“While the previous double taxation agreement with the United Kingdom has served both sides well for more than 60 years, it was important to negotiate a new agreement reflecting changes in international taxation since the 1950s and the island`s obligation to comply with international tax standards, including the most recent BEPS standards. established by the OECD.” A person domiciled (but not alone or mainly in Guernsey) may choose to be judged solely on income from Guernsey sources (with a minimum tax of GBP 30,000) without having to receive allowances, reliefs or deductions. They are also subject to Guernsey income tax on their global income, with allowances, reliefs and deductions (including double tax breaks). In addition, Guernsey has double taxation agreements in place with the following legal systems: a resident, alone or principal, will be taxed on his or her global income with appropriate allowances, reliefs and deductions (including double tax breaks). Another person residing alone or primarily may choose to pay global income taxes in accordance with the tax cap of GBP 260,000 (subject to a maximum of GBP 130,000 not from Guernsey); only revenues from Guernsey`s land and buildings are taxed above this ceiling. In the 1950s, the initial double taxation agreements (“DBA”) between the United Kingdom and the Crown Dependencies came into force and have remained broadly unchanged since then. Guernsey has signed tax information exchange agreements (TIEA) with 60 legal systems and comprehensive double taxation agreements (DBA) with Cyprus, Hong Kong, the Isle of Man, Jersey, Liechtenstein, Luxembourg, Malta, Mauritius, Monaco, Qatar, Seychelles, Singapore and the United Kingdom. Taxes paid in these jurisdictions that are not paid on dividends or debt securities are accepted as a credit against the income tax owed by Guernsey. Guernsey has double taxation agreements with a number of countries that provide either tax exemptions in a country or an exemption from double taxation through loans. There are also procedures of mutual agreement in which a subject believes that the actions of one or both territories result in a tax result that does not conform to the DBA. The tax authorities will try to resolve the problem through mutual agreement and consultation.