MINISTER FOR TREASURY AND RESOURCES
Report on Amendment (Pensions Contribution Limit)
The effect of these amendments would be to reduce the £250,000 contribution limit for pensions set out in the draft Law to £50,000.
The original proposal for a £250,000 contribution limit for pensions was based on current limits in the Isle of Man and the United Kingdom. Recent indications emanating from the United Kingdom suggest there may be some scaling back of their generous limit in the future. In view of this The Minister for Treasury and Resources is taking a cautious and prudent approach and has substituted a limit of £50,000 for the year of assessment 2009. This limit will be reviewed and may be increased in subsequent years in the light of further information.
Financial and manpower implications
There are no quantifiable financial implications.
Note:
This amendment has been lodged by the Minister for Treasury and Resources less than 14 days before the start of the debate in accordance with the provisions of Article 20(3) of the Public Finances (Jersey) Law 2005. Paragraphs (2) and (3) of Article 20 are in the following terms –
(2) A draft or proposition to which this Article applies is not capable of being amended during a debate in the States on the draft or proposition except in accordance with an amendment lodged at least 14 days before the start of the debate.
(3) Paragraph (2) does not apply to an amendment moved by the Minister if the States agree that the amendment may be debated forthwith or at a time approved by the States.
In accordance with the provisions of paragraph (3) the Minister for Treasury and Resources will seek the agreement of the States to debate this amendment during the debate on the Budget 2009.
1 PAGE 12, ARTICLE 3 –
In the inserted Article 131(1)(ab)(i) for the amount
“£250,000” substitute the amount “£50,000”.
2 PAGE 12, ARTICLE 4(c) –
In the substituted Article 131B(3)(b)(vi) for the amount “£250,000” substitute the amount “£50,000”.
3 PAGE 14, ARTICLE 4(i)
In the substituted Article 131B(9) for the amount “£250,000” substitute the amount “£50,000”.
4 PAGE 15, ARTICLE 5(c)
In the substituted Article 131CA(3)(g)(vi) for the amount “£250,000” substitute the amount “£50,000”.
5 PAGE 16, ARTICLE 5(g)
In the substituted Article 131CA(12) for the amount “£250,000” substitute the amount “£50,000”.
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