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Amendment to proposed pension tax legislation.

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A decision made (20/11/2008) regarding: Amendment to proposed pension tax legislation.

Decision Reference:  MD-TR-2008-0129

Decision Summary Title:

Proposed amendment to Income Tax (Amendment No. 31)(Jersey) Law 200-

Date of Decision Summary:

17th November 2008

Decision Summary Author:

Malcolm Campbell

Comptroller of Income Tax

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

Malcolm Campbell

Written Report

Title:

Proposed amendment to Income Tax (Amendment No. 31)(Jersey) Law 200-

Date of Written Report:

17th November, 2008

Written Report Author:

Malcolm Campbell

Comptroller of Income Tax

Written Report :

Public or Exempt?

Public

Subject:

Amendment to proposed pension tax legislation.

Decision(s):

The Minister decided to amend the previously proposed increase to £250,000 in the pensions contribution limit, and instead to increase the contribution limit to £50,000 from year of assessment 2009, with a further commitment to review and possibly increase the limit in an orderly manner in future Budgets, and to approve the attached draft legislation.

Reason(s) for Decision:  To allow time for a more cautious, prudent and conservative approach to this simplifying and liberalising proposal, in view of indications that Her Majesty’s Customs and Revenue in the United Kingdom may well scale back what is termed its too generous - £255,000 for 2010/2011 - contribution limit.

Resource Implications: There are no quantifiable financial implications.

Action required: Comptroller of Income Tax to forward The Amendment to the Draft Income Tax (Amendment No.31)(Jersey) Law 200- to the States Greffe to be printed and lodged.

Signature: 
 
 

Position: Senator T A Le Sueur, Minister for Treasury and Resources 

                 

Date Signed: 20th November 2008

Date of Decision: 20th November 2008

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