Guernsey Hotels | Guernsey information In practice what this means is that if the copy of the passport

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

61. In practice what this means is that if the copy of the passport or identity card or other documentary proof of identity that is held for AML purposes includes a TIN that information will in consequence be available to the paying agent and should be held on file. There will be no need to ask for a TIN if it does not appear on such documents. Instead the identity should be supplemented by a reference to the person’s date and place of birth obtained from the passport, official identity card or other documentary proof of identity which should already be held to meet AML requirements.

62. The place of residence of the beneficial owner is to be established on the basis of minimum standards which will vary according to when relations between the paying agent and the recipient of the interest are entered into. In general the residence of the beneficial owner will be established by using the information at the disposal of the paying agent arising from the AML requirements with which the paying agent has to comply. Again, as with the establishment of the identity of the beneficial owner, where contractual relations are entered into, or transactions are carried out in the absence of contractual relations, on or after 1st January, 2004, residence is expected to be established on the basis of the address mentioned on the passport, on the official identity card or, if necessary, on the basis of any other documentary proof of identity presented by the beneficial owner.

63. For those individuals where the "on or after 1st January 2004" rule applies, and who present a passport or official identity card issued by an EU Member State and who declare themselves to be resident in a jurisdiction other than an EU Member State, residence needs to be established by means of a certificate confirming the jurisdiction of tax residence (see paragraph 64 for an indication of what form that certificate can take) which the individual has received or obtained from a competent authority in the jurisdiction concerned. Failing the presentation of such evidence of residence the EU Member State which issued the passport or official identity document should be considered to be the country of tax residence.

64. The documents which can provide independent confirmation of tax residence and which will be considered sufficient evidence of residence for tax purposes may vary according to the jurisdiction concerned. In general the official documentation that is presently obtained to give proof of address for AML purposes would be considered sufficient to satisfy the requirements referred to in paragraph 63. There would therefore be no standard certificate. It will be left to the paying agents to exercise judgement as to whether the documentation in their possession is sufficient.

65. When an individual moves during the year there may be more than one country of residence and address for the same retention tax period. The relevant country of residence and address is that at the time the interest payment is made, (see paragraph 30 for guidance on the position of an individual who receives an interest payment for a period of which part is spent resident outside the EU and part is spent resident inside the EU).

66. Using existing data to determine whether an individual is resident in an EU Member State and therefore liable to the retention tax is not considered to breach the data protection principle that data should be used for the purpose intended. However, when a new account is opened it is recommended that the customer should be informed of the purpose for which the information on his identity and residence will be used by the paying agent. When the retention tax is applied there is no disclosure of this information by the paying agent. When the customer expressly authorises the disclosure of information, and thus will have given their consent for its use for tax purposes, no problem should arise in respect of data protection. What savings income is not covered by the requirements?

67. In general, a payment is not an interest payment if:
• it is not interest, or is not derived from interest;
• it is not related to a debt claim;
• the debt claim does not arise from a transaction for the lending of money;
• it is lottery, gaming or betting winnings.

68. More specifically the following are not regarded as interest payments;
• dividends paid on the ordinary or preference shares of companies;
• any other distributions of business or company profits – including distributions made by partnerships.
• distributions out of the assets of a trust other than where a relevant beneficiary has an absolute entitlement to interest C) on the Coordination payments as defined for the purposes of the Agreements (for example, through a Life Interest Trust) – see also paragraph 50;
• employment income and occupational pensions;
• personal pensions, annuities, and payouts from insurance policies;
• returns deriving from derivatives contracts;
• manufactured payments arising during stock loans or under sales and repurchase agreements (including where the underlying security is a money debt).
• trading profits (including the trading profits of a company or partnership);
• rents;
• capital gains (including, without limitation, equalisation payments);
• distributions and other payments derived from investment funds which are not within scope of the Agreements (see paragraphs 84-100)

69. Most if not all structured products are considered to be covered by "returns deriving from derivatives contracts", and therefore structured products generically can be expected to be out of scope of the retention tax. However, this may not apply if the marketing/prospectus literature refers specifically to the return as "interest".

70. A distribution of income made by a collective investment fund or the proceeds of sale, refund or redemption of units in a collective investment fund is not an interest payment where its investment in debt claims, directly or indirectly, does not exceed 15% of its assets.

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