Tax rules applying to pensions and pension schemes: Consultation: White Paper

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A decision made 7 October 2013:

Decision Reference: MD-TR-2013-0093
Decision Summary Title:	Tax rules applying to pensions and pension schemes - consultation white paper		Date of Decision Summary:	4 October 2013
Decision Summary Author:	Deputy Director of Tax Policy		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Tax rules applying to pensions and pension schemes – consultation white paper		Date of Written Report:	4 October 2013
Written Report Author:	Deputy Director of Tax Policy		Written Report : Public or Exempt?	Public
Subject: Tax rules applying to pensions and pension schemes – consultation white paper.
Decision(s): The Minister approved the consultation white paper entitled: “Tax rules applying to pensions and pension schemes” and agreed that it should be presented to the States on 8 October. The Minister decided to set the deadline for responses as Friday 10th January 2014.
Reason(s) for Decision: The Minister for Treasury and Resources wishes to seek the views of the public on proposed changes to the tax rules applying to pensions and pension schemes in Jersey. The proposed changes seek to modernise and simplify the applicable tax rules, and in particular will facilitate the introduction of “flexible retirement” in the context of Jersey approved occupational pension schemes. The interaction of taxation and pensions is inherently complex and hence the decision has been taken to release the proposed amendment to the Income Tax Law as a consultation draft such that the widest range of interested parties have the opportunity to review the proposed changes before they are lodged with the States. It is considered that this approach will facilitate the enactment of the most appropriate set of tax rules.
Resource Implications: There are no financial or manpower implications for the States of issuing the consultation paper.
Action required: The Treasury and Resources Department to take such steps as are necessary for the consultation paper to be issued and request the Greffier of the States to arrange for it to be presented to the States on 8 October.
Signature:		Position: Senator P F C Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision: