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Income Tax (Superannuation Funds) (Amendment No. 4) (Jersey) Order 2010

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

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A decision made 17 December 2010 regarding: Income Tax (Superannuation Funds) (Amendment No. 4) (Jersey) Order 2010.

Decision Reference:  MD-TR-2010-0185

Decision Summary Title:

Income Tax (Superannuation Funds) (Amendment No.4) (Jersey) Order 2010

Date of Decision Summary:

14 December 2010

Decision Summary Author:

Comptroller of Taxes

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 (Superannuation Funds) (Amendment No.4) (Jersey) Order 2010

Date of Written Report:

14 December 2010

Written Report Author:

Comptroller of Taxes

Written Report :

Public or Exempt?

Public

Subject: Income Tax (Superannuation Funds) (Amendment No.4) (Jersey) Order 2010.

Decision(s):  The Minister made the Income Tax (Superannuation Funds) (Amendment No.4) (Jersey) Order 2010.

Reason(s) for Decision:   The Income Tax (Superannuation Funds) (Amendment No.4) (Jersey) Order 2010 made under Article 144 of the Income Tax (Jersey) Law 1961 brings into effect an amendment to Article 131, which relates to the special provisions for superannuation funds and pension schemes. It allows an employed person to receive a lump sum as commutation of all benefits, rather than having an annuity, if that person has attained the age of 60 years and the aggregate of all lump sums received under this amendment and under Articles 131B and Article 131CA does not exceed £30,000.

 

It also ensures that payment of pensions is dependent upon whether or not benefits have commenced, not retirement.

Resource Implications:  None

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:

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