Penalty for failure to provide information regarding distributions to individuals under Article 89 (1A)
When a distribution is made by a company to a Jersey resident, the company must provide information to that individual within one month after the end of the year of assessment in which the distribution was made.
The information to be provided is:
- the amount or value of the distribution that is subject to tax under Schedule DIII
- the amount of so much of any distribution in (a) that is exempt from tax under Article 78
- the amount or value of the distribution that is subject to tax under Schedule DIX
We understand that companies may have difficulty providing this information within the statutory deadline. Therefore, by concession, provided that the information is provided by the company to the Jersey resident before the end of 31 December in the year following the year of assessment in which the distribution was made, no penalty will apply.