International Services Entity: Issues affecting Trust Company Business: Green Paper

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A decision made 15 October 2012:

Decision Reference: MD-TR-2012-0088
Decision Summary Title:	International Services Entity: Issues affecting Trust Company Businesses		Date of Decision Summary:	10 October 2012
Decision Summary Author:	Director - Tax Policy		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	International Services Entity: Issues affecting Trust Company Businesses		Date of Written Report:	10 October 2012
Written Report Author:	Deputy Director - Tax Policy		Written Report : Public or Exempt?	Public
Subject: International Services Entity: Issues affecting Trust Company Businesses – Green Paper
Decision(s): The Minister approved the International Services Entity: Issues affecting Trust Company Businesses Green Paper and agreed that it should be presented to the States on 17 October 2012 or at the earliest opportunity after that. The Minister decided to set the deadline for responses as Friday 25 January 2013.
Reason(s) for Decision: The Treasury and Resources Minister wishes to seek the views of business, and in particular companies carrying on Trust Company Business (“TCBs”), on aspects of the operation of the International Services Entity (“ISE”) regime within the Goods and Services Tax (“GST”) system. The consultation seeks the views of businesses on: Amending the fee structure for TCBs so that the current “basic” £7,500 fee element is replaced with a scale fee which better reflects the size of the business Clarifying who is liable to pay the £200 “vehicle” element of the trust company fee.
Resource Implications: There are no financial or manpower implications for the States of issuing the Green Paper.
Action required: The Treasury and Resources Department to take such steps as are necessary for the consultation paper to be issued forthwith and request the Greffier of the States to arrange for it to be presented to the States on 17 October 2012 or at the earliest possible opportunity after that.
Signature:		Position: Senator P F C Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision: