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Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Coronavirus (COVID-19) and economic substance

​Comptroller of Revenue concession (March 2020)

This concession does not apply to any accounting period starting after 1 November 2022

Where companies operating practices have to be adjusted to compensate for the coronavirus outbreak, the Comptroller will not determine under Article 6, Taxation (Companies- Economic Substance) (Jersey) Law 2019, that a company has failed the economic substance test.

Where a company incorporated in another jurisdiction has been tax resident on the basis of control and management in Jersey, and the Comptroller considers that any changes dictated by the coronavirus are temporary, then this will not disturb the determination of corporate tax residence from that prevailing before this outbreak.

This treatment will only apply to adjustments to the normal operating practices, and to the extent required to mitigate the threats from this outbreak.

Example

​A company would normally hold directors’ meetings in Jersey but, to avoid travel or because individuals are self-isolating, these meetings are temporarily held virtually to allow those individuals, or alternatives, to attend.

The Comptroller would not regard this as failing to meet the economic substance test.

​Any questions on this approach should be directed to tax.policy@gov.je

Economic Substance, Corporate Tax residence and the implications of coronavirus

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