07 November 2017
The Government of Jersey has made the following statement in response to allegations made following a law firm data breach:
Jersey does not want abusive tax avoidance schemes operating in the island and expects financial services providers to abide by a voluntary code to say they will not take on this kind of business.
If this proves to be such business, we will consider how to strengthen our arrangements, if necessary by amending our legislation to introduce a substance test.
It is not satisfactory for a foreign registered company to claim tax residence in Jersey without demonstrating a substance here.
These allegations will be investigated and we are asking the ICIJ (International Consortium of Investigative Journalists) to provide all relevant documents to support this action.