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This feed is published daily with selected new or updated content from across our network. For a list of network sites, many of which feature daily news, see below.

 
02/09 New Lowtax Editor Column, by Kitty Miv
01/09 International Privacy and Security, Investors Offshore special feature
31/08 Lowtax Belize, annual update
27/08 IRS To Drop UBS Lawsuit, Tax-News.com
26/08 New Lowtax Editor Column, by Kitty Miv
25/08 New PBTG Editor Column, Caroline, PBTG editor
24/08 Uruguay Stays On OECD Grey List, Tax-News.com
23/08 Don't Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore blog entry
20/08 Ireland Plans Social Security Overhaul, Tax-News.com
19/08 New Lowtax Editor Column, by Kitty Miv
18/08 New PBTG Editor Column, Caroline, PBTG editor
17/06 Lowtax Cayman Islands, annual update
16/08 Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com
13/08 Jurisdiction Special Focus: Antigua and Barbuda, Investors Offshore special feature
12/08 New Lowtax Editor Column, by Kitty Miv
11/08 New PBTG Editor Column, Caroline, PBTG editor
10/08 Brazil Cuts Import Tariffs, Tax-News.com
09/08 Ukraine Tax Code Published, Tax-News.com
06/08 France Plans Reform Of Property Tax Credit, Tax-News.com
04/08 New PBTG Editor Column, Caroline, PBTG editor
02/08 Islamic Finance - The New Mainstream Alternative, Investors Offshore special feature
28/07 New PBTG Editor Column, Caroline, PBTG editor
27/07 UK Launches Raft Of Tax Consultations, Tax-News.com
26/07 Fat Tax On The Menu , Jeremy Hetherington-Gore blog entry
23/07 Sarkozy Seeks 'Fiscal Convergence' With Germany, Tax-News.com
20/07 Singapore Base For Tuvalu OIFC, Tax-News.com
15/07 St Vincent & The Grenadines, Investors Offshore special feature
13/07 Tax- News.com Jersey Review 2010-2011
12/07 Goodbye To All That, Jeremy Hetherington-Gore blog entry
06/07 Hong Kong Full PBTG Guide, added to Personal Business Tax Guide
28/06 Lowtax Dubai, annual update
18/06 Singapore - Another Hong Kong?, Investors Offshore special feature
15/06 Swiss Parliament Approves UBS Agreement, Tax-News.com
08/06 Dubai Full PBTG Guide, added to Personal Business Tax Guide
04/06 Lowtax Panama, annual update
01/06 Lowtax Luxembourg, annual update
03/03 Personal Business Tax Guide, PBTG, has launched!
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LOWTAX OFFSHORE

JERSEY: EXECUTIVE SUMMARY


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Jersey Executive Summary

Jersey Not In EU Fiscal Area

The island of Jersey, one of the Channel Islands between England and France, is a British Crown dependency although in practice it is self-governing. Britain is responsible for its external affairs including negotiations with the European Union; under the UK's accession treaty with the EU, Jersey forms part of the single market but is outside the EU fiscal area.

Economy Buoyant But Jersey Is Full Up!

Jersey has a buoyant economy dominated by the finance sector. Unemployment is very low. The political stability in Jersey together with its consistently low tax status and its international reputation as an important financial centre make it an attractive prospect to foreign investors and workers. To protect the island's limited resources the government tends to discourage labour-intensive inward investment that is controlled by non-residents. There are no investment grants or incentives, but electronics and other knowledge-based industries have been encouraged.

Jersey's Lowtax Specialisations

Jersey has particularly strong banking, investment fund and trusts sectors, with very well-developed advisory and financial infrastructure. The Jersey government's 2009 statistical report shows that 47 banks held deposits of GBP170.6bn at the end of September 2009. Fund assets domiciled on the island stood at GBP163bn, having fallen from GBP239.9bn on September 30, 2008.

There are a number of low-tax business formats, including International Business Companies, 'Exempt' companies, and Limited Partnerships. However in accordance with the Island’s commitment to the European Council of Finance Ministers (Ecofin), Jersey has pledged to ensure that no new International Business Companies are capable of being formed. The introduction of the new 'zero/ten' tax regime on January 1, 2009 also put paid to the exempt company, although non-financial services companies qualify for the 0% corporate tax. Jersey's 0/10 corporate tax regime may prove to be short-lived, however, due to concerns expressed by the EU that it does not adhere to the 'spirit' of the Code of Conduct on Business Taxation. A fiscal strategy review is being undertaken by the government with a view to reporting back in time for the 2011 budget in late 2010.

Jersey v. the EU and the OECD?

Jersey's unique situation with regard to the EU is both a strength and a weakness. The island will remain a favoured base for holding and trading companies working into the EU, and for e-commerce activity; but it has the European Commission and the OECD to contend with.

Jersey signed a 'commitment' letter to the OECD in February 2002, but it contained an 'Isle of Man' level playing field clause making changes dependent on comparable changes in Switzerland and the USA. By mid-2003, however, the OECD seemed to have forgiven Jersey, and was assisting it to design a '0/10' corporate tax system.

In May, 2002, it became clear that Jersey, along with its fellow UK dependent territories Guernsey and the Isle of Man, was ready to sign up to the EU's information-sharing regime. After the EU finally reached its compromise agreement on the Savings Tax Directive in early 2003, Jersey decided, along with Guernsey and the Isle of Man, to apply a withholding tax to the returns on personal savings for EU residents. The Directive came into force on July 1, 2005.

Jersey seems to have emerged from a second wave of attacks by the OECD against offshore secrecy in the wake of the 2008 financial crisis in a strong position, and its commitment to fiscal transparency through new Tax and Information Exchange Agreements and its record as a reputable financial centre should stand it in good stead.

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