Jersey paying agents retained and passed to the Comptroller of Income Tax a total of GBP35.62m of retention tax for the year 2008. This is in accordance with agreements entered into with each of the 27 EU Member States on the taxation of savings income earned in Jersey that individuals resident in the Member States are receiving.
Under the terms of the agreements, 75% of the tax retained (GBP26.72m) is sent to the individual Member States concerned and the remaining 25% (GBP8.90m) is retained by the Comptroller of Income Tax.
The collection of retention tax relies upon the cooperation of local paying agents. The Comptroller of Income Tax and the President of the Jersey Bankers’ Association are both happy that the process of exchanging information and the retention of tax is working very well.
The Treasury and Resources Minister, Senator Philip Ozouf, commented: “This shows that Jersey continues to honour the commitments that it entered into voluntarily in the agreements with Member States. This cooperation will continue in the future.”
Malcolm Campbell, Comptroller of Income Tax, said: “I am extremely grateful once again for all the cooperation and help received from the paying agents, in particular the banks, who bear the greatest burden.”
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