UK BUDGETS might have less significance for Guernsey in the future, a leading tax accountant has said.
KPMG tax partner Tony Mancini presented the firm’s traditional Budget breakfast briefing to an industry audience from what he admitted was ‘really quite a dull Budget’.
But he said that could mean good news for the island and might signal a more positive direction on tax changes in years to come.
‘Although it was not an exciting Budget from our perspective in Guernsey that’s not necessarily a bad thing, after a succession of Budgets with bad news always chipping away at our business,’ he said.
‘Arguably, the UK government has done all they can and we’re still standing, so there’s nowhere else for them to go. All the measures we’ve had to deal with have settled down, so the dullness of the Budget this year is probably a good thing for us.
‘On transparency, we are ahead of most other places, and I think that there is a recognition in both [political] parties of the value that we do bring in helping London to be successful.’
Mr Mancini called Philip Hammond’s first Budget ‘quite sensible’ from a UK perspective as the government prepared for the ‘unprecedented challenge’ of Brexit.