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Jersey

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Jersey Publishes Finance (2020 Budget) (Jersey) Law 2020

Jersey has published the Finance (2020 Budget) (Jersey) Law 2020, which was registered by the Royal Court (enacted) on 25 September 2020. The Law includes measures of the Proposed Government Plan 2020-23 issued in December 2019 and others, including:

  • An increase in the standard tax exemption threshold from JEP 15,400 to JEP 15,900 for single persons and from JEP 24,800 to JEP 25,550 for married couples / civil partnerships;
  • An increase in the headline long-term care contribution rate from 1.0% to 2.0%
  • Increases in alcohol, tobacco, and oil duties;
  • The introduction of a new tax return filing requirement for foundations and entities incorporated in Jersey that are managed and controlled abroad;
  • The introduction of a new information return requirement for all resident companies and permanent establishments regarding profits and gains;
  • The introduction of the requirement that the Comptroller of Revenue must issue tax assessments within 2 years of the statutory due date or the filing date, if later;
  • The introduction of new rules providing that an assessment may be issued in cases where a taxpayer has not filed a return, with the taxpayer allowed to file a return within 12 months of the assessment, which will result in the initial assessment being set aside and a new assessment issued on the basis of the return; and
  • The introduction of a new requirement for bodies corporate to notify the comptroller within 6 months of:
    • becoming resident for tax purposes in Jersey, or becoming regarded as resident due to its business being managed and controlled in Jersey; or
    • acquiring a source of income which would, if amounting to a profit or gain, give rise to the body’s liability to tax in Jersey.

The measures generally entered into force retroactively from 1 January 2020.

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