Subject to the necessary approvals, the Guernsey Finance LBG (Levy) (Guernsey) Law,2010 coming into force later this year will introduce a charge payable each year for any company or person who is licenced by the Guernsey Financial Services Commission.

The purpose of this levy is to finance (either in whole or in part) the work carried out by Guernsey Finance LBG. Further details regarding Guernsey Finance can be found here.

As set out in the States report, the Department has the power, by regulation, to exempt certain businesses (or classes of business) from the payment of the levy.

The consulation document available to download outlines a number of alternative exemptions to determine what level of exemption (if any) is appropriate given the need for the levy to raise 1/3 of the total operating budget of Guernsey Finance.

Responses are required, preferably by email, by 2 August 2010 to:

gff@guernseyregistry.com

or by hard copy to:

Guernsey Finance LBG (Levy) (Guernsey) Law, 2010 - Proposed Exemptions

Guernsey Registry, PO Box 451, Fountain Street, St Peter Port, Guernsey, GY1 3GX