Guernsey Publishes Revised Guidance on 20% Tax Rate to Large Retail Businesses

Guernsey has published a revised statement of practice C55 - Large retail business, dated 22 April 2020. The statement of practice, first published in September 2016, concerns the extension of the company higher income tax rate (20%) to income from large retail business carried on in Guernsey with effect from 1 January 2016. Large retailers are those whose taxable profits arising or accruing in any year of charge exceed the limit of GBP 500,000. If the GBP 500,000 limit is exceeded in a year…