Income Tax (Eligible Investment Schemes) (Application Fees) (Jersey) Order 2010

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A decision made 17 December 2010 regarding: Income Tax (Eligible Investment Schemes) (Application Fees) (Jersey) Order 2010.

Decision Reference: MD-TR-2010-0184
Decision Summary Title:	Income Tax (Eligible Investment Schemes) (Application Fees) (Jersey) Order 2010		Date of Decision Summary:	14 December 2010
Decision Summary Author:	Director of International Tax		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Draft Order		Person Giving Oral Report:	N/A
Written Report Title:	Income Tax (Eligible Investment Schemes) (Application Fees) (Jersey) Order 2010		Date of Written Report:	14 December 2010
Written Report Author:	Director of International Tax		Written Report : Public or Exempt?	Public
Subject: Income Tax (Eligible Investment Schemes) (Application Fees) (Jersey) Order 2010.
Decision(s): The Minister made the Income Tax (Eligible Investment Schemes) (Application Fees) (Jersey) Order 2010.
Reason(s) for Decision: The Income Tax (Eligible Investment Schemes) (Application Fees) (Jersey) Order 2010 sets the prescribed fee for an application by an eligible investment scheme to register with the Comptroller of Taxes in order to be exempt from income tax chargeable under Schedule D, in accordance with Article 118C of the Income Tax (Jersey) Law 1961.
Resource Implications: There are no manpower implications. The Order introduces an annual fee of £500 to be paid by eligible investment schemes, which is to be used to cover the processing costs incurred by the Comptroller of Taxes in dealing with applications.
Action required: Notify the Greffe and the Law Draftsman that the Order has been made and forward the signed and sealed Order to the Greffe for archiving. Request the Greffier of the States to table the Order before the States at the next meeting.
Signature:		Position: Senator P F C Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision:

Income Tax (Eligible Investment Schemes) (Application Fees) (Jersey) Order 2010

Treasury and Resources

Ministerial Decision Report

Income Tax (Eligible Investment Schemes) (Application Fees) (Jersey) Order 2010

Purpose of Report

The purpose of this report is to ask the Minister for Treasury and Resources to make the Income Tax (Eligible Investment Schemes) (Application Fees) (Jersey) Order 2010.

Background

The Income Tax (Amendment No. 36) (Jersey) Law 201- was approved by the States on 10 December 2010 and brought into immediate effect by an Acte Opératoire. That amendment introduced a regime to exempt funds, their subsidiary investment holding companies and securitization vehicles from income tax.

Entities wishing to apply for the exemption for any year of assessment must apply to the Comptroller of Taxes. Article 118C(4)(b) provides that this application must be accompanied by “such fee as the Minister may prescribe by Order”.

Proposal

An annual fee of £500 is proposed. This will be used to cover the processing costs incurred by the Comptroller of Taxes in dealing with applications.

Recommendation

It is recommended that the Minister for Treasury and Resources should make the Income Tax (Eligible Investment Schemes) (Application Fees) (Jersey) Order 2010.

Reason for Decision

To set the prescribed fee for an application by an eligible investment scheme to register with the Comptroller of Taxes in order to be exempt from income tax chargeable under Schedule D, in accordance with Article 118C of the Income Tax (Jersey) Law 1961.

Resource Implications

There are no manpower implications. The Order introduces an annual fee of £500 to be paid by eligible investment schemes, which is to be used to cover the processing costs incurred by the Comptroller of Taxes in dealing with applications.

Report author : Director of International Tax	Document date : 14/12/10
Quality Assurance / Review : Director of International Tax	File name and path: l:\treasury\sections\corporate finance\ministerial decisions\dss, wrs and sds\2010-0184 - income tax (eligible investment schemes) order 2010 - wm\wr - income tax (eligible investment schemes) order 2010 - wm.doc
MD sponsor : Interim Treasurer of the States