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2019 corporate tax return guidance notes: Section 2

Section 2: Schedule A income from property in Jersey

You will only be required to complete this section if you have answered yes to question 4 in Section 1 of the corporate tax return.

Income is taxable under Schedule A if it arises from:

  • rent or other receipts (including premiums) in respect of land in Jersey
  • the trade of property development in Jersey
  • the trade of mining/quarrying in Jersey.

The principles relating to the taxation of profits under Schedule A can be found in Part 8 of the Income Tax Law.

Question 6: Are you attaching the financial accounts/statements in respect of the profits assessable under Schedule A? 

Question 6 only appears if an entity is not Jersey tax resident.

  • You are required to file your financial accounts/statements of the profits assessable under Schedule A
  • You will not be able to advance past Section 2 unless you are able to answer yes to question 6
  • A PDF copy of the financial accounts/statements should be attached when you complete section 9

Question 6a: What is the gross income or premiums assessable under Schedule A included in the attached financial accounts / statements?

  • This is the total income received by the entity which is assessable under Schedule A and recorded in the financial accounts/statements
  • This may include income from property development, property letting and quarrying in Jersey
  • Enter a positive whole number

For example:

​Company E is letting a property in Jersey and receives gross rent of £10,502.80 which is recorded in the financial accounts/statements. Company E will enter £10,502 in the box alongside question 6a.

Question 6b: Are you engaged in property development in Jersey?

If you are engaged in the trade of property developing in Jersey you should answer yes

If you are not engaged in the trade of property development in Jersey you should answer no

Question 6c: Assessable profit from property development in Jersey

You are required to declare the amount of assessable profit which is to be charged to tax. This is the amount of profit after allowable deductions, capital allowances, losses brought forward and group relief.

For example:

​Company F is carrying out property development in Jersey. It has a profit after allowable deductions (sometimes described as the tax adjusted profit) of £500,000. The company is due capital allowances of £50,000 (question 6d), losses brought forward £75,000 (question 6e) and group relief £25,000 (question 6f).

The amount of assessable profit to be entered in the box alongside question 6c is £350,000.* 
​*£500,000 - (£50,000 + £75,000 + £25,000) = £350,000

Enter a positive whole number. Ignore pence

Enter £0 in the box alongside question 6c if after deducting capital allowances, losses brought forward and group relief there is no assessable profit.

If there is a loss after allowable deductions enter £0 in the box alongside Q.6c.

You are not required to submit a tax computation, however you may wish to include this when you attach the financial accounts/statements.

Question 6d: Capital allowances due

  • Enter the amount of the capital allowance which has been deducted in calculating the amount of assessable profit from property development in Jersey entered in question 6c
  • Capital allowances are calculated in accordance with Part 12A of the Income Tax Law
  • Enter the amount of the capital allowance deducted or if no capital allowance is deducted enter £0

Question 6e: Loss brought forward

  • Enter the amount of any loss brought forward which has been deducted in calculating the amount of assessable profit from property development in Jersey entered in question 6c
  • Relief for losses are calculated in accordance with Part 13 of the Income Tax Law
  • Enter the amount of the brought forward losses deducted or if no brought forward losses are deducted enter £0

Question 6f: Group relief

Question 6f will not appear to associations / unincorporated bodies and other entities to which group relief does not apply.

Enter the amount of group relief which is deducted in calculating the amount of assessable profit from property development in Jersey entered in question 6c.

The principles for calculating and claiming group relief are in Article 123EA of the Income Tax Law.

Enter the amount of the group relief deducted or if no group relief is deducted enter £0.

Question 7: Do you have any rental income or premiums from letting property in Jersey?

If you are in receipt of any rents or other receipts in respect of land in Jersey or other receipts from the ownership of land in Jersey you should answer yes to this question.

Receipts from land will include premiums.

If you are not in receipt of rents or other receipts in respect of lands in Jersey you should answer no to this question.

Question 7a: Assessable profits from property or land rental in Jersey

You are required to declare the amount of the assessable profit which is to be charged to tax. This is the amount of profit after allowable deductions, capital allowances and losses brought forward.

For example:

​Unincorporated body G is in receipt of rents from letting a property in Jersey. After allowable deductions the net rent is £10,000. Unincorporated body G is due capital allowances of £1,000 (question 7b) but does not have any losses brought forward £0 (question 7c).

The amount to be entered in the box alongside question 7a is £9,000.*
​*£10,000 - (£1,000 + £0)

Enter zero (numeric 0) if, after all deductions, allowances and adjustments there is no assessable profit which is charged to tax.

If there is a loss after allowable deductions enter £0 in the box alongside question 7a.

You are not required to submit a tax computation, however you may wish to include this when you attach the financial accounts/statements.

Question 7b: Capital allowances due

Enter the amount of the annual allowance deducted in calculating the amount of assessable profit from property or land in Jersey entered in question 7a.

Capital allowances are calculated in accordance with Part 12A of the Income Tax Law.

Question 7c: Loss brought forward

Enter the amount of any loss which has been deducted in calculating the amount of assessable profit from property or land in Jersey entered in question 7a.

Relief for losses is calculated in accordance with Part 13 of the Income Tax Law.

Question 8: Are you engaged in quarrying in Jersey?

If you are engaged in the trade of quarrying in Jersey you should answer yes to this question.

If you are not engaged in the trade of quarrying in Jersey you should answer no to this question.

Question 8a: Assessable profits from quarrying in Jersey

You are required to declare the amount of assessable profit which is to be charged to tax. This is the amount of profit after allowable deductions, capital allowances, losses brought forward and group relief.

For example:

​Quarrying company H is engaged in the trade of quarrying in Jersey. It has a profit after allowable deductions (sometimes described as the tax adjusted profit) of £200,000. It's due capital allowances of £75,000 (question 8b), losses brought forward £20,000 (question 8c) and group relief £0 (question 8d).

The amount to enter in the box alongside question 8a is £105,000.*
​*£200,000 - (£75,000 + £20,000 + £0) = £105,000

Enter £0 in the box alongside question 8a if, after deducting capital allowances, losses brought forward and group relief, there is no profit to be assessed to tax.

If there is a loss after allowable deductions enter £0 in the box alongside question 8a.

You are not required to submit a tax computation, however you may wish to include this when you attach the financial accounts / statements.

Question 8b: Capital allowances due

Enter the amount of the annual allowance deducted in calculating the amount of assessable profit from quarrying in Jersey entered in question 8a.

Capital allowances are calculated in accordance with Part 12A of the Income Tax Law.

Question 8c: Loss brought forward

Enter the amount of losses brought forward which is deducted in calculating the amount of assessable profit from quarrying in Jersey entered in question 8a.

Relief for losses is calculated in accordance with Part 13 of the Income Tax Law.

Question 8d: Group relief

Question 8d will not appear to associations / unincorporated bodies and other entities to which group relief does not apply.

Enter the amount of group relief which is deducted in calculating the amount of assessable profit from quarrying in Jersey entered in question 8a.

The principles for calculating, surrendering and claiming group relief are in Article 123EA of the Income Tax Law.

Question 9: Does the entity have losses or unutilised capital allowances carried forward?

If you are carrying forward losses and / or unutilised capital allowances you should enter yes to this question.

You should then enter the amount of the losses carried forward or unutilised capital allowances carried forward as appropriate in questions 9a to 9f.

Question 10: Is the company claiming losses from a surrendering company?

Question 10 and its sub questions will not appear to associations / unincorporated bodies and other entities to which group relief does not apply.

Where the company is claiming group relief losses from a surrendering company you should enter yes to this question.

Question 10a: Losses claimed

Enter the total amount of losses claimed by the company in respect of group relief. 

The total amount of group relief losses claimed should equal the total amount(s) surrendered in question 10c by the surrendering companies. 

Question 10b: Surrendering Company TIN

 For each company surrendering losses you should enter the TIN of the surrendering company in question 10b.

Question 10c: Amount surrendered

Enter the amount of loss surrendered in question 10c as appropriate.

You can add information for additional companies by clicking on add surrendering company.

Question 10d: Have you attached the documentation?

In order for a claim to group relief to be allowed you will need to provide documentation in support of the claim.

If you are attaching the documentation when submitting the corporate tax return you should answer yes to question 10d.   

A PDF copy of the application for group relief should be attached when you complete section 9.

The rules relating to group relief are in Article 123EA of the Income Tax Law.

Question 10e: Is the company surrendering losses to a claimant company?

If the company is surrendering group relief losses to a claimant company you should answer yes to question 10e.

Question 10f: Losses surrendered

Enter the total amount of losses which have been surrendered to claimant companies in respect of group relief. 

The total amount of group relief losses surrendered should equal the total amount(s) surrendered to a claimant company/claimant companies in question 10f.

Question 10g: Claimant Company TIN

For each claimant company you should enter the TIN of the claimant company in question 10g.

Question 10h: Amount Surrendered

Enter the amount surrendered to the claimant company in question 10h.

Question 10i: Have you attached the declaration documentation?

If you wish to attach the documentation relating to the surrendering of losses to a claimant company / companies you should tick yes to question 10i.

A PDF copy of the documentation surrendering group relief losses should be attached when you complete section 9.

The rules relating to group relief are in Article 123EA and Article 123F of the Income Tax Law.

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