Categories:Private Client

The International Comparative Legal Guide to private client 2013: Jersey

Jersey has its own independent system and law of taxation. The governing laws are the Income Tax (Jersey) Law 1961 and the Goods and Services Tax (Jersey) Law 2007. There are no inheritance taxes, capital gains taxes or wealth taxes under Jersey law.

Tax on income is charged at a flat rate of 20%. It is payable by resident individuals on their worldwide income, including certain benefits in kind. Non-resident individuals are taxed only on income arising in Jersey other than, by concession, interest arising on bank deposits. Jersey’s authorities exercise control over the acquisition and occupancy of residential property in Jersey and statutorily-defined housing qualifications are required before consent is given. However for those persons who are perceived to be ‘high-value’ individuals seeking to take up residence in Jersey, such consent is available together with tax concessions, reducing to a rate of 1%, in respect of non-Jersey source income in excess of a certain level. Likewise, Jersey’s authorities are open to applications from new business entrants seeking, in particular, to avail themselves of the 10% tax rate applicable to regulated financial services businesses and to take advantage of the tax neutral status in Jersey of certain investment fund vehicles.

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