Since our last quarterly update, important developments have occurred with respect to the applicability of the economic substance regime.
The Income Tax (Substance Requirements) Order 2021 was approved by Tynwald on 16 June 2021. This Order extends the scope of the economic substance rules in Part 6A of the Income Tax Act 1970 to cover partnerships, including limited partnerships both with and without legal personality, and limited liability companies (LLCs). The expanded rules will apply to accounting periods commencing on or after 1 July 2021.
Solvency Statements under Companies (Jersey) Law 1991 - Is it time to go paperless?
In April of this year, the Royal Court of Jersey considered the practicalities around the making of a solvency statement pursuant to the Companies (Jersey) Law 1991, as amended. The judgment handed down in the matter of Crystal Lake Investments Limited (2021: JRC104) may well change the way in which these statements are documented in practice going forwards and also serves as a timely reminder to Jersey boards to ensure an appropriate paper trail supports decisions made.
Trust Disputes and the BVI Trustee (Amendment) Act, 2021
In the Trustee (Amendment) Act 2021 (the “Amendment Act”) the BVI legislature has made a number of changes to the BVI Trustee Act (the “Act”) that may affect trust disputes arising in Asia and elsewhere once the Amendment Act comes into force fully.
Virtual Currency in Bermuda: An Update
Bermuda has come a long way in the virtual currency sphere.
Why use Jersey entities in restructurings?
As the extension of various forbearance measures and fiscal support packages continues in response to the global pandemic, Appleby has seen an increase in structuring and restructuring activity. Corporates and corporate groups are using this time to “right size”, restructure existing debt and deploy other processes to secure sustainability and the long term future of businesses. Interestingly, although not surprisingly, we have seen an increase in the use of Jersey entities in such restructuring exercises.
Further updates to the JFSC’s AML Handbook
On 31 May 2021, the handbook for the prevention and detection of money laundering and the financing of terrorism for regulated financial services business (the AML Handbook) published by the Jersey Financial Services Commission (JFSC) will be updated. The amendments are made as a direct result of the consultation undertaken by the JFSC in March of this year with regard to aligning Jersey’s regulatory regime with the Financial Action Task Force (FATF) 2012 Recommendations.
Changes to the rules on Bermuda status for children
The Government of Bermuda has recently introduced changes to assist with the process of verifying and obtaining Bermuda status for children born to parents of Bermudians, to help address concerns relating to so-called ‘mixed status families’. This article explores some of the nuances of obtaining Bermuda Status and highlights the differences these amendments will make.
2021 - A Jekyll and Hyde Year for SPACs
In this article we offer our views on why this has happened and look ahead to the future for SPACs and what may happen next.
The Gender Pay Gap Debate – a response to comments on social media
As a lawyer the majority of articles we write are about a particular case or a legal issue – which I appreciate may be interesting to us and people with an interest in the topic, but not for everyone. As a rule we don’t tend to publicise our views on political subjects or express opinions on controversial subjects. However, I was recently invited to take part in a televised panel debate around the gender pay gap via TableTalk.
