alderney

Alderney (French: Aurigny; Auregnais: Aoeur'gny) is the most northerly of the Channel Islands and a British Crown dependency and part of the Bailiwick of Guernsey. The island is 3 miles (5 km) long and 1.5 miles (2.5 km) wide for a total area of three square miles (8 sq.km). Alderney is around ten miles (16 km) from France, twenty miles (32 km) to the north-east of Guernsey and sixty miles (97 km) from the south coast of England. Alderney is separated from Cap de la Hague by the dangerous currents of La Raz.

Alderney has a population of 2400 people, and they are traditionally nicknamed vaques after the cows, or else lapins after the many rabbits seen in the island. The only parish of Alderney is the parish of St Anne which covers the whole island.

The main town, St. Anne, features an imposing, pretty church and a cobbled high street. There is a primary school, a secondary school, and a post office as well as hotels, restaurants, banks and shops

Offshore banking in alderney

Alderney has the same banking, insurance and investment laws as Guernsey, and as part of the Bailiwick has received designated territory status under Sections 87 130 of the UK Financial Services Act. A Section 14 order under the UK Building Societies Act 1986 has also been made for Alderney enabling building societies to fully operate on the island.

The Financial Services Commission of the Bailiwick is a statutory body responsible for regulating the finance industry on Guernsey and Alderney. Alderney is part of the Bailiwick of Guernsey for the purposes of taxation and has a reciprocal agreement with Jersey and the U.K.

In Alderney there is:

• NO Value Added Tax.

• NO tax on capital.

• NO tax on inheritance.

• NO tax on exempt companies carrying on business outside the islands-see section Trusts/ Company Law.

• NO tax on trusts whose beneficiaries live outside the island.

• LOW tax (only 20%) on profits of companies which carry on business in the island.

• LOW tax (20%) and generous personal allowances on income of persons who live in the island.

• PREFERENTIAL arrangements made for captive insurance companies based in the island.

Professional advice from a tax consultant familiar with Guernsey/ Alderney tax laws is strongly recommended. It should be noted that pensions and other income left in the U.K. continue to attract U.K. tax although a double taxation agreement ensures that further tax is not paid.