Print Article

Economic substance: partnership guidance notes published


The governments of Guernsey, Jersey and the Isle of Man have published joint guidance notes on the scope and application of formal economic substance requirements to partnerships.

The relevant legislation for

  • Guernsey is the Income Tax (substance Requirements) (Implementation) Regulations, 2021 and,
  • Jersey, the Taxation (Partnerships – Economic Substance) (Jersey) Law 2021.

The economic substance test set out in the legislation

  • Must be met from 1 July 2021 for partnerships established before that date, and
  • From 1 January 2022 for all other partnerships.
  • Funds structured as partnerships are not required to meet the test.

The guidance notes cover, among other things,

  • Identifying the governing body and "place of effective management" of the partnership, and
  • The exemptions where partnerships carry on solely domestic activities or where all the partners are individuals subject to income tax in the respective island.

Please see MOURANTS briefings for more information.




The Team

Meet the team of industry experts behind Comsure

Find out more

Latest News

Keep up to date with the very latest news from Comsure

Find out more


View our latest imagery from our news and work

Find out more


Think we can help you and your business? Chat to us today

Get In Touch

News Disclaimer

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email