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17 February 2021

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Jersey Extends Economic Substance Regime to Self-Managed Funds

Jersey has published the Taxation (Companies - Economic Substance) (Amendment No. 2) (Jersey) Law 202-, which was adopted by the States Assembly on 10 February 2021 and is currently pending sanctioning and registration by the Royal Court. The Law amends the Taxation (Companies – Economic Substance) (Jersey) Law 2019 to extend Jersey's economic substance regime to self-managed funds, including that such funds must satisfy the economic substance test. A self-managed fund meets the economic substance test if:

  • Having regard to an activity carried on in Jersey:
    • there are an adequate number of employees in relation to that activity who are physically present in Jersey (whether or not employed by the self-managed fund or by another entity and whether on temporary or long-term contracts);
    • there is adequate expenditure incurred in Jersey; and
    • there are adequate physical assets in Jersey;
  • All of the self-managed fund's core income-generating activities are carried out in Jersey; and
  • If any core income-generating activities are carried out in Jersey for the self-managed fund by another entity, the self-managed fund is able to monitor and control the carrying out of that activity by the other entity.

The requirements apply to self-managed funds that are a resident company for financial periods commencing on or after 1 January 2021. Certain relevant activities are excluded, however, including business conducted by a collective investment fund as defined in the Collective Investment Funds (Jersey) Law 1988 and business conducted by a fund that would be a collective investment fund if units in the fund were offered to the public.

The law will enter into force 7 days after it is registered.

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