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2017 budget tax summary

Budget statement

You can find out about the draft budget statement for 2017 on the States Assembly website.

Draft budget statement 2017 (States Assembly website)

​Personal income tax amendments

Income tax exemption thresholds

The standard exemption thresholds to be increased in line with the June 2016 RPI of 1.5%. The age enhanced exemption thresholds will remain at the 2015 amount.

Second earner's income deduction for spouses or civil partners

This deduction to be increased from £4,500 to £5,000.

Increase maximum child care tax relief available in respect of pre-school children

Enhanced child care tax relief to be increased from £14,000 to £16,000.

2017 tax allowances and reliefs

Movement of a group of non-liable taxpayers to a current year basis

The Tax law to be amended so that an identified group of non-liable taxpayers move from a prior years basis to a current year basis if they become liable to pay tax in the future.

Pension schemes

Taxation of lump sums from overseas pension schemes

Lump sum payments from overseas pension schemes to be taxed in the same way as lump sum payments from Jersey schemes.

Introduction of minimum retirement capital test

In addition to the current minimum retirement income test, the principle of introducing a minimum retirement capital test will be created.

Corporate income tax measures

Introduction of unilateral double taxation relief

Concession M2, as applied to companies taxes at 10% or 20%, to be brought within the Income Tax law.

Relief for Guernsey underlying taxation

Make changes to the double tax treaty between Jersey and Guernsey to include relief for tax suffered on dividends.

0% companies reporting profits

The Income Tax Law to be amended to give the Comptroller the power to obtain details of the profits chargeable to tax at the rate of 0% from all companies resident in Jersey.

Company filing

The filing date for all companies to be harmonised, so that companies who deliver an 'information return' have the same deadline as companies who deliver an 'income tax return'.     

Tax disclosure opportunity

A one off opportunity for people to get their tax affairs in order which will run from April to December 2017.

Disclosure opportunity 2017

Land transaction tax

Increase the rate of LTT to 8% on any consideration in excess of £3 million and create a new band of 9% for residential property in excess of £6 million.

 Calculating your land transaction tax

Administrative measures

Domestic financial account reporting

The Taxes Office will be empowered to obtain and use financial account information from Jersey deposit takers.

Information sharing with Police

The ability of the Taxes Office and the States Police to share information and collaborate to be improved.

Exchange of information for the purposes of the granting and loss of Regulation 2(1)(e) status

Following the movement of the Housing Control Manager from the Chief Minister's Department to the Social Security Department, the data sharing agreement will be amended. This will continue to allow the disclosure of information by the Comptroller and the Minister for Treasury and Resources, to the Housing Control Manager, for the purposes of determining the grant and loss of Regulation 2(1)(e) status.    

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