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2019 corporate tax return guidance notes: Introduction

About the corporate tax return

The corporate tax return has been changed significantly in order to gather more information.

The questions that appear in each section will be tailored based on the answers a user has given either in an earlier section or an earlier question. Accordingly the questions presented will not be numbered in sequence.

Some questions are mandatory. If not completed the user will see 'required' appear alongside the question.

There are other warnings which will be displayed if incorrect data is entered.  

What currency to use

The currency to be used in the form is pounds sterling*. Where financial accounts/statements are prepared in a currency other than pounds sterling the amounts will need to be converted into pounds sterling before entering them on the return.

Currency exchange rates

Enter the amounts in pounds only, ignore the pence (round down to the nearest £).  

*Question ES2 in Section 7: Economic substances relating to Country by Country reporting is in Euros (€).

Tax Identification Number (TIN)

Some questions on the return ask the user to provide a Tax Identification Number (TIN) when providing information in respect of another person. The TIN is the 10 digit number issued by Revenue Jersey. Providing details of a TIN in respect of another person will assist Revenue Jersey to identify the person. This is an optional field in the majority of questions where a TIN is requested. 

Tax Identification numbers: an introduction

Care should be taken to enter the correct data in each question as the user progresses through the section. If a user revisits an earlier section and changes the data entered then all data entered in subsequent questions and sections will be deleted and will need to be re-entered.

It is recommended that before leaving each section the user clicks on the save button.

Some entities will need to attach certain documents when submitting the return.

Financial accounts / statements required

Who should use the corporate tax return

You should use the corporate tax return if you are:

  • a company
  • a foundation
  • an unincorporated body, association or co-operative (chargeable to tax and required to complete a return).

The return is submitted online. You will need to be registered with Revenue Jersey for online filing services.

Registering and filing online for corporate tax

About the guidance notes

Guidance notes have been prepared in order to assist users with the completion of the return.

When the notes refer to the Income Tax Law this is the Income Tax (Jersey) Law 1961.

When the notes refer to the Economic Substance Law this is the Taxation (Companies - Economic Substance) (Jersey) Law 2019.

You can follow the links to the guidance notes by clicking on the 'i' information icon which appears alongside the title at the top of each section.

The guidance notes have been prepared in good faith, however, if the interpretation or meaning of any aspect of the guidance notes is disputed then ultimately the Income Tax (Jersey) Law 1961 or the Taxation (Companies – Economic Substance) (Jersey) Law 2019 will prevail.

Corporate tax return deadline and fines

Companies

A company is required to deliver its return for the year of assessment by midnight on 31 December of the following year.

A company which fails to deliver the return by this deadline will be liable to a penalty of £300. Furthermore if the return is not delivered within 3 months after the deadline will also be liable to an additional penalty of £100 for each month that the return remains undelivered up to a maximum of 9 months.

Foundations, unincorporated bodies, associations and co-operatives

A foundation, unincorporated body, association or co-operative is required to deliver its return online for the year of assessment by midnight on 31 July of the following year.

A foundation, unincorporated body, association or co-operative which fails to deliver the return by this deadline will be liable to a penalty of £300. Furthermore if the return is not delivered within 3 months after the deadline will also be liable to an additional penalty of £50 for each month that the return remains undelivered up to a maximum of 9 months.

Guidance notes for each section of the corporate tax return

Section 1: General – High level information in respect of an entity including entity status

Section 2: Schedule A – Income from property in Jersey

Section 3: Schedule D – Other income chargeable to tax

Section 4: Distributions – Distributions by companies

Section 5: Payments under deduction of tax – eg lump sum donations to charities 

Section 6: Additional reporting – Information required from larger entities

Section 7: Economic substance – Information require to assess economic substance of companies

Section 8: Other information – Additional information in support of the corporate tax return

Section 9: Finish your return – Attachments, declaration and submission section


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