Gary Maclachlan is an Associate Director in Deloitte’s Guernsey tax team
What is your focus and specialism?
I have been working in the financial services industry in Guernsey for the past eight years, and during this time, my focus has shifted more and more to the funds sector.
I do a lot of work around Guernsey’s economic substance rules, particularly in the private equity space. I am also involved with various aspects of Pillar 2 and how this new global minimum tax rate will impact the larger groups that have a foothold in Guernsey.
My primary focus is the UK offshore reporting fund regime, and this side of my role is the most rewarding.
Those overseas funds that I assist in obtaining and maintaining their ‘reporting fund status’ generally benefit any UK investors in those funds, whereby they may be subject to capital gains tax (in the UK) at a lower rate.
This places the offshore funds on an equal footing with their UK fund equivalents. I enjoy working with large, complex entities that span multiple jurisdictions. This area of tax, along with the advisory work that follows, gives me the chance to work with really interesting clients.
These clients range from large, open-ended funds based in Guernsey and Luxembourg, including London and TISE-listed funds, to smaller, more bespoke private equity structures.
I enjoy building those professional relationships and getting to know the clients and their structures to help them navigate the tax landscape, which is getting more complex.
Which jurisdictions do you work across?
I am based in the Guernsey office, but our Channel Islands UK reporting fund team also forms part of the wider London funds tax team. This allows me to work on a wide range of funds, with a large number of those being in Luxembourg.
How long have you been working at Deloitte and what have you enjoyed about working with the firm?
I’ve been with Deloitte for two years and the firm has given me the freedom to develop and pursue my chosen specialisms and build on my career, but with support from all areas of the business.
Having that trust placed in me was empowering and motivating, and there is always someone willing to assist when needed.
Aside from having that trust placed in me, I really enjoy the culture and working with the people at Deloitte. The tax team are all very different people with different skills and focus areas, but we all work very well together.
Of course, we operate under pressure at times, but it’s a very supportive team, with a real sense that we all work towards a common goal.
We all want each other to succeed and get on well, which means we have the confidence to bounce ideas and help each other along the way.
Who do you closely work with at Deloitte?
One of Deloitte’s strengths is the team, which comes from us being a part of the UK firm. Locally, I work with Jo Huxtable, a Channel Islands Tax Partner, on general Guernsey tax aspects and Pillar 2 activity, and with Martin Popplewell on economic substance matters.
In the UK team, I work closely with Joanne Mawhinney, a Tax Partner in Deloitte’s Investment Management tax.
What else do you get involved in at work?
Anything sports-related! I have enjoyed the opportunity to participate in a range of sporting activities arranged by Deloitte, including the Big Sports League, which sees accountancy firms compete in a series of sports events, each hosted by a different firm. We get a great turnout of supporters, which makes the whole event fun.
Deloitte sponsors the Guernsey Netball Winter League, so we get involved in some fun matches, although the last one didn’t end well for me!
Deloitte’s Five Million Futures charity partner is GROW, and I sign up for volunteer activities whenever possible (usually taking the GROW crew out for coffee and a chat or helping out at their new site).
Last year, I enjoyed the 30/30 cycle for Les Bourgs, and this year, I volunteered to marshal at the Guernsey Island Games.
How do you find island life?
We came to Guernsey eight years ago from South Africa and settled here very quickly – it’s become home.
We love how family-oriented and safe it is here. Plus, I can finish work, get home in minutes and be at the beach with my kids having ice cream with the whole evening ahead to enjoy. Here, you can build a great career balanced with a healthy lifestyle.
FIND OUT MORE
Contact Gary Maclachlan,
Tax Associate Director, Deloitte, at:
gmaclachlan@deloitte.co.uk
www.ravenscroftgroup.com
Guernsey office: 01481 729100
Jersey office: 01534 722051
• This advertising feature was first published in the Funds Edition of Businesslife magazine in November 2023