The Jersey government has announced its intention to introduce a regime to exempt certain funds from income tax in the forthcoming December budget.
The Draft Income Tax (Amendment No. 36) (Jersey) Law 201- proposes to include a regime to exempt funds, their subsidiary investment holding companies and securitization vehicles from income tax to bring Jersey’s tax law into line with other jurisdictions.
According to the text of the proposed Amendment, textual changes would be made to the Income Tax (Jersey) Law 1961 to allow persons issuing units or securities in eligible investment schemes to register with the Comptroller of Income Tax in order to be exempt from income tax chargeable under Schedule D of the Income Tax Law. The exemption is proposed to apply to registered persons provided that no trade is carried out by the person through a permanent establishment in Jersey during that year for as long as that person is registered.
.Tags: tax | law | offshore | investment | financial services | legislation | investment funds | tax havens | international financial centres (IFC) | budget | corporation tax | Jersey | services | Jersey
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