To establish if the Guernsey economic substance requirements (the "Economic Substance Requirements") may apply to any specific entity for an accounting period commencing on or after 1 January 2019 ("relevant period"), please answer the questions in the panel below.

This economic substance tool has been developed in response to The Income Tax (Substance Requirements) (Implementation) Regulations, 2018, as amended, which came into force on 1 January 2019 (the "2018 Regulations"), as well as the related key aspects guidance published on 21 December 2018 and the more detailed guidance last published on 22 November 2019. The 2018 Regulations were subsequently revoked and replaced by The Income Tax (Substance Requirements) (Implementation) Regulations, 2021 (the "Regulations").  Further guidance was published on 21 December 2021 relating to the application of economic substance rules to partnerships.  This tool takes into account the developments in 2021. This tool is subject to any changes, further guidance, changes to the return to be filed and any supporting substance legislation being published.

It is intended only to be used as a quick reference guide and not as a substitute for professional advice. For advice on any specific circumstances, please contact a member of our Guernsey taxation and economic substance team.