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Jersey: Domestic Corporate Taxation

Taxation of Partnerships

Jersey partnerships were liable to income tax, and the calculation of tax due was along similar lines to that for companies (see above) including allowance of losses (limited carry-back was allowed as well as carry-forward). Normally, assessment was on a preceding year basis, other than at the commencement of a partnership. The assessment was made on the partnership as a 'body of persons' rather than on the individual partners. Personal allowances could be claimed against the partner's share of partnership profits.

Foreign partnerships (ie one with control and management abroad) were charged to tax only in respect of Jersey income; assessments could be made on the firm in the names of Jersey resident partners. If there were no Jersey-resident partners, returns could be made by a Jersey agent or representative.

Limited partnerships were not assessed as such: resident partners were assessed on the whole of their share of partnership income; non-resident partners were assessed on their share of Jersey income only, excluding Jersey bank interest (by concession).



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