in the countryside parish of St Pierre du Bois, offering pleasant walks through country lanes that surround us, yet within five minutes drive you will find restaurants, bars, cinema etc. etc. And only twenty minutes drive to St Peter Port, the islands main town and financial district.
Our aim is to offer the visiting business executive an alternative to the normal hotel room/suite, more a home from home, with all the facilities one would be used too - Guernsey Hotels

41. Where the beneficial owner expressly authorises the paying agent to report information in accordance with paragraph 37(a), the paying agent will need to communicate the following information to the Administrator of Income Tax in accordance with the provisions of the island legislation (see paragraph 5) (a) the identity and residence of the beneficial owner established in accordance with Article 6 of the Agreements (see paragraphs 57-66): (b) the name and address of the paying agent; (c) the account number of the beneficial owner or, where there is none, identification of the debt claim giving rise to the interest payment; (d) information concerning the interest payments specified in Article 4(1) of the Agreements. However, the minimum amount of information concerning interest payments to be reported by the paying agent may be restricted to the total amount of interest or income and to the total amount of the proceeds from sale, redemption or refund.

42. The communication of this information to the Administrator of Income Tax should be automatic and should be conveyed (preferably electronically) in the required format (note: the format is set out in a schedule attached to this Guidance), at least once a year within three months following the end of the tax year for all interest payments within the scope of the Agreements made during that year.

43. Where the beneficial owner opts to present to his paying agent a certificate drawn up in his name by the competent authority of his EU Member State of residence for tax purposes, that competent authority shall issue at the request of the beneficial owner a certificate indicating: (a) the name, address and tax or other identification number, or failing such, the date and place of birth of the beneficial owner; (b) the name and address of the paying agent; (c) the account number of the beneficial owner or, where there is none, the identification of the security. In respect of (a) both a tax or other identification number and birth data can be reported if desired. Such certificates shall be valid for a period not exceeding three years. A certificate should be issued to any beneficial owner who requests it within two months following such request.

44. Where such a certificate expires, a period of grace of up to six months may be allowed for the renewal of the certificate before the retention tax should be applied. Customers might also be given the opportunity to agree that if a tax certificate is held, and the tax certificate expires, then in the absence of any information to the contrary the alternative option of voluntary disclosure (see paragraph 37(a)) for exemption from the retention tax could be adopted. When will the payment of retention tax be due?

45. Paying agents will be required to transfer to the Administrator of Income Tax, as provided for in the local legislation (see paragraph 5), the retention tax retained, with the amount shown separately by the country of residence for tax purposes of those liable to the retention tax. The revenues will be required to be transferred on an annual basis, and payment for each year will need to be made by the paying agents no later than the end of March in the following year. As stated in paragraph 24, the paying agent is not required to identify individuals’ names. Only the total amount of retention tax allocated to the individual EU Member States of residence of the beneficial owners will be required to be notified by the paying agents to the Administrator of Income Tax.

46. While the retention tax is not required to be paid over to the Administrator of Income Tax other than on the basis above, the paying agent can levy the tax on the customer as and when the interest payment is paid/credited to an account. Thus, where an interest payment is actually paid/credited to an account every six months the paying agent may consider it prudent to levy the tax at the end of the relevant period and retain it in a suspense account until it is required to be paid to the Administrator of Income Tax.

47. The retention tax payments made to the Administrator of Income Tax may be made in Sterling, US Dollars, Euros or Swiss Francs. Who will be required to collect the tax?

48. The responsibility for applying the retention tax rests with the paying agent. There are circumstances where a paying agent may be called upon to make a judgement on the liability to the tax (for example in respect of joint accounts where one or more of the account holders is resident in an EU Member State and one or more of the others are resident in a jurisdiction outside the EU – see para. 29 for the treatment of joint accounts). It will be for the paying agents to determine what information/evidence they use in making that judgement. All that is expected of paying agents is that they take what are perceived to be reasonable measures to determine the liability to the retention tax. The legislation will have a due diligence defence whereby, in any proceedings, it is a defence for the person charged to prove that he took all reasonable precautions and exercised all due diligence to avoid the commission of the offence, whether by himself or persons under his control.

49. A paying agent is a person who is established in the Island (i.e. has a place of business or is resident in the Island), who makes interest payments in the course of his business or profession and makes those payments for the immediate and absolute benefit of a beneficial owner who is a resident of an EU Member State. What is the position with regard to Trusts?

50. The position of Trustees (other than trustees of unit trusts who are covered by paras 84-100 which deal with the position of collective investment undertakings): payment made by a professional trustee will not be subject to the retention tax unless – • the beneficiary of the trust concerned has an absolute entitlement to receive the savings income; and • the beneficiary is an individual resident in an EU Member State; and • the savings income is that covered by the Agreements. If it cannot be said for certain that a payment made out of the assets of the trust represents an interest payment it may be assumed that the condition of the third bullet point above is not met. ( Note: Trustees or Executors who in this respect are not acting in a business or professional capacity are not paying agents).

Permission to use, copy and distribute documents delivered from this World Wide Web server and related graphics is hereby granted, provided that the copyright notice (displayed below) appears in all copies and that both that copyright notice and this permission notice appear. All other rights reserved.

The name States of Guernsey or the States of Guernsey crest logo may not be used in advertising or publicity pertaining to distribution of this information without specific, written prior permission. The States of Guernsey makes no representations about the suitability of this information for any purpose.