Following the introduction of economic substance rules for companies in 2019, Jersey and Guernsey are extending the substance requirement to partnerships. The extension of the substance rules to partnerships is a significant extension to the regime and is driven by requirements of the European Union (EU) Code of Conduct Group.
The new rules will come into force for accounting periods commencing on or after 1 January 2022 for partnerships existing as at 30 June 2021. New partnerships formed …