Jersey To Hike Investment Business Fees
by Jason Gorringe, Lowtax.net, London
16 March, 2017
Jersey investment businesses will see an increase in fee rates (including application fees) if proposals by Jersey's financial services regulator become law.
The fee increase will apply to any person registered to carry on investment business at any point during the period May 1, 2017, to April 30, 2018.
The fee increase is a result of a change in the calculation methodology. For class A – D licensees, the employee band that currently covers the first 10 investment employees will instead apply to the first 15 investment employees, while the employee band that currently covers the next 20 investment employees will instead cover the next 25 investment employees (i.e. the maximum total number of investment employees chargeable increases from 30 to 40).
This means that, assuming a firm has not changed its investment business employee numbers or license types since the last fee period, firms in the band up to 10 investment employees will see their fees increase by just under three percent.
Firms with more than 10 investment employees will see a greater percentage increase in their fees, depending on exactly how many investment employees they have. The maximum fee, payable by those with 40 or more investment employees, will be GBP56,004 (USD68,058), for firms with license classes A-C.
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