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News/Experience
International Private Client 23 May 2019 Jersey

The guidance notes on Jersey's international savings plans ("ISPs"), which were published by the Comptroller of Taxes on 22 May 2019 provide further details on how such plans should be established and operated. Because the ISPs are intended to be flexible, the guidance notes are very light touch. However, they are important given the regulatory framework under which the ISPs operate.

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The Judicial Committee of the Privy Council (the ‘Privy Council’) delivered its decision in the latest round of Madoff litigation on 20 May 2019. It is the highest court of appeal for the British Virgin Islands (‘BVI’) and it found that BVI insolvency legislation could be applied by a court outside BVI (in this case the US) if that court decided it should be applied in proceedings before it. The Privy Council also found that the US proceedings were not unjust, vexatious or oppressive and an anti-suit injunction to stop them was neither appropriate nor necessary.

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International Private Client 22 May 2019 Jersey

On 22 May 2019 the Taxes Office in Jersey released guidance notes on a new savings vehicle called the International Saving Plan ("ISP").

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The AirBNB concept is relatively simple: AirBNB connects people with a short-term and often informal accommodation requirement with those willing to offer it to them. Where previously travellers would check into a hotel, bed and breakfast or similar, they can instead sleep in somebody else's home. Options range from sleeping on someone's sofa for a nominal fee to hiring entire mansions for weekend getaways for thousands of pounds per night.

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