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Foundations (Additional Annual Charge) (Jersey) Regulations 200-

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A decision made 7 December 2009 regarding: Foundations (Additional Annual Charge) (Jersey) Regulations 200-.

Decision Reference:   MD-E-2009-0218 

Decision Summary Title :

Foundations (Additional Annual Charge) (Jersey) Regulations 200-

Date of Decision Summary:

03 December 2009

Decision Summary Author:

Finance Industry Development Executive

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

n/a

Written Report

Title :

Foundations (Additional Annual Charge) (Jersey) Regulations 200-

Date of Written Report:

03 December 2009

Written Report Author:

Finance Industry Development Executive

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:    

Approval of the draft Foundations (Additional Annual Charge) (Jersey) Regulations 200-   (“the draft Regulations”) for lodging.

Decision(s):  

The Minister approved the draft Regulations and requested that they be lodged au Greffe with a view to securing a debate in the States on 19th January 2010.

Reason(s) for Decision: 

The Foundations (Jersey) Law 2009 provides for foundations registered in Jersey to pay an annual charge to the States in addition to the published annual administration fee that is paid to the registrar.   The draft Regulations provide that the additional annual charge will be £115, which is the same amount as the additional annual charge paid by Jersey-registered companies.

Resource Implications: 

There would be an additional annual income for the States of £115 for each registered foundation.  There are no manpower implications for the States as the additional annual charge will be collected by the registrar and remitted to the treasurer of the States.

Action required: 

The draft Regulations to be lodged au Greffe so as to allow for a debate on 19 January 2010.

Signature:  Senator A.J.H.Maclean  
 

Position:  Minister for Economic Development

Date Signed: 

Date of Decision (If different from Date Signed): 

Hide report
Foundations (Additional Annual Charge) (Jersey) Regulations 200-

The Economic Development Minister (“the Minister”)  

Draft Foundations (Additional Annual Charge) (Jersey) Regulations 200- 

(“the draft Regulations”)  
 

1 THE ISSUE AND RECOMMENDATION  
 

  1. The Foundations (Jersey) Law 2009 provides for foundations registered in Jersey to pay an annual charge to the States in addition to the published annual administration fee that is paid to the registrar.   The draft Regulations provide that the additional annual charge will be £115.

 

  1. It is recommended that the Minister approves the draft Regulations and that these be lodged au Greffe so as to be debated by the States on 19 January 2010.

 
 

  1. BACKGROUND

 

  1. The Foundations (Jersey) Law 2009  was approved by the States of Jersey on 22 October 2008 and came into force on 17 July 2009.  Article 37 of the Law reads as follows:

        37    Foundation to pay fees and charges

(1)    A foundation must pay to the registrar the published annual administration fee.

(2)    The fee must be paid before the end of February of each year following the foundation’s year of incorporation.

(3)    The annual administration fee must be accompanied by such additional amount as the States may determine by Regulations.

(4)    The registrar must pay the additional amount to the Treasurer of the States.

(5)    The published annual administration fee or any additional amount mentioned in paragraph (3) is, in each case, a debt due to the registrar from the foundation and may be sued for accordingly. 

  1. The draft Regulations provide that the additional annual charge will be £115, which is the same amount as the additional annual charge paid by Jersey-registered companies to the States. 
  2. The Minster for Treasury and Resources approved the proposed level of the additional annual charge for foundations in MD-TR-2009-0183 following consultation with the trust industry by the Economic Development Department through Jersey Finance and the trusts steering group.
  3. It is important that the fee becomes law before the end of January in order for the States to benefit from this income flow.
  4. In this light, it is worth noting that the Jersey Financial Services Commission (“the JFSC”) is currently consulting with industry with regard to the level of both the published annual administrative fee and annual additional charge for foundations.  The consultation is on the basis that both components should be aligned with those for Jersey companies, which are £35 and £115, respectively. 
  5. While the JFSC’s consultation will not be completed until 13 December 2009, it is important the Regulations are lodged before this date in order to permit the levy to be in place in time.  While it is unlikely that responses would be against the proposed level of fees, it would be open to the Minister to lodge an amendment to the draft Regulations prior to the States debate to take account of this consultation.
  6. If the draft Regulations are adopted, there would be an additional annual income for the States of £115 for each registered foundation.  There are currently 22 Jersey-registered foundations.
  7. There are no manpower implications for the States as the additional annual charge will be collected by the registrar and remitted to the Treasurer of the States.
  1. RECOMMENDATION

 

  1. It is recommended that the Minister approves the draft Regulations and that these be lodged au Greffe so as to be debated by the States on 19 January 2010.

 
 
 
 

Finance Industry Development Executive

03 December 2009


 

 

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