The statutory basis of assessment is the profits and gains arising in the year of assessment ie 31 December. If the financial period end is other than 31 December then the profits and gains are time apportioned using two sets of financial statements.
Prior to the year of assessment 2009 profits and gains arising from property development were taxed under Schedule D Case 1.
From the year of assessment 2009 profits and gains arising from property development are taxed under Schedule A. The statutory basis of assessment are the profits and gains arising in the financial year ending in the year of assessment.
Prior to the year of assessment 2009 profits and gains arising from lodging houses and furnished letting were taxed under Schedule D Cases 1 and 6 respectively. From the year of assessment 2009 these profits and gains are taxed under Schedule A.
The statutory basis of assessment is the profits and gains arising in the year of assessment ie 31 December. If the financial period end is other than 31 December then the profits and gains are time apportioned using two sets of financial statements.
Following the introduction of zero / ten and shareholder taxation, the profits and gains arising from rents etc. and property development continue to be taxed on the company at the standard rate of tax of 20%.
The basis of assessment of the profits and gains arising from rents etc. is as described as above ie those arising in the year of assessment; 31 December.
The basis of assessment of the profits and gains arising from investments are those arising in the financial period ending in the year of assessment.
From the year of assessment 2009 the profits and gains arising from investments are subject to the zero ten and shareholder attribution provisions. In other words the profits and gains are taxed on the company at the corporate tax rate of 0% and are attributed to the Jersey resident shareholders in their respective shares.
Schedule A assessment on company
Bank interest subject to attribution to Jersey resident shareholders
The basis of assessment of the profits and gains arising from property development profits is as described as above ie those arising in the financial year ending in the year of assessment. The basis of assessment of the profits and gains arising from investments are those arising in the financial period ending in the year of assessment.
From the year of assessment 2009 the profits and gains arising from investments are subject to the zero / ten and shareholder attribution provisions. In other words the profits and gains are taxed on the company at the corporate tax rate of 0% and are attributed to the Jersey resident shareholders in their respective shares.
Schedule A assessment on company
Bank interest subject to attribution to Jersey resident shareholders
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